We will cut to the chase, there’s no universally good time to look for a new job.
There are, however, better times to start looking for new positions. Understanding some of the macro and micro influences can help cut down your job search lead time.
We’ve been there.
Searching for a new job can be an exciting yet daunting journey. Whether you're unsatisfied with your current role, seeking new challenges, or entering the job market for the first time, timing plays a crucial role in your job search success.
In this post, we'll explore various factors that can help you determine the optimal time to embark on your job search journey.
1. Personal Readiness:
Before you start scanning job boards and sending out resumes, it's essential to assess your personal readiness. Ask yourself if you're mentally and emotionally prepared for a job change. Are your skills, resume, transaction list and references up to date? Do you have a clear idea of your career goals and what you're looking for in a new job?
Your readiness and self-assessment will greatly impact the success of your job search, regardless of the season.
If you don’t have a clear indication of what you’re looking for, then this may take a while. Often times speaking with your current employer can help address concerns before launching a full-scale job hunt.
Ask yourself the following questions before you embark on a job search:
Is there anything my current employer could do for me in my role that would make me want to stay? (Move to a new Dept, Pay Rise, Promotion, Work Schedule etc.)
What do I want in my next opportunity in terms of Location, Salary, Work/Life Balance, Long Term Trajectory, Culture?
Why do I want to move roles now?
2. Economic Conditions:
Economic conditions can have a significant influence on the job market especially in Financial Services, while no one needs a history lesson on financial crises and the markets there are important takeaways from tracking overall industry health and sentiment.
Looking back at 2021, the market was flush with opportunities, with an evolving landscape of Fintech firms hiring en-masse. Investment banks were doubling down on holes in their controls and processes with increased regulatory scrutiny across the industry.
Fast forward to 2023 and multiple rounds of rate increases, we have seen steady growth and more strategic hiring in the sector. Fintech and crypto in some cases continue to endure difficult financial pressures and we have seen an overall candidate basis with less risk appetite than they did in 2021/22.
Keep an eye on economic indicators and consider timing your job search during periods of stability or growth. While roles and opportunities will continue to show themselves, they may be in more or less abundance at certain times of the cycle.
3. Industry-Specific Trends:
Different firms and countries of home office/origin can have their own hiring patterns and seasons. A bad time to hire for one company may be a great time for another.
Consider asking colleagues, friends & and recruiters in the industry when their fiscal year ends and when bonuses get paid out. For example, Japanese banks have their bonuses paid out in June/July rather than the more traditional end-of-calendar-year budget close out we see with the American and European banks who have traditionally paid bonuses in mid-February through April.
Other examples include organizations pressing pause on interview and hiring processes in different departments as they ramp up workload during the tax season and don’t have the time/resources to train and onboard new members of staff.
Research your skill sets and specific hiring trends and align your job search accordingly.
4. Seasonal Variations:
This one comes up a lot in our conversations with candidates. Yes, it is true, that hiring can slow down between certain times of the year, and allowing more grace and patience with interview processes and applications around Thanksgiving and Christmas is wise.
One caveat to this is that some organizations, with quotas and targets regarding headcount for the fiscal year, can speed along hiring in Quarter 4 and then again hiring at the end of Quarter 1, once bonuses have been paid and financial friction is lifted from a lot of people.
However, it's essential to keep in mind that opportunities can arise at any time, so don't limit your search to specific seasons.
5. Personal Considerations:
Your personal life can also impact the timing of your job search. Consider factors such as family obligations, relocation preferences, and any personal milestones that may affect your availability. Balancing your personal life with your job search is crucial to finding the right job at the right time.
Conclusion:
While there may not be a universal "best" time to look for a new job, your individual circumstances and the state of the job market will heavily influence your decision.
Ultimately, the best time to search for a new job is when you are fully prepared, the economy is stable or growing, and you have a clear understanding of your industry's hiring trends.
Remember that job opportunities can arise unexpectedly, so stay vigilant, keep your skills sharp, and remain open to new opportunities throughout the year.
Timing is important, but determination and perseverance will ultimately lead you to your dream job.
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