Why Risk Is A Necessary Component To A Successful Career and How To Balance Risk With Reward
Why Risk Is A Necessary Component To A Successful Career – And How To Balance Risk With Reward
Taking at least some risk is necessary for your career.
Former General Electric CEO Jack Welch wrote, “Companies cannot promise their people lifetime employment. Global competition is too fierce and economic cycles too frequent for any such guarantees. But they can promise their people every chance for employability — skills that will make them more attractive if they are forced to part ways.”
In the time since, Welch’s claim has become even more relevant. The speed of change in our workplaces has made it necessary to learn new skills and be proactive about getting them. Just think about the amount of new software you’ve had to work with in your office. In mine, we’ve been through implementation of SharePoint, Office 365, Outlook — and the list goes on. Consider all the devices you have at home. What happens if we don’t update our software, or replace a laptop after five years?
My point is that if we just do our jobs and wait for great things to happen, we’re taking a risk. I would argue it’s a fairly big risk: of not having the skills to excel, advance, move up in — or even change — our careers.
Here’s why: As Welch said, no employer can guarantee lifetime employment. Long gone, for the most part, are the days of spending 20 to 30 years at one job. I don’t think people should wait to get downsized, outsourced, or stuck in an unfulfilling job or career.
Is the job you have now going to be the same — or even be there at all — in five years?
First and foremost, recognize that it’s scary to contemplate a career change. There’s an emotional and financial component to switching jobs and industries. It’s OK to ask questions like, “After all these years investing time and money for education in my field, how can I move on to something else?” or, “How will I afford changing careers, or shifting to a new sector, from profit to nonprofit?” “Can I take a pay cut? Will I start at the bottom again?”
These are all valid, good and healthy questions to ask because there is risk in changing careers or shifting jobs or sectors. So, how do you minimize these risks? Here are some tips and tools to consider:
Think Really, Really Hard
Ask yourself, “Do I want to change careers and why?” Write it down. Discuss it with your network and trusted friends. Determine if this is really what you want to do. Life is too short: If you are unhappy and want to make a change, make a plan to change — just be certain it’s what you want to do. Run your ideas by a trusted friend or colleague and see what they think. Having a second objective opinion is very helpful.
Prepare To Branch Out
Once you’ve decided to make a change in your career, create an action plan outlining how you are going to make the change. When you begin building your action plan, consider the following:
Training: Don’t wait to pursue skill-building opportunities. Anticipate and participate in company training programs. If your organization offers tuition assistance, use it. Learn as much as you can, and think about what you need to learn to advance in your organization and in your field. Or, if you want to change careers, what are some courses that would help as you plan a transition? For example, could you take a course in accounting if you wanted to change to a finance career?
Mentoring: If you have access to a mentoring program, take advantage of it.
Networking: Go to company networking events or events in your chosen field. Attend a conference. Meet and network with people. If you can, perhaps find a volunteer or part-time role like the one you want to gain experience in, and see if it’s what you want. Use social media tools like LinkedIn to reach out to people who you’d like to connect with.
Social media: Make sure your LinkedIn profile is up to date. Many recruiters screen in and out through LinkedIn first.
Financial: Plan out how you can afford the transition and potential financial implications of a job change.
Emotional: Give yourself time to reflect and come to terms with the change, and that it will take time. And remember you’re not alone: As many as 75% of people want to at least change their jobs.
Review and reflect: Give yourself the opportunity to review your action plan, noting your progress and areas to work on. Give yourself the time — it’s not going to happen overnight. And don’t neglect self-care: It might be helpful to see a therapist or coach during this transition.
If you plan to change careers some degree of risk is necessary, but it can be managed. Consider the following common pitfalls and how you can avoid them:
Don’t wait until you’re burned out. It’s really difficult, if not impossible, to think about a new job or career if you’re too exhausted. Try to be proactive and give yourself thinking time on a regular basis to ask yourself, “Is this the job I want to do?” “Am I using my skills the way I want to?” “Am I happy?”
Understand the emotional aspects. It’s going to take time to change jobs or careers. Give yourself space and have a support system.
Have a financial plan. Really map out how you will meet your financial needs during the transition.
Once you’ve decided you want to make the change, stick with it and don’t give up.
Related Blogs
-
Sep 6, 2024Landing your first job:…
Landing your first job: Essential tips for recent graduates Stepping into the job market as a recent graduate can be exciting but difficult. After years..
-
Jan 5, 2024Find your Dream Job…
Find your Dream Job in 2024: Tips by a Recruitment Agency This blog post is meant to provide valuable tips for candidates looking for job..
