Since the coronavirus pandemic hit us in March, I get this question a lot from different candidates. Many people are concerned that making a career change in this environment can be risky. If we have a prolonged recession and people are laid off, the “last in, first out” mentality of banks could put them at risk. I want to give you an update on what I am seeing in the market, and hopefully, this insight can help you if you are considering a change in your employment.
First off, when the coronavirus hit, we recruiters saw a number of banks and companies put their hiring plans on hold. Some had a freeze, others only looked at replacing key positions, and some had layoffs. Most took the position of “waiting things out” to see what the long-term effects of the virus would have on the economy. This was not a good time to consider a change.
What I am seeing currently is that although the coronavirus pandemic is still a major issue, most banks and companies are moving ahead with their hiring plans. They are seeing that the economy in most states is rebounding rather quickly from the lockdowns and that there will probably not be a terrible recession in our future. The business fundamentals in the economy overall look pretty good, and although there are some industries such as travel that have been decimated by the virus, other industries have gone unscathed and some have even thrived in this environment.
From a job change perspective, what does that mean for you? Although unemployment figures are still high nationwide, there is still a shortage of talent in the mid- and upper-management ranks. This means that it is a good time to consider a change without any long-term effects for most positions. If your industry is still struggling due to COVID-19, you may want to hold off, especially if you are in a sales or sales management position. However, for everyone else, the time is probably good to look at opportunities that could further your career.
In our office, we have seen a significant increase in positions in the past two months from banks and companies that are hiring again. Although there is still some uncertainty in the economy, for the most part, things look to be trending in a good direction once again. If you are considering a job change, feel free to reach out to us and discuss what your options might be. We are more than willing to give you career advice based on what we are seeing in the industries that we know.
Mike Jamison; Co-President