In light of the current worldwide economic downturn, is now a good time to be looking elsewhere for a job?
I'm currently in the process of interviewing with a few different companies, but I'm worried that I'm not doing the right thing. My main reason for looking for other employment is to gain the technical experience I don't feel I'm getting in my current post.
Should I stay put?
You're probably doing the right thing. The worldwide situation doesn't really apply to specific individual... in the biggest boom there are unemployed people, and the biggest depressions there are people that have jobs. If you have companies offering you jobs, then you are in a good position.
Gaining technical experience is definitely good for your future career. Think of yourself in five years going down either path:
light of the current worldwide economic downturn
This really seems to be more about the media wanting a big disaster story then a real economic nightmare, but then I'm not an expert on these things so I could be wrong.
Economic downturn or not, the western world's tech job market looks to be booming at the moment (recently I was applying for PHP dev jobs, wasn't hard to find one, was even turning interview offers down from companies which I didn't think were right for me). Given this go ahead and find a new job. What are you worried about? Redundancies and the company will have a last in first out policy?
It's easy to find reasons why now's 'just not the right time to move jobs'. You will always find reasons to stop you moving on, it's human nature to stay within our comfort zone (current job). Unless the economic situation starts to get really bad then this isn't viable reason, just an excuse which is holding you back.
It does't matter what the climate:
But you're right to be worried. When things get tough, while it might not be the best strategy, it's quite often LIFO for personnel changes. Not all companies operate this model, but it's all too common.
We can't answer your question definitively, but I would think more carefully at the moment than normally. I'm in the financial industry and I'm not sure that I'd be moving in the short term unless I find that I absolutely have to.
Maybe try to broaden your technical outlook at the current job? Do something new and innovative - that way you're seeing a new direction and making your position more secure by being a brighter star.
You need to balance off the risks of not moving against those you incur by moving. If the current economic climate is deteriorating, then you are probably at greater risk staying in your current job and not getting the additional skills you need. If you stay put where would this leave you in twelve months time if you were to be made redundant?
Also consider that most companies badly affected by the credit crisis are letting people go at the moment and not hiring. The mere fact that someone wants to interview you for a role is probably a good sign that the new company had not been too badly affected.
If you're switching jobs to gain more skills then that's only going to make you more marketable in the future.
From an economic point of view, the only good reason I can see to not switch is if your current company is financially stable and you would be moving to an potentially unstable company.
If you're not getting the technical stimulation you desire, that is definitely a good reason to look elsewhere, but here are some other factors I think that are worth considering.
If you enjoy your job, salary, and the work it entails, you may not want to jump ship. You can find ways to expand your technical horizons on your own or do some contracting on the side. Finding a job you like can be tough, so I put more burden to prove you don't like your current job than you WILL like the next job. Also, I've seen a lot of people leave jobs only to be dissatisfied at the next one and keep job hopping.
On the other hand, if you don't like the work and aren't crazy about the money, then by all means, see what else is out there.
Keep in mind there are MANY things to like or dislike about a job besides just salary: vacation policy, dress code, work hours and flexibility, co-workers, cost of living, the commute, geographical closeness to friends & family, and the list goes on. Make sure you take into account all factors.
Seeing that it's now just over 1 year and 4 months since I originally asked this question I thought I'd add my own answer to reinforce what all of the answers above were advising.
I didn't stay put and I moved jobs. I started with my current company just over a year ago on the 1st December 2008, following a round of successful interviews. I was very dubious about moving - and what made it harder was that the CTO at my old job was offering me significantly more money to stay, which was quite hard to refuse. However, I was firm with the idea that I needed to move to gain more experience. So I wished them well and took the plunge. N.B. This was the first and only company I had worked for since graduating back in 2004.
Looking back, this was one of the best decisions I've ever made. I've learned more in the past year with my new company than I ever did at my old company. Day in, day out I'm working with extremely smart and dedicated people; much smarter than I am, but this can only be good thing for me to improve. I have also recently been promoted after a successful first year, and as and added bonus I'm now on more money than I would've been at my old company. In fact shortly after I left, my old company hit a bit of a rough patch and made a larger number of people redundant, and who knows, if I had have stayed I might have been one of the unfortunate redundancy victims. So, John Channing, you were quite prophetic when you stated '...you are probably at greater risk staying in your current job'.
Thank you.