Good time to job search in spite of layoffs

One can’t help but be unsettled by announcements of major layoffs in January 2023: Google (12,000, 6% of workforce), Microsoft (10,000, 4-5% of workforce), and Amazon (18,000, 1-2% of workforce). But despite the wave of layoff announcements at major tech companies, it’s still a good time to get a job.

The overall job market remains strong which makes this a good time to be looking for a new position, even if unexpectedly, and especially during the hottest hiring months of the year (Jan-Feb-March). Government data shows the U.S. labor market is still strong, with a record low unemployment rate of 3.5%.

96% of workers will be looking for a new job in 2023, largely in search of better pay due to inflation and rising expenses. And job-switching is considered the best way to improve your career prospects and pay. The difference in wage growth for job switchers (7.7%) relative to those who stay in their current role (5.5%) is at a record high.

But, don’t just jump at the next opportunity based upon salary alone. Be sure to thoroughly check out the company culture fit, flexibility, work-life balance, and the height of the career ladder (it should be an extension ladder versus a step stool).

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