Is it time for a career change? New research from Professional Resume Writers shows that 60 percent of respondents across all levels of experience and roles are eyeing a career change. Meanwhile, the number of those polled who said they were concerned over job security increased 49 percent over last year.
“When there is a downturn in the economy, this can create a stressful and uncertain environment for employees, prompting them to explore new career paths that offer greater stability and opportunities for growth,” the report stated. “The current recession is driving six out of 10 who are early in their career to look for a change.”
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Of just the executives polled, 66 percent of that cohort said they were worried about their job security — the highest of all segments polled, researchers at the firm said, adding that executives felt that they’ve not been paid in-line with inflation.
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“One surprising finding when it comes to compensation keeping up with inflation is that those at the executive level expressed the most concern,” the report’s authors said. “In fact, those at the senior level were 10 times more likely to say they were paid fairly in line with inflation than their executive-level peers. This leads us to believe that executive compensation increases have been significantly reduced over the past couple of years.”
The research also showed that 21 percent of workers said job security has been impacted by working from home while 97 percent of entry-level workers polled “feel like they have been impacted by the rise in cost of living,” authors of the 2023 Job Market Report noted.
Michelle Masters, cofounder of Professional Resume Writers, said it was not surprising “that many individuals are concerned about their job security, given the current economic climate. It’s important for professionals to take proactive steps to maintain their employability, such as staying up to date on industry trends and continually honing their skills. Additionally, individuals who are considering a career change should focus on their transferable skills and how they can be leveraged in a new field.”
There are other options too. Similar to prior economic downturns, employees often consider launching their own side business, or “side hustle,” as it was tagged during the pandemic.
“With the job market becoming more competitive and job security decreasing, starting a side business can provide an additional source of income and financial security,” the report’s authors said. “In fact, six out of 10 who are early in their career are considering a side hustle. And 45 percent of those at the mid-level in their organization are now considering starting a side hustle.”
Launching a side hustle is not always about money. The researchers said in their report that a side business “can offer a sense of purpose and fulfillment, allowing individuals to pursue their passions and interests outside of their regular job. It can also provide a valuable opportunity to learn new skills and gain experience in entrepreneurship, which can be valuable in the long run.”