January 2023 Career News

Here We are…January!

The month all job seekers, career coaches, and resume writers wait for like 5-year-olds on Christmas morning. 

While you may not have woken up a 4: 59 a.m. to peer out the window in the hopes of spying Santa’s sleigh, you may be a little restless thinking about what the market will bring this 2023. 

“What’s happening with all the layoffs” has been a pretty common conversation in my world for the past 6 – 8 weeks (along with the DIY holiday kitchen renovation Jim and I took on in our 1936 charmer, lol), which is why it was also the subject of last month’s career news

–> I recommend clicking that link and catching up on previous commentary as I get into my outlook and observations on the current state of things. 

Let’s get into it. 

Yes, there are layoffs. I expect we’ll see more waves in the coming weeks as Amazon has indicated a “big one” is coming mid-month. We’ve also seen a shake up at Salesforce recently, among others, so yeah, it’s happening.

Here’s the thing. This is not alarming. It is NORMAL.

–> January is the month with the most layoffs and firings, typically accounting for over 10% of the year’s let-go’s. 

Moreover, my observations still suggest this activity is fairly insulated and largely driven by company initiatives that didn’t pan out (Amazon’s foray into hardware, Facebooks failed META, etc.). Other factors contributing to the layoffs – outside of the fact that this is normal activity for this time of year and for large companies – are the fact that we’re moving into a post-pandemic era where the dust is starting to settle on growth spurts and over-hiring. 

Remember the Great Resignation? That period of time where we, as canddiates, left jobs in masse because of lack of respect and lack of fit? Well, now we’re seeing the flip side of that exodus, with companies choosing to streamline staff and ensure a tighter culture by eliminating those who aren’t as good of fits. 

The good news?

There’s always hope! If you’ve been impacted by downsizing, please reach out to me, so we can help you land a great new role. 

It may not seem like it when it’s raw and fresh, but a lay off is often the biggest blessing you’ll ever be bestowed. Let’s make the most of it!

As far as you job seekers go…

I still attest we’re going to see reliable consistent hiring in this Q1 cycle. 

Job creation in December, surprisingly, nearly matched November (223k and 260k, respectively), which made me raise an eyebrow. No one hires during the holidays!? Well, 223,000 places did, and that means momentum maintained a slighly higher level through the typical Q4 dip. 

This is a great indication we’re going to see good things this new year; however, I will say… 

Temper your expectations. 

When I say good things, here’s what I mean. NORMAL hiring that looks and feels a lot like the 2019/before-days 2020 market, where we saw solid opportunities, fair compensation offers, and mobility within a competitive professional market. 

We’ve gotten so used to the post-pandemic insanity of bloated offers, bonuses, and candidate-driven hiring that it’s going to FEEL like a negative shift, when in reality, it’s a right-sizing. An adjustment. 

Just as the housing market couldn’t sustain twelve $100k over asking offers per home (sorry, sellers, time to wise-up), the job market couldn’t sustain the rate at which things were escalating. Netiher could this career coach. 

Market corrections are natural, and we need them to curb inflation. What we’re seeing now may just help us do that while avoiding the giant recession so many fear-mongers like to throw around out there.

I also attest we won’t be seeing that in 2023, either, but now I’m getting dangerously close to that economist hat I like to put on from time to time. 

In Summary

If you’re ready to search, search. 

If you’re ready to level up, level up. 

If you’re ready to start a business, dive in. 

There will always be a factor that makes the timing imperfect, but when you’re ready for a change, there is no better time to go for it.

Let me know how I can help!

Your Friend and Coach,
Angie

Angie Callen, Founder

I created Career Benders to inspire confident professionals. In just three years, we have helped nearly 500 professionals navigate job searches, nail interviews, and find satisfaction in their careers. We’re here for you!

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