Is it the right time to move jobs?

Welcome to the fourth edition of our coffee mornings with Northreach, where we discuss all things career and personal growth. Today, we dive into the topic of job satisfaction and when it’s time to move on. It’s common to have moments where we question whether we should continue in our current job or take the leap to a new opportunity. As Sam eloquently puts it,

“It’s always the right time to move jobs given the opportunity is right.” – Sam Ingram, CEO

Join us as we explore this topic in-depth and gain insights into the current job market. Talent experts Sam and Robbie share practical advice and resources to help you make an informed decision about whether to change jobs or not. Plus, get tips on how to successfully navigate a career change. Don’t miss out on this informative discussion. Click on the play button below to watch it now.

Don’t enjoy watching videos? No problem! Continue your reading adventure below. We’ve provided a detailed breakdown of all the essential insights from the conversation for you.

Current job market and industry trends

A well-informed choice to change jobs necessitates comprehensive research on the job market and industry. This should always be your initial step. It’s logical to explore this subject before discussing other elements that influence your decision to switch jobs.

The current job market has been quite volatile due to various reasons such as the COVID-19 pandemic, the cost of living crisis, and inflation rates. It’s essential to analyse the current job market and industry trends before making any significant career moves. Many people have been pushed to reconsider their careers and make changes to pursue their happiness. However, it is essential to make the right move to avoid falling into the trap of job-hopping or accepting inflated salaries that are not sustainable in the long run. Our experts have shared some insights on this matter and highlighted several important factors to consider.

“It’s always the right time to move if the opportunity is there. But you’ve got to really analyse the opportunity now and for the past couple of years, I think that candidates had the power to turn around and go I’m going to be picky and I’m going to almost demand what I want because this is what I think is fair. That market works well when there are tonnes of jobs and no candidates, but the pendulum is swinging, and it is changing and we’re seeing it. The cost-of-living crisis, it’s not just happening to candidates, it’s happening to companies too which means that they don’t have as much money to spend, which means they will not hire as many. They’ll be pockets and they’ll be growth markets and those types of things. But ultimately, if a company can’t physically afford luxury positions, they’ll be cut.” – Sam Ingram, CEO

In terms of industry trends, some sectors have been hit harder than others during the pandemic. For example, the hospitality and retail sectors have been significantly impacted. However, there are some sectors that are thriving. As reported by Hays the top industries hiring in 2023 are Technology, Accountancy and Finance, Life Sciences, Engineering, and Sustainability.

Sam and Robbie discuss the boom in talent within the tech industries. In this conversation, they discuss the nature of tech businesses, particularly those in the data, AI, machine learning, and automation fields. They note that these companies can be very up and down due to the massive rewards and risks involved, and the fact that they are often backed by venture capital or private equity. There is a lot of emphasis on funding and investment, and startups and SMEs may pay better but also come with a lot of risks. Additionally, working in a startup often requires wearing multiple hats and taking on responsibilities that may not be in your job description, but this can also provide a sense of ownership and reward. The speakers also discuss the importance of soft skills, particularly in technical fields where communication and relationship-building can be key to success.

Robbie throws some light on the banking industry he mentions it is experiencing some uncertainty and potential downsizing due to mergers and other factors. On the other hand, SME lending and e-commerce industries seem to be doing well and have opportunities for growth. However, it’s important to note that industry trends can change quickly, and it’s important to thoroughly research and consider all factors before making a career move.

It’s important to keep in mind that although some industries are seeing growth, many companies are still feeling the financial effects of the pandemic. Furthermore, the rise of AI and machine learning has increased the competition in some job roles, potentially limiting salary increases. This uncertainty can be daunting for white-collar workers, but it’s crucial to stay informed and prepared for any changes in the job market. We have recently published an article that provides insight on how to use AI and LLMs like ChatGPT to compliment and optimise your production rather than viewing it as a limitation and threat. It’s worth a read. After all, it’s the early adopters open to upskilling are the ones who are likely to excel in an AI ecosystem.

Robbie also pointed out that people are more willing to move jobs to meet their requirements, but it’s crucial to properly assess what those requirements are and whether the new role is the right fit. He noted that taking the wrong step can lead to a sense of failure and questioning oneself.

