96% of Workers Are Looking for a New Job in 2023

What happened

Monster.com reported that 96% of workers are currently looking or planning to look for a new job in 2023, according to the "New Year, New Career" poll it released last week. 66% of workers think it will be difficult to find a new job due to the state of the economy.

Advancement opportunities slowed down significantly during the pandemic. "A lot of companies have put all their training, learning and development on hold for the last couple of years," said Todd Cherches, CEO and co-founder of executive coaching firm BigBlueGumball, in an article on the Monster.com blog. That's reflected in the most common reasons why workers say they're looking for a new job:

• 40% need a higher income.
• 35% are unemployed.
• 34% say there's no room to grow in their current job.
• 25% say they're in a toxic workplace.

So what

It's clear that many workers are unsatisfied with pay, lack of career growth, or their work environments. Changing jobs is one of the best ways for workers to increase their income and move up the corporate ladder.

While there is fear of a coming recession, the job market is currently going strong, and the unemployment rate has matched its lowest level in the last 50 years. The beginning of a new year is also typically a great time to look for a job. January and February are the most active hiring months for many companies, as new budgets are ready and HR managers know the roles they need to fill. However, since so many workers will be job hunting, there could also be more competition for quality positions.

Now what

If you're either looking or planning to look for a new job, find ways to make yourself stand out among other candidates. For example, you could improve your resume, seek out additional training, and conduct practice interviews.

To prep your personal finances, make sure you have plenty of money saved. Aim for an emergency fund with at least six months of living expenses. Ideally, you'll have a smooth transition from your old job to your new one. But just in case there are any issues, like finding out the new job isn't the right fit, it helps to have sufficient savings.

One more important financial consideration when switching jobs is your retirement plan. If you have a 401(k), you can normally either leave it with your previous employer or roll it over to your new one. In many cases, rolling over a 401(k) is a good move, but this varies from employee to employee.