Applying for a New Job? It Could Pay to Wait Until 2024

Today's job market is pretty strong. And that's a good thing, because an October survey by Yoh Services, an outsourcing firm, found that almost 1 in 7 employed Americans wants to leave their current job for a new one in the next 12 months.

You, in fact, may be so eager to get a new job that you've been blasting out resumes aggressively in the hopes of securing a different position by the end of 2023. But waiting until 2024 to apply for a new job could benefit you even more.

Do you really want to give up the holidays?

Many people look forward to the December holidays and use them as a time to travel and see family. That might prove difficult, however, if you're deep in the throes of an interview process with a given employer.

And if you're hired in the next week or so and are asked to start your new job immediately, you may find that it's downright impossible to get time off around the holidays as a brand-new employee.

Are you willing to forgo a year-end bonus?

Although not all companies give out bonuses at the end of the year, many do. If you're usually entitled to a bonus, then switching jobs now might mean forgoing a big pile of cash. That's money you can potentially use to pay off credit cards, pad your savings, or use for other important financial purposes.

One thing you can do in that sort of situation is try to negotiate a sign-on bonus with your new employer. If you explain that starting your new job right away will mean giving up a big bonus, your new company may be willing to work with you if they want you to accept their offer immediately.

But otherwise, be careful. Even if your new employer pays year-end bonuses, you shouldn't expect to pad your personal finances with one after having only worked there for a handful of days.

Do you want to risk accepting the wrong role?

It's hard to get a sense of how a company really operates when you apply and go through the interview process in late November and December. During that time, it's common for key people to be out of the office and for big projects to be put on hold.

Come January, companies tend to be more focused on work matters and less distracted by the holidays. So it may be a better time to start applying for jobs for that reason alone. Otherwise, you may find that you're asked to attend interviews in December that are tough to fit into your schedule -- only to then have to repeat the process in January once all of the right people are back to work.

There are plenty of good reasons to pursue a new job if you're unhappy with your current one. But at this point, it generally pays to wait until the new year to go through those motions. Applying for a new job now could mean giving up money and causing yourself undue stress.