Financial Planning

Three Fail-Safe Ways to Try Your Hand at a New Career

Unlike older generations who worked the larger part of their careers with one organisation, younger individuals are finding it more and more common to have multiple career changes throughout their lifetime. Now, many are questioning whether or not it would be prudent to seek a new career path in a different field or explore opportunities elsewhere that may align with their personal and professional goals. Here are three important steps to take before jumping ship on your current career path.
Recognise That a “Stable” Job Isn’t Always the Best Job (Dollars & Sense 20201)

Sometimes a well-compensated role at a stable company is enough for a person, even if it comes with a lack of work life balance price tag. But for some, this isn’t a sacrifice worth making. Before making any major life decisions, it’s essential to reevaluate your priorities in life. Do you hope to work your way up the corporate ladder even if it costs you parts of your personal life? Or do you want to spend more time with your family, even if that means staying in the same position for the extent of your career? There might even be a balance between the two, where your work increases seasonally but allows for a break at certain times of the year! The first step is understanding exactly what you’re looking for in life and then identifying the opportunities within your career path that support those goals.

Practice “Second-Skilling” (Ideas Ted 20182)

Second skilling is defined as developing skills for a new role while simultaneously working in your existing job. After all, careers are much like conveyor belts: you must keep moving and learning at every stage or you will be left behind. This second skill can help you to move into another field of work for either career advancement or due to a job loss. Regardless, second skilling marries two things: work and passion. This gives you the opportunity to be good at different things simultaneously.

Look Within Your Current Organisation (Channel News Asia 20193)

If you’re currently working with a large organisation, there may be opportunity to grow within that same company. Look for opportunities to cross-train with other departments, seek to learn new things each day, and keep an eye out for potential transfer opportunities. Companies often prefer to hire internally when a position opens up as they have already dedicated time and resources training that individual for some time. Making a mid-career change can often be stressful but remaining within the same company while doing so can often ease the tension.

As with all things in life, it’s essential to think things through clearly before making a decision to embark on such a pivotal life change. By evaluating your life goals, strengthening your skill range, and keep an open eye for new opportunities, a mid-career shift might just be the right step for you in this new year.

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Content Sources
1 - Ho, Timothy (August 2017), 4 Career Decisions Young Singaporeans Have To Consider Today That Our Parents Didn’t, retrieved from Dollars & Sense
2 - Oakley, Barbara (March 2018), Could Singapore hold the secret to preparing workers for an uncertain future?, retrieved from Ideas Ted
3 - Lee, Jonathan (August 2019), How to make a successful career switch, retrieved from Channel News Asia
4 - Poh, Joanne (January 2019), Want to Make a Mid-Career Switch?, retrieved from Money Smart