Author Topic: With a Possible Recession Looming, Should I Switch My Job  (Read 1412 times)

Hool

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With a Possible Recession Looming, Should I Switch My Job
« on: May 21, 2022, 05:04:41 PM »
With many who are talking about an impending recession, which frankly I am not seeing it happening other than this market "correction" manifesting itself recently, I wanted to know if it's a good time to look for a new higher paying job.

My work is contracting with government which seems to be stable. Even if a recession comes, the government, as it has done in the past 15 years, will most likely try to increase some sort of spending on itself, and based on that, I hope my role doesn't get put on a chopping block (the job security angle).

I mainly want to do this for higher pay. I've been conducting interviews with many potential candidates in the past year or so, and as the time goes by, I see many candidates who I interview are just getting more subpar by the week. The sad part is, they are probably get paid at much higher rate than most of us who have been around with the company for a decade.

I know my limitations, but I also know that I have the tenacity to get things done.

I just don't know with the recent exposure of parameters in micro and macro economics whether it's prudent to pull the trigger and find another job (which I think it won't take long because of scarcity of skill sets at my level).

mistymoney

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Re: With a Possible Recession Looming, Should I Switch My Job
« Reply #1 on: May 21, 2022, 06:10:54 PM »
It's a great time to be a job hopper! Do it!

A recession would tell you to stay put for security purposes, so I'm not seeing the connection here. But you can job search and keep in mind stability as part of your vetting.

Good luck!

big_owl

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Re: With a Possible Recession Looming, Should I Switch My Job
« Reply #2 on: May 21, 2022, 06:23:39 PM »
A recession is guaranteed whether it's this year, next year or 2024.  I wouldn't base your decision on some unpredictable economic condition and instead go with what would make you most happy in life.

Hool

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Re: With a Possible Recession Looming, Should I Switch My Job
« Reply #3 on: May 21, 2022, 06:57:53 PM »
It's a great time to be a job hopper! Do it!

A recession would tell you to stay put for security purposes, so I'm not seeing the connection here. But you can job search and keep in mind stability as part of your vetting.

Good luck!

A recession is guaranteed whether it's this year, next year or 2024.  I wouldn't base your decision on some unpredictable economic condition and instead go with what would make you most happy in life.

My line of thinking is, if I switch, I'll probably get a min 50% raise... or heck, maybe 100%+ from a few people I know made a switch from within my own company.

Wouldn't companies be more inclined to let go of employees who are, A) new comers, and B) sucking more expenses out of their bottom line?

DadJokes

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Re: With a Possible Recession Looming, Should I Switch My Job
« Reply #4 on: May 21, 2022, 07:18:40 PM »
I have wondered the same, as I might be changing jobs soon. I think it will depend on the industry, among other things.

big_owl

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Re: With a Possible Recession Looming, Should I Switch My Job
« Reply #5 on: May 21, 2022, 09:07:09 PM »
It's a great time to be a job hopper! Do it!

A recession would tell you to stay put for security purposes, so I'm not seeing the connection here. But you can job search and keep in mind stability as part of your vetting.

Good luck!

A recession is guaranteed whether it's this year, next year or 2024.  I wouldn't base your decision on some unpredictable economic condition and instead go with what would make you most happy in life.

My line of thinking is, if I switch, I'll probably get a min 50% raise... or heck, maybe 100%+ from a few people I know made a switch from within my own company.

Wouldn't companies be more inclined to let go of employees who are, A) new comers, and B) sucking more expenses out of their bottom line?

Trying to play 3D chess with employers is pretty much fruitless.  If you hate your job then find another.   If you love your job then keep at it.  You can't control your employer. 

bryan995

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Re: With a Possible Recession Looming, Should I Switch My Job
« Reply #6 on: May 25, 2022, 05:01:30 AM »
Many companies are already starting hiring freezes. Generally they freeze more junior roles first but continue hiring senior even through a recession.

I’d certainly play 3D chess with employers. It is often the only way to keep your income current. You should be jumping every two years to maximize learning/income/growth.

And I wouldn’t worry about being first on the chopping block. There are likely long time employees that they would prefer to cut. A well run company always hires brighter and better, increasing the bar everytime. So when you are hired, you should already be >50% more capable than the existing staff. 

cool7hand

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Re: With a Possible Recession Looming, Should I Switch My Job
« Reply #7 on: May 25, 2022, 07:52:21 AM »
+1 on its a great time to switch jobs

 

Wow, a phone plan for fifteen bucks!