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2023 Job Market Outlook

Resolutions, lifestyle shifts, and professional milestones will flood your newsfeeds as the clock strikes midnight and we say goodbye to 2022. People look at the turn of the year as an invitation to finally make the change or start the habit they’ve been thinking about doing. With that, it’s essential to know how the environment surrounding us can assist in or negatively impact whatever grand or minute modifications we want to make in 2023.

No one needs to be reminded of the dark cloud that inflation is floating over our hopes, dreams, and lives. But the economic situation will influence job seekers, coming off a year that gave life to those looking for a job as wages in 2022 were high, employment was strong, and job-hopping opportunities were plentiful.

But will the same be said about 2023?

Maybe not.

The job openings rate is expected to decline from 6.5% to 5.2% in 2024, reducing job openings by 2.1 million, and making 2023 the bridge to the decline. Whether people will have their choice of jobs, lose their jobs, or our economy will head into a recession is hard to answer with statistical projections.

Will I have my choice of job in 2023?

2022 was certainly a job-seeker’s paradise, but will that continue? Unfortunately, most people looking for a job in 2022 got their pick of the litter, leaving hiring managers with the rejected bunch to choose from. If this plays out, quality job seekers will be in high demand and will continue to have their pick of jobs in 2023.

But then, a recent survey shows that close to 50% of workers plan to quit their jobs in 2023. If that’s the case, the pool of job seekers will get even more competitive come the New Year. Throw in a couple of hiring freezes or layoffs, and professionals looking for a job in 2023 will have to be on top of their game if they want their choice of job.

Will I lose my job in 2023?

Predicting how the economy will turn, especially following an unprecedented and unpredictable last few years, can’t just follow historical trends. So, professionals need to arm themselves and their careers against a recession by following these steps:

  1. Reconnect – With a more remote and hybrid-work environment, many have lost touch with previously strong professional connections. The turn of the year is a great time to reconnect with these people and plant seeds where needed.
  2. Prioritize – Build up an emergency fund with at least 3 months’ worth of expenses in case you face a layoff. Make sure this money is accessible in something like a high-interest savings account so you can pull from it if needed upon a job loss.
  3. Plan – Most people looking for a job in 2022 got their pick of the litter, leaving hiring managers with the rejected bunch to choose from. Think about the people you need to contact and the steps you need to take if you lose your job.
  4. Evaluate – Just as a job position, no industry’s necessarily recession-proof, but some would survive better than others. For example, think of the supply chain issues that occurred during and resulted from the pandemic. Toilet paper and household cleaners were all the rage, meaning it’s safe to assume that consumer necessities will continue to be in high demand regardless of what’s going in with the economy.

The job market can be volatile yet fruitful, and as people consider their professional resolutions come 2023, it’s worth thinking about what’s ahead to determine what to do. Do you have any job resolutions you’re toasting to at midnight? Join the conversation on LinkedIn. Also, check out Soft Skills You Need For Your Resume in 2023.