Is the End of Financial Year (EOFY) the best time to look for a job?
July 30, 2018
While you may be thinking of tax returns and how much you’re getting back (or how much you owe), when it comes around the end of financial year, have you ever considered how it may affect your career or job?
You start off the year full of dreams and goals. Have your heart set on that new job or promotion. Or simply promised yourself that you wouldn’t stay in that demotivating job another 7 minutes (let alone 7 months). But you just don’t know when the best time to start looking is. The end of the financial year is an important date for careers. Why?
Most companies will spend the month evaluating their yearly expenses and more specifically, where to invest for the new year. Which means more money More money = more to spend The beginning of the financial year moves the water in the job market as new projects are set up, new budgets are relocated and new job opportunities arise.
This is the perfect time to explore job opportunities!
Here are some tips that I recommend to job seekers that attend our workshop for guidance at the end of financial year:
1. Less Competition
Now that you know that there are more job opportunities at EOFY, start the job search early. This puts you way ahead from other candidates in the job searching process who tend to start to look at the end of the year. Eventually, you’ll have less competition and more time to decide on the role that you want and the company you want to work for.
2. Opportunity for Pay Rise
The end of financial year is a great time to use your performance review and bring up achievements and all the times you went the extra mile to save the day or saved/made your company a ton of cash.
The performance review is always a good tool to use to take control of your career and ask for that worthy pay rise. You can use the feedback to gauge where you stand yourself as at times we may be showcasing values and attributes that we are not totally aware of and it’s only when someone else highlights them that we become conscious of who we really are.
3. Vision and Planning
It is important that every end of financial year you check if you are still in align with your career plan. It is true that the job you pick doesn’t always turn out as planned. But there is always the opportunity to transition jobs once you have a clear vision of where you want to be.
Looking at the bigger picture helps you to evaluate the opportunities you are given in a more efficient way. Also, at this time of the year, you want to connect with your networks that might be aware of possible job positions.