Sam added that the job market has shifted, and companies are now cutting luxury positions due to the cost-of-living crisis. As a result, inflated salaries are disappearing, and companies are looking for more affordable candidates. So, it’s important to factor this advice in when reflecting on your decision to move jobs.

“We’ve already seen it even within what we do in talent acquisition jobs and those types of things, you could not hire a decent talent or even half-decent talent position person for 40-60 grand. Now they’re coming back to us, saying you’ll take 30-35 just to get back into a job.” – Sam Ingram , CEO

After a thorough assessment of the current job market and the industry you wish to venture into, it’s time to evaluate your job satisfaction. In addition to your instincts, what are some significant warning signs that you should be aware of? As Sam and Robbie discussed, there are several signs that it might be time to start looking for a new job. If you’re feeling undervalued, underpaid, or stuck in a role with no room for growth, these are all clear signals that it’s time to consider your options. More vital red flags discussed below.

When is the right time to move on from your current job?

As Sam stated, “I think a lot of it, you probably already know. I think if you’re honest with yourself and you think about it, you already know the answer.”

However, deciding when to move on can be a challenging decision. According to a Gallup study, a mere 21% of employees feel engaged in their current job. However, are the remaining disengaged employees taking any steps to improve their work experience? And more importantly, do you identify yourself among the 79% of the dissatisfied individuals, but are unsure if it’s a fleeting feeling or something more substantial?

Here are some vital red flags to look out for:

“If you’re feeling unfulfilled in your current role, it’s important to identify what’s causing it. Is it the work itself, the company culture, or your boss? Once you’ve identified the root cause, you can determine whether it’s something that can be addressed or if it’s time to move on.” – Sam Ingram, CEO.

• Lack of Career Growth: A vital sign that it may be time to move on is if you’re feeling stagnant in your career. Sam shared his view that if you’re not being challenged at work, it’s a sign that you need to start looking for something new. He said,

“If it’s too easy, the money’s good, you will struggle with that company one day because they all go through that bell curve and when they go through changes. It’s not going to fit you.” – Sam Ingram, CEO

This is a common situation that many people find themselves in. They become comfortable in their roles, but that comfort can lead to stagnation and a lack of growth. According to a survey conducted by LinkedIn, 74% of workers stated that they weren’t reaching their full potential in their current job. If you’re not growing and developing in your current role, it may be time to seek out new challenges and opportunities.

• Poor Work-Life Balance: The conversation between Sam and Robbie has highlighted the importance of attaining a good work-life balance that fuels better productivity in the long run. So, do not trade your health, sanity, family, and relations for work. While financial obligations such as bills and mortgages can make it difficult to leave a job, it’s important to consider if staying in a job that doesn’t fulfill you is worth the long-term impact on your health and happiness.Sam also pointed out that we are conditioned to believe that getting a job is the only way to earn your living, but there are alternative ways to make a living that could lead to a better quality of life. So, if you lack a good work-life balance it’s time to move. Remember, your health and personal interest always come first.
• Company Culture: Both Sam and Robbie highlighted the importance of a good work environment, where your personal goals and career aspiration aligns with the company culture and values. Being comfortable where you can be more important than striving for a promotion or earning more money. So, if you sense a misalignment, it might be time to move.
• Limited Learning Opportunities: If you feel like you’re not learning anything new on the job or your employer isn’t investing in your training or development, it may be time to find an employer who values your growth and development.
• Salary and Benefits: If you feel that you’re not being paid what you’re worth or that your employer isn’t offering competitive benefits, it may be time to explore other opportunities.

“Feeling underpaid is a common reason why people consider moving on. However, before jumping ship, it’s important to have a conversation with your boss about your salary. They may be willing to offer you a raise or other benefits to keep you on board. But if they’re not willing to budge, it’s a sign that it’s time to move on.” – Robbie Blake, Senior Consultant

According to a survey by Glassdoor, 45% of employees are likely to search for a new job if they feel underpaid. However, only 37% of employees have asked for a raise in the last 12 months. This suggests that employees are hesitant to ask for a raise, which could be due to fear of rejection or feeling uncomfortable about discussing salary. But as Robbie mentions its important you do that before you consider moving jobs.

