I’m Hoping to Find a New Job but Feeling Uncertain about Impending Recession

DynamoWookie on 17/12/2022 - 00:08
Last edited 17/12/2022 - 12:28 by 1 other user

Hi OzBargain hunters. I’m feeling down and all burned out from my job. I hope to get some good advice and guidance from wise OzBargainers to plan for my next step in life.

I have been with my current employer for almost 3 years now and I have not had a single pay-rise after all this years. Based on Seek’s job listing in my field, my wage is 30 to 40% below today’s job market rate - for the skills and jobs that I’m doing in my role. Basically, even a newbie with 6 months of experience or exposure can easily get my wage and more. I’m not one to ask for a pay rise because I believe that if a company values your work, they would give you a pay rise every year to match the market rate. And by my own logic, my company doesn’t value my work since I have yet to see a single cent add to my payslip.

With the recent rent hike, the ever increasing costs of living and inflation, I’m finding myself feeling the financial pinch. I’m very tempted to go out and find a new job with a better pay. People on OzBargain, Reddit Ausfinance and Whirlpool forums are saying it’s a worker’s market out there right now and that people should job hop to get more pay. At the same time, the media and some folks are telling people to buckle down and prepare for the big impending recession that’s about to hit Australia and the world economy very soon. Possibly in the upcoming few months to a year.

I really want to change job to get my wage up to align with today’s market rate. At the same time, I’m concerned about the uncertainty of changing job and working for a new company. What if recession were to hit the second I switch job? I would be left without a chair when the music stops. At my current role, I don’t think I would be in hot water if the economy does slow down, I may be one of the last few people they would fire, this may be my delusional thinking though.

Should I wait it out until mid to late 2023 to see where things are at with the job market and the economy? So I can better assess the situation whether I should change job or not? At the same time, I really don’t have the motivation to keep going at my job knowing that i’m being paid the same wage as a new comer with much less experience.

Bestow me your wisdom, OzBargainers.

Education & Work

Comments

  • MS Paint on 17/12/2022 - 00:11
    +16

    Remain in your current position and start applying for new positions.

    If you win a new role then ditch your current employer.

    Which industry are your in?

    All the best.

  • plmko on 17/12/2022 - 00:44
    +6

    if you wait it out you'll simply lose your low paying job and nothing will have changed.

  • azngamer on 17/12/2022 - 00:46
    +6

    I would recommend asking for a payrise. State why you deserve it and if they don't, start applying to other companies.

    There is not harm is asking and be prepared to list what you have achieved and what value you add to the company.

    This is your responsibility, not the company to match your expectations of what you deserve. They should, but ultimately it's your time and energy that you are putting into your job, it is your responsibility to ask for the payrise you think you deserve.

  • mskeggs on 17/12/2022 - 01:39
    +15

    I’m not one to ask for a pay rise because I believe that if a company values your work, they would give you a pay rise every year to match the market rate.

    A boss’ dream. Why would your boss fight to pay you more if you have never indicated any desire for more? I’ve never experienced a business that automatically matches market wage rates, at best some offer a cost of living increase that trails real wage growth.
    In all but the very smallest businesses where you work direct for the owner, management needs to justify every pay increase, and that won’t happen for workers who appear content on their incomes.

    • Sinnerator on 17/12/2022 - 08:20
      +3

      Because good bosses who know how to LEAD (not just manage) are well aware that talented workers may leave the company for greener pastures.
      Good bosses don't want to hack through all the Excellent Resumes of very Mediocre Applicants after they lost a good worker.
      Good bosses are PROACTIVE and ensure the staff they want to keep are kept happy.
      But, good bosses are rare.

      • mskeggs on 17/12/2022 - 09:14
        +2

        True, but every boss I’ve ever had, good and bad, has had to disappoint people because the pay rise pool is never enough to satisfy everyone.
        And we don’t know OP’s circumstance. They haven’t suggested they are a more valuable employee now, just longer serving, and that they deserve a pay rise for hanging around because possibly other employers pay more.
        That is likely true, but you are in a very weak position to ask for a pay rise just because you are reluctant to leave and the cost of a replacement might be higher.

