Finding a job can be a struggle, and that’s why I always suggest keeping your CV updated every quarter—or at least reading it so you can memorise and know it by heart.
But timing your job search can make a significant difference in your chances of landing that coveted position. This post will delve into the best and worst times of the year to look for a job, supported by relevant facts and statistics.
Understanding the Fiscal Year
Before we dive into the specifics, it’s essential to understand the financial year of companies. In the UK, the tax year runs from 6 April to 5 April, and most businesses use this timeframe for their accounting year.
While some businesses might prefer using 31 March as their end date, many companies complete their fiscal year at the end of the calendar year, which can influence hiring patterns.
Understanding the fiscal calendar can help job seekers anticipate when companies are most likely to hire. For instance, if you know when a company’s budget is replenished or when they review their hiring needs, you can strategically time your job applications.
Researching Your Target Market
If you are searching for a job in another country, it’s crucial to research the local companies’ fiscal year-end dates. Knowing when businesses are preparing to spend their budgets can be the key to timing your applications effectively.
With this foundational understanding, let’s explore the different timeframes and how they impact job opportunities.
December to February: A Double-Edged Sword
Why This Period is Great for Job Seekers
- Budget Renewals: Many companies review their budgets in December and January, often leading to a fresh hiring cycle. For example, a report by LinkedIn found that companies are more likely to open new roles in January as they reassess their workforce and plan for the upcoming year.
- Lower Competition: The holiday season often sees fewer candidates actively applying for jobs. According to Indeed, job applications tend to dip in December as many people focus on holiday festivities. This means you might have a better chance of standing out in a less crowded field.
- Holiday Hiring: Retail and hospitality industries often ramp up hiring in December to accommodate holiday demand. Even if you’re not looking for a long-term position, seasonal jobs can provide valuable experience and may lead to full-time opportunities. According to the Office for National Statistics, around 50,000 temporary jobs are created each year in the retail sector during the Christmas period.
- Networking Opportunities: The holiday season is a time for socialising, and many professionals attend networking events or parties. This presents an excellent opportunity to meet industry leaders and discuss potential job openings. A Jobvite survey revealed that 26% of job seekers found their jobs through networking during this time.
Why This Period Might Not Be Ideal
- Holiday Breaks: Many companies slow down or halt hiring processes entirely in December. Key decision-makers might be on holiday, making it difficult to get interviews scheduled or to receive timely feedback on applications. Glassdoor notes that around 30% of job seekers experience delays in the hiring process during the holidays.
- Job Postings: While new positions may open, fewer job postings are available overall. Companies might be waiting to finalise budgets or are hesitant to hire before the new fiscal year officially starts.
March to April: A Transitional Time
Why This Period is Great for Job Seekers
- Increased Job Openings: March and April often signal the end of the slow holiday season. According to the Bureau of Labor Statistics, there is typically an uptick in job openings as companies are eager to fill positions after assessing their budgets. Many organisations begin hiring for their spring projects, leading to increased demand for talent.
- Spring Clean Your Job Search: This period is ideal for those who have been contemplating a career change. As companies ramp up their hiring efforts, it’s a great time to revamp your CV and apply to new opportunities. CareerBuilder reported that about 75% of employers intend to hire seasonal workers in the spring.
- Networking Events: Spring often brings a flurry of job fairs, industry conferences, and networking events. These events can provide direct access to recruiters and hiring managers. In fact, the National Career Fairs hosts numerous events during this time, attracting thousands of job seekers and employers.
- Company Growth Cycles: Many companies aim to have their teams fully staffed by the end of the first quarter, leading to a rush in recruitment during March. LinkedIn statistics indicate a 20% increase in job listings in March compared to previous months.
Why This Period Might Not Be Ideal
- Tax Season: For companies in the UK, the end of the financial year brings tax-related stress. Many finance teams are preoccupied with closing their books, which can slow down the hiring process. During this period, 70% of companies report hiring slowdowns due to these financial obligations.
- Candidate Saturation: As more candidates begin their job search after the holiday season, competition can increase significantly. It’s important to ensure that your application stands out during this time.
The Importance of Timing: Trends and Statistics
Understanding Seasonal Hiring Trends
Recognising seasonal hiring trends is crucial. A study by Jobvite shows that hiring often spikes at the start of the year, with January and February being among the most popular months for companies to fill vacancies. However, October and November also show significant hiring activity as companies prepare for end-of-year projects.
- January: 32% of new hires occur during this month.
- February: 28% increase in job postings.
- March: 25% uptick in recruitment efforts.
- April: 20% of companies begin hiring for summer roles.
What This Means for Job Seekers
If you are proactive about your job search, align your application timing with these trends. For example, applying in January may put you ahead of the curve as companies are keen to start the year with strong talent. Conversely, understanding that many organisations take their time during tax season can prepare you for potential delays and allow you to plan accordingly.
Monitoring Job Advertisements
Keeping an eye on job adverts and blogs can give you insights into when specific companies are hiring. Regularly checking industry-specific job boards and company career pages can help you stay informed about openings.
- Job Boards: Use platforms like Indeed, Google, Glassdoor, and LinkedIn to monitor new listings regularly.
- Company Websites: Many companies post job openings on their websites before advertising on job boards.
By using these resources, you can gain a better understanding of when to submit your application and when to follow up.
Key Takeaways for Job Seekers
- Keep Your CV Updated: As mentioned earlier, make it a habit to update your CV every quarter. This not only helps you stay ready but also makes the application process smoother when opportunities arise.
- Know the Calendar: Understanding the fiscal calendar of your target companies can provide valuable insight into their hiring practices. Research their financial year to know when they typically hire.
- Be Proactive: Engage in networking and actively seek out job openings during peak times. Attend events and use social media platforms to connect with industry professionals.
- Anticipate Delays: During busy seasons, anticipate delays in the hiring process. Use this time to continue networking, enhancing your skills, or applying for other positions.
Conclusion: Timing Your Job Search for Success
In summary, understanding the best and worst times to look for a job can significantly impact your success. While December to February presents unique challenges and opportunities, March to April offers a resurgence of hiring activity. By aligning your job search with these trends, you can increase your chances of landing interviews and securing the position you desire.
So, are you ready to seize the moment and make the most of your job search? Don’t forget to keep your CV fresh and stay informed about industry trends. With the right timing and preparation, you can turn your job search into a successful endeavour.
TIP
Consider setting a reminder to review and update your CV quarterly. Stay proactive in your job search by researching your target companies’ hiring patterns and preparing for upcoming networking opportunities. Your dream job may be just around the corner—don’t miss it!