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New Year, New Job?

Pros and Cons

If you’re feeling burnt out at work, Gallup says you’re not alone: 50% of surveyed employees are “watching for or actively seeking a new job” at the end of 2024. As you assess your situation this New Year, should you consider changing jobs? There’s no hard and fast rule to tell you when it’s time to leave but you can start by considering these pros and cons:

Pros

• Potential for higher compensation. In ADP’s current Pay Insights, “Job Changers” have a median wage increase of 7.1% compared to 4.6% for “Job Stayers.” However, keep in mind that people are more likely to make a job change for a promotion rather than as a lateral move so that increase may be tied more to career advancement.
• Career advancement. If there is no path for promotion in your current organization, you may need to look elsewhere. Their loss is another’s gain!
• Different ___. Sometimes you just need a change. Whether it’s company culture, management team, compensation plans, quotas, etc.; if the company isn’t making efforts to improve, it may be time to go. Be choosy in your interviews to find a company that really meets your needs this time.
• Relocation. Maybe you’re looking to make bigger changes in 2025, including a move!
• New skills. Is your company stuck in the past? Are there new technologies or product lines you want to work on? If you see a chance to advance your skills and future employability, jump on it!

Cons

• Last in, first out. This is always a risk when changing jobs. Do your research on the new company before jumping ship. But you can never be 100% confident that being “the new guy” will be safe in the coming year. Think about the people who started new jobs January 2020 – sometime your timing can just be unlucky.
• Lost seniority. You’ve built a reputation at your current company and would have to start over in a new role. Sometimes a fresh start can be good. But if you’re used to being at the top, you might rankle at being under someone else’s seniority.
• Reputation. This industry is relatively small and people talk. Beyond that, the work history on your resume will tell its own story. If you have a history of leaving companies in the lurch, that may harm your future prospects at other companies.
• Some problems follow you. Before leaving, be sure that the problems you’re trying to escape can really be left behind. They may be problems inherent to the job, or the industry, or even to you. Take the time to reflect.
• The devil you know. The grass isn’t always greener when you get to the other side of that fence. You’re always risking unknown drawbacks when making a change. But if you have strong enough reasons to leave, it may be worth that risk.