Quitting regrets, inflation, recession fears: Why make a career change now?

Making a career change is always a big decision, but a potential recession and rising inflation probably make it feel a little risky at the moment. Despite this, millions of US workers are changing jobs every month, and you might benefit from doing the same. Explore some of the reasons people are looking to switch jobs and a few of the ways you can navigate a career change safely.

Taking advantage of a favorable job market

There’s no denying that the job market currently favors employees and job seekers. 49% of organizations are finding it hard to retain blue-collar workers, up 19% compared to pre-pandemic figures. As employers have done everything in their power to attract candidates and retain talent, employees gained confidence and have been more likely than ever to hop between jobs.

Employed job seekers are also willing to exploit the demand for certain profiles in competitive industries and quit their job for better opportunities. 4.3 million US workers quit their jobs in May, but the majority are taking positions in other industries.

The current job market could be taking a turn, however. Planned layoffs increased by 57% in June, and companies may be slowing down their hiring efforts. If this is the case, now might be the last chance to take advantage of record job vacancies and a favorable employment market.

Finding more stable employment before a recession

Recent surveys show that 59% of workers are under increased economic pressure due to rising gas prices and other factors. The majority of job seekers expect a recession in the next 12 months, with over half feeling an urgent need to find a more stable, well-paying position before the economy takes a significant hit.

It’s no surprise, then, that 24% of all people across the labor market have recently looked for a new role. Employed and unemployed job seekers are applying for jobs online, updating their LinkedIn profiles, and even taking courses to learn new skills.

Getting back to work after unemployment or resigning

While over 47 million Americans quit their jobs in 2021 in what has been called “The Great Resignation,” not everyone has moved on to better job opportunities. Over a quarter of workers who quit their jobs say they now regret their decision, and 24% would consider returning to their previous company.

72% say they were surprised that their new role was very different from what they expected. This means that some job-hopping workers will be looking for stable and fulfilling positions to hunker down with before the recession gets into full swing and before employers become less willing to offer attractive employment incentives.

How to make a career change

If you think you'd benefit from changing careers, then there are a few things you need to do before handing in your resignation letter.

First, assess what kind of offers are available for your skillset. Do this by searching LinkedIn and other popular job boards for roles that you could apply for. Compare salaries, benefits, and other perks to see if landing another job would be a step up from your current position. Then, update your resume and prepare for upcoming interviews by thoroughly researching the companies and jobs you’re applying to beforehand.

It's also a good idea to get some professional help with your career change. At Adecco, we can help with you perfect your resume and match you with the job that meets your financial and work/life balance needs. We have recruiters all over the US, and they have plenty of experience finding top jobs in all kinds of industries. Reach out to your local Adecco branch today to learn more.