Switching jobs during a recession
Technically we aren't in a recession but it sure looks like we are heading that way. What are the risks and cons of switching jobs in a time like this? Especially for younger employees?
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Would love to gain some insights as well
Well everyone is baking in a shallow recession, more meaning revenue growth will end and certain sectors will have contraction. GDP will more likely be contraction but staying positive, I don't see two quarters of negative growth. Though on Bloomberg Watch at about 11 AM yesterday some analysts were calling for a significant painful recession from the Fed over reacting.
Anyways the biggest two risks are 1. After you give notice and leave, they rescind their offer. This has happened in the Tech sector already. 2. You are first in aka usually first out if your team is smaller. Yes it's more profitable to cut the top end, but they can have a senior person who doesn't need to "catch up to speed" do the work of two people and fire their junior.
Also things to note, don't budget your expenses with your bonus. Some places might freeze or cut bonuses. If you get paid carry or some sort of fee/bonus for deals that go through the whole process and close, don't count on this money. Some will make it all the way to the final table and fall through.
You'll also want to downsize, stash as much cash to dump into your brokerage or retirement accounts while it's low.
Just thought about the lower salary aspect as well, if they are baking in the recession they might screw you on comp. Not like a couple months ago were people weren't showing up for their first day because they got a offer overnight after an initial interview.
Get your comp to be tied to profits, easier to get when they aren't expecting much - Then when the recession is over it's already in your contract.
Jumped jobs twice in the past year. Increased my salary by 40%. Do what’s best for you. Forget conventional wisdom. Tradition will leave you broke and nothing to show for it in an inflationary environment that continues to screw the younger generations.
Sounds like it was fairly easy to hop roles since you did it twice in one year. What was the job hunt like? Do you come from a solid background of experience and are you in a primary market? Contemplating making a move. I really enjoy my current role and working with my boss, been at my spot for a year now but not feeling like the money is measuring to where it should. I'd very much like to stay but hearing these bumps people are getting from moving around is just so lucrative.
I have just about 7 years of CRE experience after my MBA most of that experience has been spent in development. I took a brief detour to give underwriting a shot. Great learning experience but not for me. I went back to development and fortunately think I've found a perfect fit as far as pay and people. I'm located in Atlanta. Definitely look around but don't discount the people you work with. It counts for a lot. My experience in underwriting could have been a lot better if the people weren't completely off. Good luck on your search. It does seem like musical chairs is coming to an end but if you work with the right recruiter you can find some solid opportunities.
Really depends on your current job situation, the potential new role, and your risk appetite. If you're really miserable in your current job and/or if the new job is a big enough upgrade, then maybe it's worth the risk.
I left a job that I absolutely hated earlier this year, and by the time I started my new one, the debt markets had become really volatile. I felt really uneasy at first -- even scared I'd be laid off quickly -- but I feel much better now. Youth and time are on your side.
Techincally, we are in a recession. Politically, we're not.
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