Need to change jobs? Read five tips to help you redesign your work life.
This moment of crisis has many of us wrestling with one of the more existential questions we'll face: Am I doing what I really want to be doing, career-wise? Tens of millions in the U.S. have been laid off and are seeking new employment. Then there are those wishing for more meaningful work, or feeling burned out with increased demands at work, at home—or both. Whatever the reason for considering a new job, here are five tips to help you find your path forward.
1. Take stock of your talents
Before you start sending out resumes, the best thing you can do is thoroughly evaluate your starting point: your skills, passions and experience. From there, think about how you could apply them to a different job or field. Oftentimes we end up in a certain industry by accident, or through family tradition, and realize later that it's not the right fit. Give yourself permission to start all over again.
2. Create a short list of possibilities
When it comes to changing careers, it's best to chase down many leads. That's what Herminia Ibarra, a London Business School professor, has learned after 20 years of researching the topic. "Career change is never a perfectly linear process. It's a necessarily messy journey of exploration—and to do it right, you have to experiment with, test, and learn about a range of possible selves," she wrote in the Harvard Business Review in April.
3. Interview your future self
Once you've made a list of interesting jobs, search your network for people working in those fields. "These people are your experts; they are you in the future," Bill Burnett, co-author of "Designing Your Life," told the Washington Post. In his book, Burnett urges job seekers to ask these experts for what's called an informational interview—a conversation that can help you discover what that career is really like. Questions like "What do you like about the work?" and "What certifications or education did you need to get your current role?" can be telling. Remember, this is not a ploy to ask for a job—you simply want the story. "Informational interviews are the secret weapon to transition to a new industry," LinkedIn's Andrew Seaman told Fast Company.
4. Consider the financial implications
Many people change careers to earn a bigger paycheck, a recent Indeed survey shows. However, there's more to consider than your pay rate; instead, think in terms of your total compensation package. You'll also want to get on the same page as your spouse on the lifestyle changes that would accompany a shift in jobs—whether it means using savings to pay for schooling, or moving to a new city.
An advisor can help you assess how taking a new job might affect your short- and long-term goals and adjust your financial plan accordingly, including planning a financial buffer for transition costs. They can also help calculate the value of your current benefits—including insurance, retirement plans and profit sharing—so you can assess what you'd be giving up if you left your job.
5. Reconnect with dormant ties
If you need a little help imagining your future, it's time to rekindle old ties. Your former colleagues can provide clues—and connections—that can help you. For example, maybe they've changed industries themselves. This is your chance to reconnect with them through LinkedIn, other social outlets or email and find out how they made that shift, and whether they like where they landed.
In Ibarra's research, she has discovered that strong ties—your family and those closest to you—aren't likely to help you think outside the box about your future. She says the advice professionals receive from dormant sources tends to be more novel and useful. This is also a good way to access opportunities that aren't advertised to the outside world. By making a connection based on genuine curiosity, you gain a new foothold in your job search.
If you're feeling career angst, know that you're not alone. The more you explore different paths and seek input from those around you, the closer you get to figuring out the right next step.
Next Steps
As you explore different careers:
- Reconnect with old colleagues, seek out online forums for career changers and talk with friends and family about your ideas.
- Try an online class in a field that interests you and connect with classmates who can offer support.
- Talk with your advisor about how changing jobs might impact your financial plan.
Article provided by Melissa Stewart, CFP®, AIF®, Financial Advisor at Stewart Advisory of Raymond James.
The information contained herein has been obtained from sources considered reliable, but we do not guarantee that the foregoing material is accurate or complete. Raymond James is not affiliated with any other entity listed herein. Material prepared by Raymond James for use by its financial advisors. Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, Certified Financial Planner™ and CFP® in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements. Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. 2060 East Paris Ave SE, Grand Rapids, MI, 49546. Phone: 616-974-3370
