Evaluating a Career Move in 2023

The labor market is remains tight, and now may be a good time to evaluate a career move. According to a recent report by Reuters evaluating the U.S. Labor Market, 1.7 job openings for every unemployed person in October 2022, keeping the Fed on its monetary tightening path at least through the first half of 2023. Viewing the advancing careers your peers making job changes, you may also be considering a career move. Everyone has the occasional bad day at work, and this alone should not result in a job search. Carefully evaluate your reasons before deciding to make a change.

There are many good reasons for making a career move, and job opportunities are plentiful. When evaluating your decision, we recommend writing down the reasons for evaluating a career move and making a must-have list. Consider being proactive with your current employer to see if they can make any adjustments to improve your situation. With the present labor market, you may anticipate receiving multiple offers or a counteroffer from your current employer. Having a written list of your reasons will allow you to make an informed decision and weigh your opportunities against your predetermined criteria.

It is nice to feel in demand and it can be enticing to move for more money, but does the new company and role align with your criteria? You may need to make some compromises when accepting a new position. Ensuring the company and role align with your must-haves will give you confidence that you are making the right career move.

Accepting a counteroffer is rarely a good decision. If you have taken prior initiative to improve your current employment, what has changed now? Did your employer’s situation change, or are they simply feeling pressured to retain you in a tight labor market? Providing you additional compensation to retain you may strain your relationship with your employer. You have shown a willingness to leave. Your increase in compensation is based on circumstance rather than as a reward for your performance.

It can be difficult to turn down a counteroffer from your employer where you may feel emotional ties. However, a good employer will want you to be fulfilled and will understand you making a career move if you manage it in a professional manner. When declining an offer, provide a timely response, express your appreciation, and provide a concise and honest reason for declining the offer. It is good to remain in contact with your former or prospective employers to continue to network. You may value each other as contributors to the same industry or may find yourselves in a future working relationship. Maintaining open lines of communication is beneficial to everyone.