• Loss of Passion: If you’ve lost interest in your job or no longer feel passionate about what you’re doing, it may be time to find a new job that reignites your passion and motivates you.

“Sometimes it’s not about the company or the role, but rather the industry. If you’re feeling unfulfilled because you’re no longer interested in the industry, it’s time to explore other options. It’s better to make a change now than to be stuck in a career you’re no longer passionate about.” – Robbie Blake, Senior Consultant

Proactive ways to assess your work situation and prepare for a job change.

To assess your work situation effectively, it’s crucial to be proactive and identify potential warning signs early on. This will enable you to prepare yourself and act. Here are some ways to accomplish this:

• • • Keep a journal: Keeping a journal can help you identify patterns in your job satisfaction or lack thereof. Take note of your emotions, your work environment, your interactions with co-workers, and your overall mood. This can help you pinpoint specific triggers that lead to job dissatisfaction.
    • Seek feedback: Ask for feedback from colleagues, mentors, or your supervisor about your performance and potential for growth in the company. This feedback can provide insight into what your employer expects from you and whether you’re meeting those expectations.
    • Reflect on your career goals: Reflect on your long-term career goals and whether your current job aligns with those goals. If not, it may be time to consider other opportunities.
    • Network: Networking can help you stay up to date on industry trends and opportunities, as well as provide insight into potential job openings or employers.
    • Research: Research potential employers and job opportunities to determine whether they align with your career goals and values.
    • Take action: Once you’ve identified the signs that it’s time to start looking for a new job, it’s essential to act. Update your CV and LinkedIn profile, start networking, and apply to relevant job openings.
    • Seek support: Making a career change can be challenging, so it’s essential to seek support from family, friends, or a career counsellor to help you navigate the process and stay motivated.

NOTE: Remember, it’s okay to take time to make a thoughtful decision about your career. Taking the time to reflect on your job satisfaction and taking action can help you find a job that aligns with your career goals and values.

Tips for making a successful job change.

Now that you’ve made the decision to switch jobs after careful consideration and evaluation, it’s important to optimise your process to ensure that you find your dream job that ticks all the missing boxes. The process of changing jobs can be challenging and overwhelming, but with the right approach, you can make a successful job change. Here are some tips to help you navigate the process and land the job you want.

• • 1. Update your CV and cover letter: Ensure that your CV and cover letter are up-to-date and tailored to the job you’re applying for. Highlight your relevant skills and experiences and demonstrate how they align with the job requirements.
    2. Network: Use your professional network to learn about potential job opportunities and to make connections in your desired field. Attend industry events, connect with people on LinkedIn, and reach out to former colleagues and mentors.
    3. Prepare for interviews: Prepare for interviews by researching the company and the position, practicing your responses to common interview questions, and preparing questions to ask the interviewer.
    4. Highlight your transferable skills: Even if you don’t have direct experience in the industry or role you’re applying for, highlight your transferable skills that can be applied to the job. For example, if you’re applying for a marketing role but have a background in sales, highlight how your sales experience can help you succeed in marketing.
    5. Upskill: In today’s job market, there is still a significant demand for skilled workers who specialise in a particular subject matter. Rather than trying to be a jack of all trades, honing in on one’s strengths and pursuing a career in that area can lead to greater success and job satisfaction. It’s about identifying one’s passion and committing to developing the necessary skills to become a top performer in that field.

Sam advices, “Think about what you’re good at and lean into those skills. Don’t be a generalist; focus on what you’re passionate about and work towards becoming an expert in that field.”

• • 6. Negotiate job offers: Don’t be afraid to negotiate job offers, including salary, benefits, and work arrangements. Do your research to determine a fair salary for the position and be prepared to make a counteroffer.
    7. Be patient and persistent: Finding the right job takes time and effort, so be patient and persistent in your job search. Don’t be discouraged by rejection and keep improving your skills and experience.

