For professionals in management roles, career advancement is often a key goal. Yet, in today’s uncertain economic climate, you might be second-guessing your next move. Government layoffs, trade tariffs, and economic instability have created a ripple effect across industries, and you might be wondering if now is the right time to seek a new opportunity, or if doing so might put you at risk of being the “last hired, first fired.”
The answer isn’t black and white. Making the right career move in an unpredictable job market requires a calculated approach that weighs company stability, industry trends, and long-term career growth.
Before deciding whether to stay or move on, it’s crucial to assess your current position. Start by evaluating the financial health and stability of your company. Are layoffs happening around you? Have budgets been cut or have hiring freezes been implemented? A study by McKinsey & Company found that 65% of employees in financially struggling organizations experience a reduction in career growth opportunities due to cost-cutting measures. If your employer is scaling back, it may be a sign that your growth potential is limited, making a move a logical next step.
On the other hand, if your company is performing well and investing in its workforce, it may be worth staying, especially if leadership is transparent about long-term stability. Additionally, consider your job satisfaction. The desire for advancement is often fueled by a need for more meaningful work and staying in a position that no longer excites you can lead to career burnout.
While certain industries are struggling due to economic shifts, others are thriving. If you’re considering a career move, understanding which sectors are resilient in the face of economic uncertainty can help mitigate risk.
For example, the technology sector continues to see steady growth, particularly in artificial intelligence (AI) and cybersecurity. A report from Gartner predicts that AI-driven roles will increase by 21% in the next three years as companies invest in automation and data security.
If you’re in a declining industry, it may be wise to start exploring opportunities in more stable or growing sectors. Even within struggling industries, some companies are better positioned than others. Researching an employer’s financial reports and long-term strategies can help determine if they are a safe bet.
One of the biggest concerns about switching jobs in an uncertain economy is the possibility of being let go first if the company faces layoffs. While this has historically been a valid concern, workforce trends are shifting.
Companies today prioritize strategic hires over traditional seniority-based layoffs. A study by LinkedIn’s Workforce Report found that organizations are increasingly focused on skills-based retention, meaning that employees who demonstrate strong leadership, adaptability, and innovation are more likely to retain their positions, regardless of tenure.
There Are Ways to Reduce Your Risk When Making a Career Move
- Targeting: One strategy is to target financially strong companies that are actively investing in growth rather than cutting costs.
- Researching: Do research on a company’s quarterly earnings reports, leadership changes, and hiring patterns to gain insight into their stability.
- Negotiate: If possible, negotiate a severance package clause during the hiring process which provides you with a safety net in case of unexpected layoffs.
- Networking: Building a strong internal network as soon as you join a new company is crucial. Getting involved in key projects, demonstrating leadership, and establishing relationships with decision-makers can help solidify your position, making you indispensable even in times of restructuring.
Regardless of whether you decide to stay in your current role or pursue new opportunities, the key to career security is ensuring that you remain competitive in the job market.
One of the most effective ways to do this is to consistently enhance your skills. The World Economic Forum reports that 50% of all employees need reskilling in 2025 due to automation and AI advancements. Taking courses in leadership, data analytics, or industry-specific technologies can make you a more attractive candidate to future employers as well as your current employer.
Personal branding is also becoming increasingly important. By contributing to thought leadership, writing industry articles, speaking at conferences, or sharing insights on social media you position yourself as a leader in your field, making you more valuable to both current and prospective employers.
If you are hesitant to make a major career move in uncertain times, another option is to pursue career advancement within your existing company. This could involve taking on leadership roles, spearheading new initiatives, or shifting to a higher-impact department to gain more visibility.
Your decision to stay in your current role or seek a new opportunity is not one to be taken lightly, especially during times of economic uncertainty. However, making a calculated, informed decision rather than an emotional one is key to long-term success.
Ultimately, the most important factor in career success is staying prepared, adaptable, and forward-thinking. By continuously investing in your skills, networking, and personal brand, you’ll remain in control of your career regardless of economic conditions.
