96% of workers are looking for a new job in 2023, poll says: What to know before you job hop – CNBC

by | Jan 13, 2023 | Jobs

Kate_sept2004 | E+ | Getty ImagesIt will soon be the Year of the Rabbit, according to the Chinese calendar, but it might as well be the year of the new job.A whopping 96% of workers are looking for a new position in 2023, largely in search of better pay, according to a recent report by jobs site Monster.com. “This is phenomenally high,” even compared with the numbers at the height of the “great resignation,” said Vicki Salemi, career expert at Monster.Nearly half, or 40%, of job seekers said they need a higher income due to inflation and rising expenses, Monster found. Others said they have no room to grow in their current role or that they are in a toxic workplace.More from Personal Finance:Paid biweekly? Here are your 2 three-paycheck months in 2023 If you want higher pay, your chances may be better now Workers still quitting at high ratesThe start of the year ‘is always a good time to look’While wage growth has been high by historical standards, it isn’t keeping up with the increased cost of living, which is still up 6.5% from a year ago and leaving more workers unsatisfied with their pay.Job-hopping is widely considered the best way to improve your career prospects and pay. In fact, the difference in wage growth for job switchers relative to those who stay in their current role is at a record high.The latest data shows job switchers have seen 7.7% wage growth as of November, while workers who have stayed in their jobs have seen 5.5%, according to Daniel Zhao, lead economist at Glassdoor, citing data from the Atlanta Federal Reserve.Although there is a chance that the job market will cool as recession fears take hold, recent government data shows the U.S. labor market is still strong, with a record low unemployment rate of 3.5%.”The first quarter of the year is always a good time to look because fiscal budgets have been replenished,” according to Barbara Safani, president of Career Solvers in New York.Despite recent reports of extensive layoffs, some industries continue to do very well, she said. “If cuts are going to happen, they are typically planned months and months in advance, and those companies wouldn’t be hiring in January.”Key considerations before taking a new jobThere are other things to consider besides salary before accepting a new position, …

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