-
Nov 24, 2023The Role of Recruitment…
The Role of Recruitment Agencies in Cyprus: How We Can Help You Find Your Dream Job In recent years, recruitment agencies in Cyprus have been..
-
Nov 9, 2023Top 10 In-Demand Jobs…
Getting closer to the end of the year, as a recruitment agency in Cyprus, we would like to share some of our predictions about the..
-
Oct 13, 2023When Personal Values Align…
What characterizes a contented worker? The majority would most likely respond, "A BIG SALARY!" But do you only base your decisions on the salary while..
-
Jul 29, 2022Finding Your Focus Through…
It happens all the time. You start out the day with great intentions to get that financial report done or to work on your marketing..
-
Jun 3, 2022Why Setting Boundaries Is…
One of the major plots of the 1989 film Indiana Jones and the Last Crusade revolves around the search for the Fountain of Youth — some magical..
-
Apr 29, 2022What to Do When…
The summer vacation season may be behind us, but the holidays are right around the corner. And soon enough your colleagues may be asking you..
-
Mar 11, 2022How to Quit a…
Whether you’re looking to leave your current position for an opportunity that your company couldn't offer, or perhaps for a completely new career, or a..
-
Jan 7, 20223 Practical Ways to…
Early in my corporate career, I was masterful at replying to emails instantaneously and staying on top of the multitude of requests I received from..
-
Oct 8, 2021Avoiding Negative Emotions Won’t…
I’ve been thinking a lot about dessert lately. What’s the most memorable, delicious bite of dessert you’ve ever tasted? Chances are, it wasn’t a store-bought, plastic-wrapped ball..
-
Sep 10, 20215 Things I Wish…
Here's how to jumpstart your career and achieve meaningful success by age 30. It’s no secret that with age, comes wisdom (generally speaking). Over the years, I’ve..
-
Jul 16, 2021How To Promote Yourself…
Did you know that Beyonce’s shy? Most people don’t expect this, because she’s so hugely successful and we tend to equate success with outgoing people...
-
May 7, 2021Stop Using Job Titles…
Summary. What’s the first thing you focus on when applying to a new role or looking for a job? If you said job title, you’re..
-
Mar 5, 2021Five Tips For Supporting…
I got into management earlier than many of my friends and colleagues, and now I find myself becoming the go-to resource for when they're struggling..
-
Jan 29, 2021Deep Work: Prioritizing Work…
Fascinated by habits and patterns, I started to observe and pay attention to find value in my day-to-day activities — the ones we always do..
-
Jan 22, 20216 Signs Your Teammates…
You can hire the best team in the world, but if they can't communicate well, you won't get very far. A business owner I know..
-
Jan 15, 2021Making Room At The…
Raising awareness is the key to inclusion. We’re all fighting against centuries of conscious and unconscious bias in the workplace. The first step is acknowledging..
-
Dec 11, 202014 Key Steps To…
As a member of a team, you have a responsibility to help your co-workers, just as you’d expect them to offer assistance when you need..
-
Dec 4, 2020It’s Not You: The…
People who are on the job hunt regularly feel dejected and disenchanted with the interview process. They'll point to a multitude of reasons as to..
-
Nov 20, 2020Storytelling Can Make or…
“It’s a new goal-setting framework.” That was one of my large enterprise clients’ attempt at an inspirational rallying cry for their rollout of Objectives and..
-
Oct 23, 2020Your Guide to your…
You walk through the revolving door of the lobby toward the elevator, soaking in your surroundings—there’s not a familiar face in the building. You straighten..
-
Oct 16, 2020The Art Of The…
“I blew it,” said my client, Deborah, a sales exec with a mid-sized tech company. Her conversation with another executive had not gone very well...
-
Oct 9, 2020Four Simple Self-Affirming Mind…
When you’re on the job hunt or navigating the upward trajectory of your career, sometimes you just need a little pep talk. It can be..
-
Sep 18, 2020How To Set Goals…
Back in the day, company leadership would decree their mission and hand down their goals to all their employees. While a few companies still do..
-
Sep 11, 2020Rebounding After A Job…
People have been furloughed or let go at alarming rates these past few months. Never before has the job market experienced this type of shift...
-
Aug 7, 2020Why the month of…
As we put July firmly in the rearview mirror and enter August, I can’t help but reflect on how unique this month is every year...
-
Jul 31, 2020Here’s How You Can…
Here’s How You Can Be Indispensable At Work During the pandemic as workers adjusted to working from home as many people work even harder than..
