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Pros and Cons of Switching Careers in the 4th Quarter

There are unique challenges, and opportunities, for those seeking a career at any time of the year. Before we move into the final months of 2022, here is a bit of insight into what you might expect with a 4th quarter career change along with some pros and cons to help you prepare.

Pro. Historically, less people seek jobs during the 4th quarter. Year-end bonuses are ready to be paid and vacation time has been planned, so people are staying put to keep those benefits. With fewer people in the mix, you have increased your odds of getting noticed for a dream job.

Con. The very thing that eliminates competition, could eliminate you, too. By switching jobs in the 4th quarter, you might lose the anticipated bonus or vacation time that you’ve worked so hard for. Talk to your prospective new employer. Many companies will accommodate previously arranged time off and others will offer a sign-on bonus.

Pro. Many employers still have money left in the year’s budget and the “use it or lose it” adage applies to this scenario. No company wants to leave money on the table when it comes to recruiting. Additionally, some companies are looking to get tax breaks before the year is out so they are spending more on recruiting and advertising costs during the final months.

Con. The hiring process may take longer in the 4th quarter as the people responsible for hiring are taking vacations and enjoying holiday time, as well. Feedback on your resume and scheduling interviews may be delayed. Be flexible and patient as you follow up regarding opportunities.

Pro. It can take weeks to get fully onboarded when you start a new job. That alone means that many companies plan months in advance to establish their new year’s goals, and bring in new talent to support them. Instead of hiring someone in January, it is much more beneficial to hire someone in the months prior so the new candidate is ready to contribute when the new year begins.

Whether you decide to begin a job search in the 4th quarter or not, it is always helpful to be prepared by keeping your resume up to date and increasing skills or adding new experiences. And most importantly, don’t give up! Starting the search, regardless of the time of year, isn’t easy and takes time and patience to succeed.

Sources: topresume.com, Johnson & Johnson, LinkedIn, Top of Minds