Should You Quit Your Job in 2023?

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  • Today's strong job market has prompted many workers to quit.
  • Before you make plans to tender your resignation in the new year, think about whether that's really a smart move.
  • Sometimes the risks you take in life end up paying off -- and sometimes they don't.

It's a big decision to make -- but is it the right one?

There's a reason there's been so much talk of the Great Resignation this past year. After taking a beating in 2020, the U.S. labor market has been remarkably stable and strong in 2022. In fact, many industries have experienced their share of worker shortages over the past 12 months or so, and that's empowered workers to up and quit jobs that weren't optimal.

If you're unhappy with your job, you may already be making plans to quit in 2023. And to be clear, if you're eligible for a generous year-end bonus, then at this point, it pays to stick things out for the rest of 2022 and, if anything, resign in the new year.

But is quitting your job a smart thing to do next year? Or should you push yourself to stick things out?

The upside of quitting

If you quit your job in early 2023, you may be in a solid position to get a new one that's better. That could translate into more money, better benefits, and a much-improved work-life balance.

Plus, if you're stuck in a dead-end job, jumping ship could mean propelling your career forward. That could lead to more promotions and raises down the line -- and more financial security.

The danger of quitting

It's true that today's labor market is nice and strong. But for months, financial experts have been warning that a recession could hit in 2023. And if economic conditions decline, it could result in a serious uptick in unemployment levels.

Now think about what it's like to be the new hire at the office. It could take months for you to get up to speed and prove your value. And if your employer is forced to downsize staff in the event of a recession, you could end up on the chopping block by virtue of being new.

What’s more, there's something to be said about being familiar with an employer and its policies versus having to start fresh. You may not love the fact that your current salary barely allows you to pay your credit card bills. But you might appreciate the fact that your work hours are pretty predictable, and that you're able to leave the office or log off on time almost every night.

If you get a new job, you might manage to boost your paycheck. But that could come at the expense of your steady schedule and much-wanted downtime.

What's the right call?

Quitting a job can be a scary prospect at any given time, but given the number of recession warnings that have been sounded recently, it's perhaps an even riskier thing to do in 2023. But that doesn't mean it's the wrong choice.

Ultimately, you'll have to decide just how unhappy you are in your current role, and just how much better another opportunity might seem. Sometimes, the risks you take in life end up paying off. And you may find that quitting your job in 2023 leads you down a much more favorable path than the one you're on right now.

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