-
Jul 24, 2020It’s Time To Take…
It’s Time To Take Control Of Your Career Why do so many people wind up in jobs that they regret, even when faced with so..
-
Jul 17, 202010 Things You Need…
10 Things You Need To Know To Win In Business And Life “Out of suffering have emerged the strongest souls; the most massive characters are..
-
Jul 10, 2020Landed Out Of Work?…
Landed Out Of Work? Ten Ways To Reset Your Mindset If you've been furloughed or laid off in recent months, you’re in the company of..
-
Jun 26, 2020Recruiters Share 9 Mistakes…
Recruiters Share 9 Mistakes Job Seekers Are Making Amid The Coronavirus Pandemic Beyond the enormous human toll coronavirus has had over the past few weeks,..
-
Jun 19, 2020Your Words Have Impact,…
Your Words Have Impact, So Think Before You Speak Do you know of those people who fly off the handle without stopping to think about..
-
May 29, 20203 Tips For Applying…
In a difficult job market, you may find yourself needing to consider job openings that wouldn’t be on your radar during normal times. While all..
-
Apr 24, 2020Job Hunt During Crisis
How To Job Hunt During The Coronavirus Pandemic Caroline CastrillonContributorCareersI write about career, entrepreneurship and women’s advancement. According to the U.S. Department of Labor, over..
-
Mar 13, 2020The Art Of Working…
The Art Of Working Remotely: How To Ensure Productivity Working remotely isn’t a new concept. People in all kinds of career fields have been doing..
-
Mar 6, 2020Effective Job Search
The Key To Carrying Out A Productive And Effective Job Search In my experience as a career coach, I have found that people who are..
-
Jan 31, 2020Promote Yourself Right!
3 Ways To Promote Yourself And Advance Your Career For Free In today’s digital world, if you don’t have a stellar social media presence, you..
-
Jan 24, 2020Hire Without A Resume
Hire Without Looking At A Resume We’re all more than what’s on our resume. But while a lot of leaders pay lip service to that..
-
Jan 17, 2020Meeting Don’ts
8 Things You Should Not Do In Meetings Meetings are perhaps the most powerful personal branding tool there is—when you master them. They also make..
-
Jan 10, 2020Soft Skills
What Are The Top 10 Soft Skills For The Future Of Work? The future of work is likely to herald a wide range of new..
-
Jan 3, 20202020 Resolution Hacks
Resolution Hacks That Actually Work It’s that time of year again, when we all make New Year's resolutions. But will this year be any different..
-
Dec 13, 2019Work-Life Integration
Move Over, Work-Life Balance. Hello, Work-Life ‘Integration’ As a busy executive, Margaret Keane has had to find creative ways to fit time with her family..
-
Dec 6, 2019December Job Search
3 Things You Need To Know About A December Job Search It’s impossible to predict what the 2020 job market will have in store for..
-
Nov 29, 2019Job Offer Management
How To Turn Down A Job Offer Without Burning Bridges Sometimes you have to make the difficult decision to turn down a job offer. It’s..
-
Nov 15, 2019Transferable Skills
How To Prove You Can Do The Job, Even Without Direct Experience "Tell me about a time you...." As a career switcher, you may be..
-
Nov 8, 2019Career Challenges
7 Unexpected Career Detours That Can Benefit You When most professionals introduce themselves or create a LinkedIn profile, they appear to have a smooth, well-planned..
-
Nov 1, 2019Advance Your Career!
Four Myths You Should Ignore If You Want To Advance Your Career In today’s competitive corporate landscape, standing still is equivalent to moving backward. No..
-
Oct 11, 2019Personal Branding
Six Sacred Rules For Personal Branding In The Digital World Everything has gone digital – including you. The move to all things digital may have..
-
Oct 4, 2019October Job Search
3 Things You Need To Know About An October Job Search Seasonal timing has a large impact on a job search. It can work in..
-
Sep 20, 2019Belonging At Work
Belonging At Work Is Essential—Here Are 4 Ways To Foster It In the complex study of human psychology, one finding is remarkably consistent: our well-being..
-
Sep 13, 2019Job Search Pitfalls
How To Avoid The Five Emotional Pitfalls Of A Job Search Spoiler alert: your job search will be anxiety-inducing, frustrating, and at times, painful. It..
-
Sep 6, 2019Back to Work
Summer's Over: Here's Why It's The Best Time For Job Seekers And Hiring Managers To Act Now Labor Day has come and gone, which means..
-
Aug 23, 2019Great First Impression
How To Make A Great First Impression At Your New Job You only get one chance to make a first impression, so make it count...
