Is quitting your job a New Year resolution? You might regret it by February
Idea
It’s time to get back to work. It could be this week, next Monday, or even in a few weeks as the kids finally head back to school, but there comes a time when, after the holiday season, when we’re all back at work, you’ll know more about the book you’re reading than what day of the week it is.
Every January, there is a familiar and predictable pattern that occurs at the beginning of the year. Inspired by the holiday perspective, many workers return to work, go to their boss’s office, and quit.
The opening of a new calendar is an obvious time to set goals and objectives for the year ahead, and for many people this includes resigning from their job and finding a better one.
According to the government’s Jobs and Skills Australia data, around 200,000 new online jobs are posted every month; December and January are the quietest months of the year for new ads. Around 40,000 fewer jobs are advertised online during this period as it takes businesses a few weeks to get up and running for Christmas and then get back up and running.
The problem is that this coincides with many workers quitting their jobs in January after the Christmas holidays. Add to this the recent school and university leavers who are also starting to look for work; you have a competitive job market with fewer vacancies.
So if one of your New Year’s resolutions is to find a new job, my advice is to consider holding out a little longer because the best month of the year to look for a job is, statistically speaking, actually out there.
Use the next few months to hone your skills in key areas, improve your resume, and prepare yourself if you can.
August is the best month for job seekers; There are significantly fewer applications for each position than the highest number of new job postings and open positions. In other words, you’ll be more likely to land a role in a few months than you are now.
Of course, I don’t need to point out that the obvious flaw in this advice is that there’s no point in staying in a role you hate just because the math might look better in a few months.
The costs of remaining in a role you are not meant for can quickly add up, mentally and physically; so consider one additional data point you can add to your decision making this January.
There is an additional complication that I wrote about last year. “Job retention” is the phenomenon where, in response to the current economic environment, employees increasingly prefer stability and security rather than changing roles.
For some, it’s more appealing to stay in a role you love rather than trying to find one you might love. Workers will continue to “cling” to their jobs this year, which will likely cloud some of the future statistics in this area.
So if you’re one of those who’s marking January as the right time to ask your manager for a “quick chat” to deliver the news of your resignation, hold your coffee for a while and pause.
If you can, use the next few months to hone your skills in key areas, improve your resume, and prepare yourself. That way, when the middle of the year rolls around, you’ll be in the best position to take advantage of the perfect moment to take the plunge.
Tim Duggan is the author of: Worc Backward: The Revolutionary Way to Work Smarter and Live Better. He writes a regular newsletter timduggan.substack.com
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Tim Duggan is the author of Working Backward, Cult State, and Killer Thought. He is one of the founders of Junkee Media and writes a monthly newsletter called OUTLET.
