2024 Job Market: Is It a Good Time To Pursue a New Career Opportunity?
According to a recent “Year in Review” survey by GOBankingRates, 12% of Americans are planning to pursue new full-time jobs or different careers. But is it the best timing with the job market?
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Amy Marcum, manager of HR services with Insperity, said the labor market isn’t as tight as it once was.
“In October of this year, over a third of CEOs said they planned to expand their workforce in the next year, with slightly over one in 10 planning to cut jobs; about half did not foresee any change,” she said. “Those results reflect that businesses may not be facing as much of a talent shortage as they were during the Great Resignation, when higher rates of employee attrition meant employers had to compete for talent.”
Even so, Marcum said it’s important to note that even CEO’s predictions are only predictions.
“Only time will tell how that could impact job prospects for people changing careers, especially because the opportunities available will depend highly on the industry and that individual’s qualifications,” Marcum said. “One industry might be searching for fresh talent at the same time as competition is high between professionals trying to get into a different field.”
Is Now the Right Time To Pursue a New Career?
Marcun said there is no blanket answer as to when people should pursue new careers. However, before you pursue a new career, she said you should think about the optimal circumstances for your career and family.
“Those individual factors are far more relevant than broader economic factors, because no single moment in time is the right moment for everyone,” Marcum said. “Personal preferences also play a role. For example, professionals who plan to have a child in 2024 and whose partner can work to support their family might decide to take time off while they study in a new field. On the other hand, other working parents might decide the arrival of a new child is too challenging of a time to change industries.”
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“In recent months, we have seen a surge in job postings for solar photovoltaic installers, cashiers and social workers positions,” said Nathan Brunner, CEO of the job search engine Salarship. “Transitioning to one of those careers wouldn’t be a bad long-term move; the Bureau of Labor Statistics is particularly optimistic about the outlook for the construction, retail and social assistance sectors.”
“Technology remains a powerhouse, with AI, cybersecurity and data analytics leading the way,” said Travis Lindemoen, founder of Enjoy Mondays and managing director of Nexus IT Group. “Sustainable industries, healthcare and remote work facilitators also hold great promise.”
Tips for Success When Pursuing a New Career in 2024
According to Marcum, here are a few crucial tips to remember for anyone who wants to pursue a new career.
Mitigate the Risks
Marcum said career transitions can take time and also can be highly unpredictable, especially for people entering new fields.
“To avoid the stress of a prolonged job search, career transitioners need to think carefully about how to mitigate the risks,” Marcum said. “One especially important consideration is when to resign from their current field. Before resigning from the job they have now, career transitioners should prepare for a longer-than-average job search by making sure they have enough savings to cover their basic living expenses and a backup plan if they need to return to work before they find a job in their new field.”
Network, Network, Network
“Networking is critical in anyone’s job search — and especially so for career transitions,” Marcum said. “In many cases, people are passionate about their jobs and eager to help others learn. Join professional associations, attend networking nights, leverage college alumni networks and cold-message people on LinkedIn. Each of these connections is a potential employee referral who can dramatically increase the odds of landing an interview.
“Rather than directly asking new connections for a referral, the best strategy is usually to conduct informational interviews, express interest in the connection’s place of work and wait to see if they offer to serve as a referral themselves.”
Be Flexible
“For career transitioners,” Marcum said, “the first job they are offered in a new field may not be the role they wanted. Sometimes, it may be in their best interest to wait for a better offer. However, it is important to be practical.
“For example, a career transitioner may be offered a job from a reputable company with a more junior title than they feel they deserve. If the role offers advancement opportunities, the position may still be worthy of consideration. By getting their foot in the door, career transitioners can leverage a more junior role to rise more quickly, rather than delaying their transition by insisting on a more senior position.”
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This article originally appeared on GOBankingRates.com: 2024 Job Market: Is It a Good Time To Pursue a New Career Opportunity?