-
Aug 16, 2019Purpose And Values
How To Connect With Your Company's Purpose And Values Some employees feel fully inspired by their company's mission, vision and values. But they don’t just mindlessly glug the Kool-Aid—they connect on a deep,..
-
Aug 9, 2019Holiday Season Job Search
4 Reasons You Should Keep Up Your Job Search During the Holidays Now that the holidays are upon us, you may be considering taking a..
-
Aug 2, 2019After the Interview
What Not To Do After A Job Interview The waiting period after a job interview can be one of the most stressful times. You’ve done..
-
Jul 19, 2019Attitude vs IQ
Why Attitude Is More Important Than IQ When it comes to success, it’s easy to think that people blessed with brains are inevitably going to..
-
Jul 12, 2019Video Interviewing Tips
Video Interviewing: Lights, Camera -- But No Connection Nothing screams “personal” more than you on a 20-inch video monitor, beaming in from a remote location..
-
Jul 5, 2019Overloaded And Overwhelmed?
Overloaded And Overwhelmed? Four Things You Can Control When Your Workload Is Out Of Control Our research indicates a terrifying 43% of knowledge workers do..
-
Jun 28, 2019Successful People
13 Difficult Things Highly Successful People Learn To Do Young To invent a product, turn a profit or start a business is to be accomplished. To..
-
Jun 14, 2019Career Summer Checkup
A Career Summer Checkup For Professional Growth Whether you’re graduating college or gearing up for your first fiscal year-end performance conversation, the summer months represent..
-
May 31, 2019Thrive At Work
6 Steps To Unleash Your Inner Polymath And Thrive At Work In a previous article I explored some of the virtues of striving for a..
-
May 10, 2019How to Evaluate, Accept,…
Congratulations! You got the job. Now for the hard part: deciding whether to accept it or not. How should you assess the salary as well..
-
May 3, 2019Great Employees
What It Takes To Be A Great Employee: The Parable Of The Oranges Being a great employee pays off with better positions, higher pay, and..
-
Apr 25, 2019Your first Job
10 Essential Strategies To Succeed In Your First Job Congratulations, graduate! After the exhausting and stressful process of finishing school, searching for and landing your..
-
Apr 19, 2019Starting a New Job?
When You Start a New Job, Pay Attention to These 5 Aspects of Company Culture When you join an organization, you have a short window..
-
Apr 12, 2019How To Escape Procrastination
How To Escape The Procrastination Doom Loop When you imagine a highly productive person, you likely think of someone who focuses effortlessly on the job..
-
Mar 15, 2019Things Happen!
Here's How To Recover From A Career Setback Whether you’ve botched an interview question, cancelled an important meeting last-minute or missed a typo in an..
-
Feb 27, 2019Sabotaging your job search?
8 Ways You're Sabotaging Your Job Search Following certain best practices can make or break you in your quest for the right job. Some bad..
-
-
Feb 1, 2019Your Social Media Profile
Here’s what recruiters look for on a candidate’s social media profile Maintaining the right balance between being professional and being yourself on social media can..
-
Jan 18, 2019Things You Should Never…
14 Things You Should Never, Ever Say In A Job Interview It’s always intimidating to interview for a new job, whether you’re fresh out of..
-
Jan 11, 2019Reasons for Leaving?
How To Answer Why You Left (Or Want to Leave) Your Employer If you want the job, don't reveal this. Job interviews are designed to..
-
Jan 4, 2019A good LinkedIn Summary
Here's how to write a LinkedIn summary that could help you land your dream job, according to a marketing director at LinkedIn You might approach..
-
Oct 26, 2018Recruitment in Cyprus
Recruitment in Cyprus - Thoughts and Ideas from Advance Career Team Read the detailed interview published on TopJobsCyprus website and share your comments and ideas!..
-
Oct 19, 2018Find Career Clarity!
How To Find Career Clarity Using Three Top Career Theories Feeling like you need to make a career pivot because your job isn’t a good..
-
Oct 12, 2018Integrators VS Segmentors
Are your employees integrators or segmentors? An organization has both integrators and segmentors. Being a segmentor is a tough ask. If you choose to be..
-
Sep 21, 2018What Motivates You to…
What Motivates You to Work? That paycheck will never be big enough if it's the only reason you're going to work. Each of us respond..
-
Sep 14, 2018Update Your Resume
Updating Your Résumé Might Mean Updating Yourself It seems like a total no-brainer: you should update your résumé and online profiles when you are job..
