Want a New Job? Here's Why It Pays to Start Looking This Summer

It pays to dust off that resume ASAP.

There are plenty of reasons to go after a new job. For one thing, the labor market is strong right now, so there's a much better chance of finding an opening than there was a year ago. What's more, some industries are actually grappling with labor shortages. That means you may be able to command a higher salary than usual, which is a good thing these days given where inflation is at.

But if you're going to seek out a new job, it pays to do so over the summer rather than wait. Here's why.

Get in before the money runs out

You may be inclined to put your job searching on hold until the fall. After all, the summer months are when things tend to slow down at many businesses, and it's when key employees in the hiring process may be away on vacation. But skipping the job search this summer could end up being a big mistake -- especially if you're unhappy at your current job and really want out.

See, companies are often given a hiring budget at the start of the year, and once they deplete it, that budget won't renew until the following year. Meanwhile, we're already in July, which means we're halfway through 2022.

So, say a company was given a $400,000 hiring budget for the year and has already filled four roles at $50,000 each. Now, half the year's budget is gone. And if you wait too long, you may reach the point where the companies you'd like to work for may have run out of money to hire new employees.

There's less competition, too

Just as you may be inclined to postpone your job search until after the summer due to the above-mentioned reasons, so too might other job seekers be inclined to go a similar route. But that's all the more reason to update your resume now and start contacting recruiters and responding to job listings.

If you apply for a job at a time when there's less competition, you may have an easier time getting your foot in the door. Plus, if a company posts a job listing and doesn't get many applicants, it gives you more wiggle room when it comes to salary negotiations.

One more reason to act quickly

Right now, the U.S. economy is in good shape and jobs are abundant. But some financial experts are already sounding recession warnings, and if economic conditions worsen substantially, you may find that it becomes increasingly harder to get a job later on in the year. Rather than run that risk, start looking this summer, before things take a negative turn and companies implement hiring freezes to ride out the storm.

A new job could be your ticket to more fulfilling work, career advancement, and a paycheck that makes it possible to meet your financial goals, like building savings and buying a home. But if you're serious about wanting a new job, act quickly -- before budgetary constraints, competing candidates, and an economic downturn get in your way.