With the end of 2023 now in sight, the Christmas & New Year break gives us a good time to press the reset button and allows us time to reflect on the year. Part of reflecting is considering if your current role is the right role for you going into 2024 or whether you need to seek a new role. Below I have outlined key areas to assist in making this decision.

How do I know that its time to look for a new role in 2024?

Here are a number of signs that it may be time to look for your next job:

• You lose your excitement of going to work. Your job should offer you a level of contentment.
• High stress levels & burn out are affecting your personal life. With the post covid working from home arrangements, there has been an increase in burn out and higher stress levels. This should not be having an impact on your personal life.
• Your ideas and contributions aren’t being valued. If you feel like you are bringing great ideas to the table, championing change and adding a value but left feeling undervalued for it. If you are constantly feeling like this then it may be a time to change jobs.
• Your salary Vs cost of living. Each individual’s cost of living is different but if your salary is not covering your basic needs, then it may be time to look for a new role that can offer you more financial freedom.
• You often think about a new job or a new role. Regularly thinking about that dream new job or working for a particular company may be a sign that you are ready that new role.

What to consider when thinking about changing roles?

Here are a few things to think about before you decide to make a career move:

• Personal career goals. Does your current role help you to achieve your career goals, is the work you’re doing aligned with your desires.

• Professional development opportunities. Does your current manager support professional development and provide regular support or constructive feedback to allow you to develop.

• Promotions/step up in responsibility. Do you see opportunities for promotion mid-long term and is there scope for you to take on more responsibility or more senior tasks.

• Work life balance/working environment. Are you feeling burnt out or dealing with high stress levels. Does your company support/promote emotional well-being. Are you spending to much time commuting 5 days a week to the office.

• External Opportunities. Are you constantly contacted by recruiters about legitimate opportunities externally. This is a sign that your experience is highly desired by other companies.

• Job Satisfaction. How satisfied are you in your role. How satisfied are you with the work you’re doing and how satisfied are you with working conditions, colleagues, and salary.

How to decide whether you should change jobs or not?

Here is some guidance on determining whether it’s the right time to start searching for a new opportunity:

1. Decide on your long-term & short-term goals

Your short-term professional goals have to do with your objectives and your daily routine. Your long-term professional goals represent your ideal career and lifestyle. For example, you may want to become a CCO, does your current role align with your short term or long-term goals? You should also consider a time line of when you wish to achieve these goals and how staying in your current role may affect this.

2. Consider your feelings

You should consider how you feel about your job as its an important part of your decision-making process. It is important to ask yourself probing questions regarding the culture, your compensation, bonus potential & promotion potential which will help you organise your thoughts/feeling towards your job.

3. Identify your primary concerns

It is vital to understand what your main concerns or issues are in your current role, as if/when you do decide to seek a new role these will be your motivations and it will allow potential future employers to ensure they can offer you this and also beneficial for recruiters to be able to match you with specific roles/companies that can support this.

4. Voice your concerns

Another important part of deciding if its time to change your role is communicating your main concerns and frustrations with your boss, yearly performance review is an ideal time to discuss this. A simple conversation can sometimes give you that salary increase or step up in responsibility you need to be happy in your role.

6. Consult with a trusted friend or partner

Speaking to people you trust within your circle can be a great way to voice your thoughts and allow you to get a trusted opinion on the right next step for you.

7. Decide and take action

After considering all the above you should be in a much better position to be able to assess whether it is time to consider new opportunities or if you are in the right role moving into next year. If you do identify that it is the right time to consider your next move then the next steps would be to speak with a trusted recruiter, who will be able to advise you on the best way to position yourself in the market and to be able to get ahead of the new year hiring frenzy we tend to see in Q1/Q2.

If you are concerned about how the current market may affect your position, or to discuss how we can support your hiring processes in the current market, please get in touch with Principal Consultant in the Compliance and Risk office, Chris Wood, at chris.wood@coopman.uk.