-
Sep 7, 2018Tap Into Your Motivation!
Putting Yourself In Drive: How To Tap Into Your Motivation The one common component in every great success story is motivation: an ever-elusive elixir that..
-
Aug 31, 2018Enhancing your job search
How To Bounce Back When The Job Search Gets You Down With a dream job in mind, an updated résumé in hand and responses to..
-
Aug 17, 2018Social media can cost…
When 'What Happens In Vegas' Ends Up In Your Job Search What happens in Vegas really doesn’t stay there. That “funny” picture about that..
-
Aug 3, 2018Emotional Intelligence at Workplace
How To Develop More Emotionally Intelligent Employees In the quest to develop leaders who will foster a culture of equity and inclusion in the workplace,..
-
Jul 27, 2018Are you ready to…
The Difference Between People Who Succeed and People Who Flop Successful people charge forward, take calculated risks, and come out on top because of it...
-
Jul 6, 2018Hiring the right people?
5 Steps to Hiring the Right People for Your Business "Hire slow, fire fast" is great advice, but it's not always easy to follow. The..
-
Jun 29, 2018Ready for Entrepreneurial Success?
4 Entry-Level Jobs That Will Prep You for Entrepreneurial Success Success is a journey, not a destination, so think hard about where to start. Entrepreneurship..
-
Jun 22, 2018Simple Work-Life Balance
Work-Life Balance Is Simple. To Succeed at Work, Get a Life. With the right balance of health and business, entrepreneurs can maximize productivity. The Organization..
-
Apr 5, 2018Inclusion in the Workplace
Inclusion Doesn’t Mean Including Everything and Everyone Inclusiveness is not about thought policing. It’s also not about turning everyone into a liberal. It’s a normal..
-
Feb 23, 2018Leadership Role but Unprepared…
You Were Promoted To A Leadership Role But You Feel Unprepared - Don't Panic You’ve been at the job for years. As much as you..
-
Feb 16, 2018Fail at Switching Jobs?
This Is the No. 1 Reason Why People Fail at Switching Jobs (and What to Do About It) There's a reason changing careers is so..
-
Feb 2, 2018A Technique To Get…
Didn't Get Your Dream Job? This 1 Technique Could Get You a Second Chance Every job seeker experiences this at least once, if not several..
-
Jan 12, 2018Make 2018 a Productive…
11 Expert Tips To Make 2018 Your Most Productive Year Ever Could eating cake for breakfast and never listening to your voicemail help you get..
-
Dec 22, 2017Career Goals for 2018
How to Set Your Career Goals for 2018 and Achieve Them Each New Year offers the opportunity for a fresh start—and that includes your career...
-
Nov 24, 2017HR Function in 2024
Will You Be Leading an HR Function in 2024? Here are five things to look at to examine and determine if you’ve got what it..
-
Nov 10, 2017Your Impact at Work!
What Is Your Impact? We keep throwing this word around called "impact." Do you know what your impact is and how would you define, discover,..
-
Oct 27, 2017Inspiring Career Advice
LinkedIn CEO Jeff Weiner's 3 Best Pieces of Career Advice Jeff Weiner, LinkedIn's CEO, has had nothing short of a successful career. After graduating from..
-
Sep 15, 2017Lost your Job?
Nine Things You Should and Shouldn't Do If You Lose Your Job Most of us wouldn’t think to associate the words "joblessness" and "fun," but..
-
Aug 16, 2017Write your first CV
It's all about potential: how to write a CV with no work experience Follow these tips to stand out among competing candidates – from research..
-
Aug 10, 2017Friends and Career
Being Too Busy for Friends Won’t Help Your Career Friendship matters. Everything we do to succeed in our careers is improved when we’re supported by..
-
Jun 30, 2017Career Development
Think Strategically About Your Career Development In a world where the average employee sends and receives 122 emails per day and attends an average of..
-
Jun 2, 2017Advance Your Career
How To Advance Your Career In A Crappy Entry-Level Job Yes, you can still bring yourself one step closer to snagging that dream job even..
-
May 8, 2017Interview Preparation
Interviews are generally regarded as the primary decision-making event in any recruitment process. Regardless of your academic credentials or career thus far, it is crucial..
-
Apr 3, 2017Interview questions you have…
Studies have shown that structured interviewing is more than twice as reliable a predictor of future employee performance than unstructured interviewing. That is why most..
-
Mar 19, 2012Job Search Tips That…
Cyprus unemployment has been steadily increasing monthly since 2008 and is getting closer to double digits (January 2012 Eurostat figure – 9.6%). However there are..