 Avoiding Common Mistakes and Pitfalls

The job search process can be overwhelming, and it’s easy to make mistakes that can hurt your chances of finding the right job. Here are some common mistakes to avoid during the job search process:

• • • Applying to jobs that are not a good fit: It’s important to only apply to jobs that match your skills and experience. Applying to jobs that are not a good fit wastes your time and the employer’s time.
    • Not customising your CV and cover letter: Sending the same generic CV and cover letter to every job application is a mistake. Tailor your CV and cover letter to the specific job you’re applying for to demonstrate that you are a good fit for the position.
    • Failing to research the company: Failing to research the company before applying or interviewing is a mistake. Researching the company helps you understand its culture, values, and goals, and enables you to ask informed questions during the interview.
    • Being unprepared for interviews: Being unprepared for interviews is a common mistake. Practice answering common interview questions and prepare questions to ask the interviewer.
    • Neglecting your online presence: Neglecting your online presence can hurt your chances of getting hired. Ensure that your social media profiles are professional and that your online presence aligns with the image you want to convey to potential employers.
    • Failing to follow up: Failing to follow up after an interview is a mistake. Send a thank-you note or email after the interview to show your appreciation and reiterate your interest in the position.
    • Burning bridges: Burning bridges with former employers or colleagues is a mistake. Maintain a positive relationship with former employers and colleagues, as they can be valuable references or sources of networking opportunities.

Takeaway

Ultimately, deciding to leave a job is a personal decision that requires careful thought and consideration. It’s important to weigh your options, talk to trusted advisors or mentors, and make a plan for how to move forward. But if you’re unhappy or unfulfilled in your current role, it may be time to take the leap and explore new opportunities. Remember, taking risks can lead to great rewards in both your career and personal life.

Prior to taking that subsequent leap of faith, keep in mind to:

• Take proactive measures to detect the red flags and act once you’ve identified the signs that it’s time to start looking for a new job. Keep a journal to identify patterns in your job satisfaction or dissatisfaction.
• Trust your gut. If you’re feeling unhappy or unsatisfied in your job, it’s important to trust your gut and make a move, says Sam. Ignoring your intuition can lead to missed opportunities and years of unhappiness.
• Conduct a thorough situational analysis and reflect on your current job and evaluate if it aligns with your long-term career goals.
• Seek feedback from co-workers, mentors, or your supervisor about your performance and potential for growth in the company.
• Do thorough research on the companies you’d like to move to. Take time to research their culture and values, speak to existing employees, study the industry and its potential growth, and align them to your career aspirations.
• Make the next move for the right reasons .Consider if the new role align with your career aspiration, is it a good company to work for (do not limit it to fiscal benefits that do not pay off in the long run)
• Maintain an active professional network to stay informed about industry trends and potential job prospects. In an unpredictable job market, it’s wise to remain vigilant and well-prepared for any changes that may arise.

“Even if you are happy in your current job, it’s always a good idea to keep your options open, you never know what opportunities are around the corner, and having options can give you a sense of security.” – Robbie Blake, Senior Consultant

• Seek support from family, friends, or a career counsellor to help you navigate the job search process and stay motivated.

To sum up, the discussion between Sam and Robbie highlights that moving jobs can be a favourable decision. The modern job market is witnessing a reduction in the stigma associated with job hopping, and technological advancements are creating newer job opportunities, making it an excellent time to start a job search. The market is also experiencing high demand for skilled talent, offering ample career advancement opportunities. But it’s important you spend time introspecting on what is it you want and conducting thorough research before you decide to move jobs.

And remember that the power to make a change lies within you. So, if you feel unhappy or unfulfilled in your current job, it may be time to act and make a change. Sam eloquently expresses this idea:

“There is a song Matilda and it’s quite profound, bearing in mind this little girl is young and basically saying that if you want to make a change, you’ll have to do it. No one’s going to do it for you. Stop waiting. Stop being passive. You’re not bloody passive. You are active. You’re looking to make a change, just, you know, do it.” – Sam Ingram, CEO

Don’t wait for things to improve on their own. Reach out for support and take the first step towards finding a job that meets your needs and aligns with your career aspirations. And like we said earlier seek professional help. With our years of expertise, we’re here to listen and help you find a job that offers long-term rewards. Contact us today and let’s start working towards your career goals.