By Kirstie McDermott
As we approach the end of the first quarter of 2023, American workers are sitting back and taking stock. According to a survey from GOBankingRates, nearly 20% of respondents said they plan to pursue a new full-time job or career in 2023.
Switching jobs has long been accepted as one of the most efficient ways to get a salary bump, and according to data from the Federal Reserve Bank of Atlanta, 49% workers who changed jobs last year were rewarded with a pay raise that exceeded the rate of inflation. This compares to 42% of people who stayed put and managed to stay ahead of inflation.
But as layoffs begin to bite into the financial sector––2022 was all about tech layoffs––the failure of SVB Financial Group has sent shockwaves through global markets and Silicon Valley startups.
This is the largest bank failure since the financial crisis, but others are culling heads too. Bank of New York Mellon, Credit Suisse, Goldman Sachs and Morgan Stanley have collectively announced more than 15,000 redundancies in recent months.
Job losses are expected to be a feature of the hiring environment across 2023, as banks catch-up on layoffs that didn’t happen during the pandemic, seek to cut costs and restructure for the future.
So if you do want to get a new job this year within the wider financial services and banking sector, you’ll just need to prepare a little more, and lay the groundwork as early as you can in order to place yourself as a prime candidate.
1. Upskill now
If there is a professional accreditation you’re missing, or an exam you need to take to get you to the next level, make now the time to pursue it. Look over your resume as well, and assess the gaps: what areas could you brush up on, and how can you add that expertise within the context of your current role? Perhaps offering to take on stretch projects or asking to pitch in on other teams’ projects could be a great way to upskill, fast.,
2. Know about new tech
Resumes and cover letters have changed, as have the methods organizations use to screen and find new hires. Nowadays, software-driven applicant tracking systems (ATS) are in use by an estimated 99% of. HR professionals use these tools to weed out resumes––but you want to be at the top of the pile.
One way to optimize your job seeking process is by creating custom individual resumes and cover letters, into which you insert relevant and specific keywords from the job description of the role you’re applying for.
This has a two-fold benefit: it helps your skills and experience jump out, and it gets you past software screening. Don’t skimp on your cover letter either—according to a recent, applications with a custom-tailored cover letter have a 50% better chance of securing an interview.
3. Stay organized
While setting up a color-coded spreadsheet might seem like work you don’t need to do, creating a sheet in which you keep track of all your job applications and the stage they are at, will help you keep all your balls in the air.
Additionally, creating a folder on your laptop––or better yet, in the cloud––where you place essential documents like your master resume and cover letter, along with any other resources you’ll need, can streamline your job hunting process. If it is at your fingertips, it’s so much easier to get an application sent off, even on the move.
4. Clean up your online presence
Your Instagram might be set to private and you possibly haven’t logged into Facebook since the dawn of the decade, but ensuring your professional online presence is up to date is essential. That means deleting any Tweets or wild night out pictures you really don’t want a hiring manager to see.
Most importantly, take a good look at your LinkedIn profile as this is what recruiters will look at first. Get ahead of the game and update it with even more information about why you’re such a stand-out candidate. Share any relevant work achievements and results, update your skills, and don’t be shy about hyping up ways you positively contribute to your workplace.
5. Capitalize on your network
In-person networking events are to pre-pandemic levels once more this year, and now is the time to reconnect and get a face-to-face coffee in the diary.
While this kind of networking shouldn’t be seen as job hunting as such, informal meetings are a great way to stay in the loop about what is going on in your industry, and also voice your intent that you’re looking to make a move in 2023. In fact, data compiled by found that 95% of professionals find better business relationships are built through face-to-face meetings.
This content was originally published here.