Have you considered how EOFY might affect your career aspirations?
Have you considered how EOFY might affect your career aspirations? Here we answer: Is EOFY the best time to look for a new job?
Is EOFY the best time to look for a new job?
EOFY brings fresh activity to the job market.
After January, July is the next busiest time in the job market, with most companies preparing to make hiring decisions in July and August.
It’s an advantageous time for candidates looking for a new job. There are often:
- unspent budget from the previous financial year.
- new budgets being issued for the incoming financial year.
- a general period of assessment in the company, coinciding with performance reviews.
- ongoing audits, where new needs may be identified within the company.
The job market in 2022
The current Australian job market is slightly different compared to other years.
We are still experiencing great candidate shortages across most industries. This is great leverage if you are looking for a new opportunity, as you will likely be able to negotiate terms, benefits, or the salary that you really want.
There’s also an evolving culture around the way we work and companies are readily embracing flexible work arrangements. This is empowering for people who are motivated by moving jobs in search of better work arrangements or a greater work-life balance.
Approaching your job search
So, is EOFY the best time to look for a new job?
Yes, it is one of the best times of the year to look for new opportunities. The conditions of the current job market also mean that you’ll have greater negotiating power when you do land an interview.
If you’re ready to embark on a job search nearing EOFY, our best tip is to start now.
Hiring managers will be ready to make their decisions in July and August. But that doesn’t mean they won’t start their search or at least plan for a new hire before this time. The sooner you reach out, the higher your name will be in the pile.
If you are being represented by a recruiter, let them know as soon as you are interested in finding a new position. This will ensure you will get the most from your recruitment consultant relationship. The recruiter can then send your details to a client, with your permission, as soon as they are notified that an opportunity has been given the green light, giving you a timely edge against your competitors.