Applying for a New Job? Here's One Reason to Wait Until 2023

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  • You may be eager to get a new job while companies are still hiring.
  • If you wait until the new year to apply for one, you could come out ahead financially.

You may want to stay put for a few more weeks.

There are plenty of reasons why you may be interested in finding a new job. Maybe you're tired of your micromanaging boss. Maybe you're bored of the work you do and want to find something more interesting and meaningful. Or maybe you're just plain tired of earning a salary that makes it difficult to keep up with your bills.

No matter your logic, today's labor market is pretty strong. And because of that, you may be in a rush to apply for a new job before hiring starts to slow down.

In fact, for months on end, financial experts have cautioned that a recession could strike in 2023. If that were to happen, it could batter the labor market and cause unemployment levels to rise. So it's easy to see why you may be itching to dust off your resume and start blasting it out.

But as much as you may want to capitalize on today's job market, waiting until the start of 2023 to apply for new opportunities could work to your benefit. Here's why.

Are you willing to give up a pile of cash?

Many companies have the practice of giving out year-end bonuses. Some might give these out across the board. Others might reserve them for stronger performers.

Either way, if you have a year-end bonus coming your way, then it pays to stick around until the new year. If you quit in the coming weeks, you could miss out on a lump sum of cash. That's money you can use to pad your savings, pay off credit card debt, or use to meet another big goal, like buying a new vehicle.

Get all of the details

Some companies that pay bonuses do so during the month of December, or at the very end of December. But your employer might have a different practice.

You might learn that you're getting a bonus during the tail end of 2022 but find out that money won't hit your bank account until January or February of 2023. In that case, you may need to push yourself to wait even longer to apply for a new job. Be sure to get the details down pat so you don't make a mistake.

A sign-on bonus could make a near-term move worth it

While it may not be the best idea to give up a lump sum of cash by jumping over to another company before getting your year-end bonus, one exception is if that new company is willing to give you a sign-on bonus. Though these types of bonuses are more common in industries like finance, a growing number of companies have taken to dishing them out in an effort to attract talent. If getting a new job in the next month means giving up a $2,000 year-end bonus, but you're offered a $2,500 sign-on bonus, you don't necessarily have to hold off.

Make your next move carefully

It's not every day that you're on the receiving end of a large chunk of cash. If your company is willing to give you a year-end bonus, do what you can to avoid passing it up unless there's an equally large pile of money you can snag.

Chances are, companies that have the budget for new hires in December will also be looking to hire in January or February. And that way, you might get the best of both worlds -- a bonus to enjoy and a new job to look forward to.

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