5 things to consider when looking for a new job

New York — Looking for a new job is a balancing act: Some people change roles for a shorter commute or better salary, others want health insurance or flexible schedules, and still others are looking to work in a new or different industry.

Hiring is booming in the U.S. — the economy added 528,000 jobs in July, up from 398,000 in June, according to the latest job report by the U.S. Bureau of Labor Statistics. But in many cases, wages aren’t rising as fast as prices, leading workers to look elsewhere.

Compensation, job location and work environment are among the most important factors you should consider when looking for a new role, according to Jill Gonzalez, a financial analyst from WalletHub.

Here are five key things to think about if you’re looking for a job (or wondering whether you should):

THE CURRENT JOB MARKET

As of July, there were 1.7 jobs for every unemployed person, meaning employers are competing for workers in many industries.

While not all employers can afford to offer cost-of-living wage increases, some are increasingly open to providing other benefits, such as more remote work options, subsidized child care, or coverage of commuting expenses, according to Johnny C. Taylor Jr., chief executive officer of the Society for Human Resource Management.

“With inflation, employees that are otherwise happy at work are forced to look for another job. It’s a retention problem,” he said. “You might have an employee who loves their workplace, but they’ll say, ‘I have to go across the street for the job that will pay me 20% more.’”

Some companies are also better prepared to withstand an economic downturn than others, which is worth considering amid fears that the U.S. could be headed for a recession.

“The companies that are recession-resistant are typically those that sell consumer essentials, provide critical repair services, or manufacture or sell proprietary or specialized products,” said Gonzalez.

Demand for these goods and services typically stays more or less the same regardless of consumers’ budgets. The food industry, grocery stores, power plants, waste management, pharmaceutical, and healthcare companies also weather economic instability well, she said.

SALARY

How much you’ll be paid is key, and how you look at your income depends in part on your industry.

For Justin Taylor, a restaurant worker based in Minneapolis, it isn’t only a question of how much he can make per hour, but also…