Navigating a Career Change: Six Considerations to Keep in Mind
Have you recently faced a layoff, or are you considering a career change? Re-entering the job market can feel overwhelming, especially later in your career, whether it’s by choice or circumstance. But here’s the silver lining: this transition is the perfect chance to hit the reset button and align your career with what truly excites and motivates you, setting you on a path toward your long-term life goals.
JNBA Financial Advisors recently hosted a discussion panel featuring Elise Huston and Nick Scheibel, both Senior Advisors at JNBA, and Paul Beard, Co-Founder of SkyWater Search Partners, an executive recruiting firm in Minneapolis. Moderated by host Kim Insley, the 60-minute discussion was packed with expert advice regarding this transitional period, covering everything from analyzing the current job market conditions to the role of recruiters, from building your support systems and teams to important financial considerations.
HERE ARE SIX KEY TAKEAWAYS FOR NAVIGATING A CAREER CHANGE:
If you lose your job, the first thing to keep in mind is not to panic, advises JNBA’s Nick Scheibel. “Don’t liquidate your retirement account. Don’t sell your car. Don’t put your house on the market,” he says. You’ll likely have at least a little bit of time to take a breath, step back and look at your situation and options for moving forward.
Then, build a budget and look at your discretionary and nondiscretionary expenses, Scheibel suggests. Create a plan and determine whether you have the resources to carry you through your job search.
Identify the people you are going to lean on in this transition, urges JNBA’s Elise Huston. Whether you’re navigating a sudden job change or if you are initiating the move, working with other people can be really helpful. Professional partners like financial advisors, attorneys and CPAs can help you reset your goals and make a plan to move forward, and shoring up your personal support system is tremendously important.
Reflect on what you really want, recommends Huston. What does your ideal future look like? Do you want to take time off before starting your next job? Do you want to work less? Or possibly shift to contract work? How do you find purpose in a world where you’re not working in that same role?
95 percent of job placements executive search firms make are with candidates they find on LinkedIn. Paul Beard from SkyWater Search Partners recommends that everyone – no matter if they’re job hunting or not – should make sure they have a strong LinkedIn profile. “It’s an incredible tool,” he says.
Network, network, network, Beard advises. As a whole, the executive search industry places fewer than 10 percent of the job openings out there. Many positions are filled because the hiring manager receives a candidate referral from a trusted source.
Listen to the full 60-minute panel discussion here. Please reach out to your JNBA Advisory Team if you have any questions or would like to discuss a mid-to-late career transition.
To read a transcript of this discussion, click here.
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