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Why the new financial year is the best time to look for a new job

Why the new financial year is the best time to look for a new job

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30 days ago by Nina Mapson Bone

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Don’t wait until the New Year: Why the new financial year is the best time to look for a new job

 

Every year in January there are reports that up to 50% of workers are looking for a new job. It’s a very common new year’s resolution but its hands down the worst time of year to look for a new job. 

 

Why? Because for starters, a large number of hiring managers are on holiday. Every year it is estimated that 2 million Australian workers are forced to take their holiday in December and January, with many timing their leave with school holidays and summer.

 

There are typically fewer open jobs in the market during December and January as well. Partially due to the point above, but also being that it is already 6 months into a financial year with resources already allocated to existing projects and business goals.

 

Lastly, there is more competition – if you are looking at the same time as half the workforce you come up against much stiffer competition.

 

The best time of year to look for a new job is June, as we gear up to welcome a new financial year.

 

  • The new financial year always brings fresh activity to the job market as new goals are set, projects start and new budgets allocated, creating new jobs

  • Most companies will finalise their financial budgets for the new financial year in May and June and start hiring in June/ July to set the new financial year up to achieve their growth targets so often there are more newly created roles

  • The government budget this year had a number of measures to create new jobs such as the $2.4bn investment into science and technology, and the nearly $70m to help take local businesses global

  • There is less competition – anecdotally it’s a quiet time for jobseekers because it is often a busy time in their own workplaces they do not have spare capacity to go job hunting.

 

 

What can you do to get ahead in the new financial year?

 

  • Be clear on why you are looking for a new role and what you are looking for

  • Brush up on your CV writing and interview skills

  • Reach out to your network to see what opportunities they might know about

  • Approach companies that you want to work for directly

  • Partner with a reputable recruitment firm who will take the time to understand your needs and represent you well.

 

 

Download some more of our helpful resources here.