Just a few months ago, workers were incredibly optimistic about their future: wages were increasing and there were more job openings than people seeking employment. Recent headlines suggest that the job market might be slowing in some sectors. Although the labor market has cooled somewhat, it doesn’t always seem to follow the projected path. Nonetheless, the frequent reports of layoffs, particularly in the tech sector, have many thinking twice about leaving their current job for an unknown future. What if I leave and my new organizations has layoffs? Will they take a last in, first out approach? Should I leave my current role without another job lined up? These are questions that didn’t seem quite as important a short time ago but should be asked now. There are several factors that should be considered when deciding whether to make a jump.
Money: Yes, money matters – a lot. Most of us want to better support ourselves and our families so it makes sense that over 61% of workers globally cite pay as being most important to them in a job; in fact, it’s the number one most important factor (ADP Research Institute: “People at Work 2022: A Global Workforce View”). As you contemplate whether to jump jobs, it’s helpful to determine your new pay threshold amount before you even start searching. How much salary will it take for you to feel secure and valued? Will the salary difference offset or justify the switching costs such as lag time in benefit coverage? Whether you’re switching for more money or willing to decrease your pay, defining your financial limits can ease the stress of deciding.
The market: The job market is great and not so great all at the same time. For example, it would be easy to interpret that the market is not very healthy based on recent news reports of tech company layoffs. That may be true in some areas for some types of workers. Though, despite the headlines, technology companies represent just 2 percent of U.S. employment according to the BLS. Nothing is for certain. But depending on the type of work and industry-specific market conditions, switching jobs now might not be quite as risky as you thought.
Local work environment: Local in this context doesn’t necessarily mean geographic proximity, it means the people you’ll be working with on a regular basis. Look to your potential manager and your potential teammates. Can you see yourself doing great work with them working beside you? Is how they do work compatible with how you do work? You could even request to talk with one of the team members as part of your decision-making process. Wherever you do your work from, work doesn’t happen in isolation. Being comfortable and even excited about the people you’re going to be working with should be a critical factor in deciding to stay or go.
Diversity, equity, inclusion and ethics: ADP Research Institute’s “People at Work 2022: A Global Workforce View” study showed that 76% of survey respondents would consider looking for a new job if they discovered their company had an unfair gender pay gap or no diversity and inclusion policy. It’s a completely realistic expectation that any employer, your current one or your future one, express and demonstrate their commitment to ensuring that DEI and ethics are embedded within their organization. Review the potential new employer’s website, community support activities, and social media to get a sense of where they stand. And while you’re at it, do the same for your current employer.
The work itself: And perhaps the most obvious factor to consider is the work itself. Virtually all of us need to work, and sometimes the work itself doesn’t match up with what our best work is. People do work that isn’t their ideal job for a lot of practical reasons. Leaving one job you don’t like for another you don’t like might be a necessity in order to increase your pay or work closer to home. However, even doing a little bit more work that energizes you can boost your performance and productivity. As part of the interview process you can ask questions like, “Is there opportunity to get exposure to other parts of the business?” and “What does a typical career progression look like?” to get a sense of available opportunities to do more of what you love.
Deciding to leave your current job is complicated. There may be factors in your current role that are less than ideal, or you might be ready for the next opportunity that your current employer doesn’t have. As you move through the process, be an interviewer in addition to an interviewee. Taking a new job requires two parties to make a decision, you and your future employer. Therefore, you need adequate information to make that decision. It’s common advice to go into an interview with a list of questions. Be sure your questions are central to helping yourself make the decision that’s right for you. Consider questions like, “Can you tell me about your team’s ground rules and norms?”, “How does the team respond when things go sideways?”, “How do you, as the manager, help your team stay up to date?” and “How does the team celebrate big wins?”
Making a move is exciting, and hard. Do your homework on the prospective employer but just as importantly, do homework on you. And no matter how much preparation and research you do there are no guarantees that the timing is right. The bottom line is that whether you decide to stay in your current job or leave it, you’re making a judgement call. And like all judgement calls, they have the best chances of being right when you prepare and gather the best information you can.