  • Hardlyworkin on 17/12/2022 - 05:41
    +3

    Stop overthinking it. Ask for a payrise and/or start looking for a new job. Who knows what lies ahead, the 'experts' rarely do

  • Vulgar on 17/12/2022 - 07:09
    +3

    Don't bother asking for a payrise and look for a new job while keeping your current one. Just like witht he stock market, don't try to time the job market. It's always a good time to switch.

  • T-rex on 17/12/2022 - 07:09
    +3

    Look for a new job and when you secure a new one tell the current boss what they have offered you. Current boss will have to match or better the offer if he wants to keep you. Having an offer is good leverage in pay negotiations.

  • original15 on 17/12/2022 - 08:20

    This will be a problem wherever you go:
    “I’m not one to ask for a pay rise because I believe that if a company values your work, they would give you a pay rise every year to match the market rate”
    The sooner you start leaning in to these convos the sooner you will feel like you’re paid appropriately. What is the worst that happens? They say no, and you look for a new job like you were going to anyway.
    Start writing down your case for why you should receive a pay rise and then next to it write what the counter argument to that might be to prepare you for the conversation

  • brad1-8tsi on 17/12/2022 - 08:48
    +3

    We are in a period of massive skills shortage and extremely low unemployment. There's never a better time and what guarantee do u have that your current employer won't put you out the door?

    My partner was paid silly money yesterday to transpose figures from a spreadsheet to a PowerPoint because the company didn't have any junior burgers to do the job.

    The guy I do casual work for keeps asking me to do 5 days. I keep saying "2 days is enough thanks". There's so much work out there.

  • [Deactivated] on 17/12/2022 - 09:16

    Recession starts when you lose the job and recession ends when you gain one.

  • CyberMurning on 17/12/2022 - 09:50
    -1

    Me too.. underpaid….

  • pjetson on 17/12/2022 - 10:28
    +8

    And by my own logic, my company doesn’t value my work

    Actually, you're of huge value to the company by doing your job at a 30-40% discount to what they'd have to pay someone else. The company values you immensely - you're a true gift to their bottom line.

  • pharkurnell on 17/12/2022 - 11:46

    I’m not one to ask for a pay rise because I believe that if a company values your work, they would give you a pay rise every year

    WAKE UP JEFF>…..

  • kiwiyonip on 17/12/2022 - 22:54
    +1

    Don't worry about recession. Just find a replacement job and quit, keep sending hundreds of applications out there.
    Recession is not real, if recession is real and there's no manpower anywhere, the civilization will collapse.

  • freefall101 on 19/12/2022 - 19:10
    +1

    Imagine a store going "we're not going to increase prices, ever, we're just going to wait for our customers to pay us more because we think our products are worth it".

    Doesn't really matter what you believe, if you don't tell them you're unhappy with your salary and it has been three years it's on you to do something, not them.

    It's also the lowest unemployment in almost 50 years. A recession is simply a drop in GDP, if we were heading towards that soon businesses would have already started laying off workers and decreasing production as orders start drying up. That hasn't happened yet. And if your business doesn't have the money to pay you more, they might be first to go under if a recession does hit, so you'd better find out now whether the pay rise isn't coming because they're just milking you or because they can't.

  • Dejy on 20/12/2022 - 22:12

    Look for and apply elsewhere, if your job is 30-40% below market rate I feel it is extremely unlikely that your current work would be giving you anywhere near that in a pay rise.

    Request a pay rise also at the same time, if they give it to you and you are happy with it you can always decline any external offers you received and stay with your current company.

  • DannyC on 12/01/2023 - 17:22
    +1

    My current company boss shut me down immediately for even asking, even though my role now has additional responsibilities yet i'm still classified in their mind as being on the same level…. mind boggling. I am meeting with a rival firm next week. Hopefully it will work out. I am planning my "escape" as I speak

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