Career Trends: August 9, 2024
Curated by the Knowledge Team of ICS Career GPS
Article by Allison E McWilliams, published on psychologytoday.com.
In today’s evolving job market, many individuals are contemplating career pivots. Whether driven by the fallout from COVID-19, burnout, a mid-career reassessment, or the pursuit of better pay and flexibility, the decision to change careers is increasingly common. For some, this shift involves re-entering the workforce, while others may seek a slight adjustment or a complete industry overhaul. No matter the reason, it’s never too late to make a change.
A recent study by Pew found that “from April 2021 to March 2022, a period in which quit rates reached post-pandemic highs, the majority of workers switching jobs (60%) saw an increase in their real earnings over the same month the previous year” (Kochlar, Parker, and Igielnik, 2022). More recently, research has shown that while the number of employees wanting to make a move is increasing—85% versus 67% from the previous year—the perks of increased flexibility and higher wages have eased back as organisations and hiring managers regain some of their power (Chaker, 2024).
Even though the options may not be as plentiful as they once were, you still may find yourself ready for that next step. But what should you consider before you move forward?
Timing Your Transition
The best time to change careers often seems to be when you’re forced to—due to personal circumstances or shifts within your organisation. These moments, while challenging, provide a clear impetus to pivot.
In contrast, deciding to change careers when things are going well requires more introspection. There is no universally perfect time for a career shift. The key is to be proactive rather than reactive. Continuously assess your career trajectory and consider potential opportunities, even when things seem stable.
Factors to Consider Before Making a Change
- Risk Tolerance: Consider whether you’re willing to accept potential downsides such as a pay cut or loss of benefits. For example, if you’re in a job with valuable perks like tuition discounts, weigh the trade-off between these benefits and potential new opportunities.
- Personal Goals: Define what success looks like for you. Are you seeking a new field or merely a different role within your current industry? Clarify your goals and what would constitute happiness and fulfilment in your work and life.
- Testing Scenarios: Explore new roles or industries through low-risk methods. Shadow professionals, volunteer, or conduct informational interviews to gather insights without committing fully.
- Networking: Build and leverage your professional network. Effective networking can open doors and provide support during your job search. Start building relationships well before you need them.
- Incremental Changes: Consider making smaller adjustments before a complete overhaul. For instance, discuss modifying your current job responsibilities or seek increased flexibility or pay.
- Opportunity Research: Conduct thorough research on roles, industries and organisations that align with your goals, risk tolerance and skills. Tailor your resume and online profile to reflect your strengths and seek professional guidance if needed.
Making the Decision
Ultimately, the decision to pivot careers is a personal one. Use these considerations to guide your decision-making process, and remember that your career path is yours to navigate. Approach the change with strategic planning and an open mind, and you’ll be better positioned to find a role that aligns with your long-term aspirations.
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(Disclaimer: The opinions expressed in the article mentioned above are those of the author(s). They do not purport to reflect the opinions or views of ICS Career GPS or its staff.)
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