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You know the saying the grass is always greener on the other side ... Sometimes all it takes is some time to wander over to the other side to realize what you have is pretty good. I read Penelope Trunk's blog a lot and something she always says is to always be searching for a new job. I think she's right. It keeps you on your toes, makes you aware of what's going on in your industry as far as salary, job descriptions, etc., and it helps you evaluate your current situation.
Back in November, I had a really difficult week at work. You know one of those where you just wanted to walk out. I was so fed up with all the problems that were arising at the time and felt particularly unappreciated for various reasons (both valid and maybe not valid). Anyways, during this time I decided it was time to update my resume and send it out to see if I could get any bites. I was frustrated and wanted to know if there was something better out there.
On the couple of interviews that I had, I realized: what I have isn't all that bad. Sure there are things I don't like about my current situation. But there are a couple of things that I wouldn't trade. I decided the flexibility and freedom that I have under my current management is something I wasn't ready to trade for what I was being offered at these other places. All it took was talking with a few possible managers to realize that I have a great manager that I work for. Plus, by being patient and working through some of the uphill battles, some new areas for me to grow have arisen. I have been asked to be on a new taskforce to help with the future of our company.
I have a friend who is 26 and is a Regional Manager for a project management company. He always told me he applies to at least 1 job a week, just to stay on top of his game. It sounds a little weird at first, and maybe that's a little zealous but the point is, he does it to know what's out there in his industry. What he can be doing better in his current position, what kind of salaries are being paid out at other companies.
Sometimes the job search isn't always about getting a new job, it's about realizing more about your current job. Sure, you may send out your resume and interview and find that this offer is a much better situation than the one you're in. That's great but sometimes it's about evaluating your career and what you need, want and where you are going. Sometimes it's more about personal growth, learning how to present and sell yourself to a potential employer and building your professional network.

Hi Rosie,
I have to respectfully disagree with Penelope's philosophy of "always be searching for a new job." If you're always thinking about your next job it usually means that you're not focusing 100% on your current job.
You mention your friend who applies to at least one job a week. This can be risky as some bosses may look upon this in a very negative way if they find out about it. You can still find out what your worth without actually applying for a job elsewhere, which will minimize your risk.
Through your own experiences you have found that sometimes being patient can have its rewards. I think the lesson here is to give every job a chance before deciding to move on. The goal is to find your dream job or career so that you won't have to worry about finding your next job. It's possible that you are already at your dream job and don't even know it yet. As you say, "Sometimes the job search isn't always about getting a new job, it's about realizing more about your current job."
Andy Teach
Author, From Graduation to Corporation

Hi, Rosie. I agree with your point of view, but I think it's not quite as black and white as appreciating your current job versus looking for a new one. I think "always looking for your next job" can happen within the same organization you work for now. Always looking for ways to contribute to an organization beyond what you do now can get you as far (sometimes, even further) ahead in the company where you're currently employed than if you jump to another company. And, if you successfully move around (up or over) in the company where you're currently employed, you start to accrue time and tenure in your favor. Sometimes, the greener grass is closer than you think!