The Career Change Guide

A career change is a serious decision with lasting consequences. No wonder we can feel anxious and overwhelmed when faced with this decision. Should we change jobs or careers? What if the next job is even worse? What about my financial stability?

There is no one-size-fits-all solution to the dilemma of changing jobs. Some benefits and risks will apply to your unique situation while others don't. Let's discuss some common reasons to consider changing careers and the benefits and risks involved.

Reasons to change careers

There are many good reasons to change careers. Some will apply to you, others won't. Let us look at some of the most common reasons.

You might be miserable or anxious at work. Your job might be too stressful with not enough periods of rest. On the other hand, you could be plain bored because you are not challenged enough. Often the job itself is fine but the work doesn't align with your interests and values.

Sometimes we are deeply unhappy and disconnected from our work. We don't feel like it matters, it feels senseless. It provides no meaning. Other times the job is alright but we just feel like it is time for something new.

All of these reasons are valid and important. Some will resonate more with you than others. That's normal, every job is a little different. Learn more about a Career Change Quiz

The different types of changes

Before we jump into the benefits of changing careers let us look at the different types of changes. While every change brings with it its own benefits and risk there are different-sized steps. There are smaller and less risky changes and there are larger leaps of faith.

First, you can change positions within your company. If you work for a large enough company or institution you might find a better position within. This is a smaller change with less obvious risks. Perhaps your boss is a bad manager, or you don't like the work you do while enjoying the company. Sometimes a smaller change is the right move.

Second, you can change companies but not your job description. Sometimes you want to stay on your career path and you enjoy most of the work you do but the company is not a good fit. This is a somewhat larger step. You need to leave your company and look for alternatives within the same industry.

Finally, you can change careers completely. You leave your company and job behind and start something new. Whether you go back to school to learn new skills or you start in a new industry this is the biggest leap. It comes with higher risks but also higher potential benefits.

The benefits of a career change

There are many potential benefits to changing your job or career or career. While there are too many to all list here, let us look at some of the most common benefits.

The process of changing careers and risking something new often leads to personal growth. You went outside your comfort zone and faced new challenges and stimulation. You learned new skills and flexibility and even improved your career resilience.

The holy grail: You are much happier at work. Your job aligns with your personal values and you like what you spend your days on. You have a better work-life balance and feel healthier than before. Your stress is reduced and you feel a deeper connection to your work.

The process of looking for something new throws you into the deep end but it leads to new colleagues and connections. Maybe you went back to school and have increased your income potential. Overall your long-term career prospects have improved dramatically.

The risks of changing careers

While there are clear benefits to changing your career there are also real risks. These risks are crucial in your strategic decision of whether and how to change jobs. Before we look at the most common risks involved let us consider two different types of risk, not just in a career but in life.

The obvious risks are risks of commission: The risk of making a mistake. It's the risk involved when you decide to do something. Your actions could lead to unwanted or bad outcomes. Our brains are wired to worry about these risks and we feel a fear of changing careers.

The less obvious risks are of omission. They refer to the potential negative consequences of not doing something, or not taking action. Your inaction could lead to a worse outcome than any action you considered. Inaction can lead to missed opportunities and a life of regrets. Our brains are bad at feeling anxious about inaction (with the possible exception of FOMO).

Here are some obvious risks connected to changing careers:

There is a real risk of financial instability . Will you have to take a pay cut to change careers? Can you afford to do so, especially if you have a family to support? There are also wider uncertainties and fears. There is no guarantee that your new job will be better than the current one - and you at least get a paycheck now.

You might find it hard to get hired again or you will have to work longer hours in the beginning to prove yourself in your new career. Maybe you fear the risk of social status that came with your prestigious job. Maybe you worry about going back to school for additional training.

And here are some less obvious risks connected to not changing careers:

If you do not act you might find yourself five years from now in the same miserable position. You still hate your job and dread going to work on Monday morning. You spent the last five years being either burned out, disconnected, or anxious.

You learned almost no new skills, you didn't get any opportunities to grow personally. Your physical and mental health took a hit and you worry about all the missed opportunities a new job would have given you. A deep sense of missing out and regret set in years ago.

I'm not trying to be the judge in this dilemma of risks. Both risks are real. But I find it important to give space also to the less obvious risks of staying put, of not changing careers. We often find it easier to worry about the risk of our actions than our inaction.

Career Change at different ages

One final aspect that needs to be considered is the stage of your career you are in. A career change at age 25 is a very different animal compared to a change at age 55. We can't pretend they come with the same risks and difficulties.

Career Change at 40. In this guide, we discuss all the important things to consider when changing careers in your 40s.

Career Change at 40 with no degree.In this article, we look at your options when changing careers at 40 with no degree. What are your career paths and what should you consider?

Career Change at 50 with no degree.In this article, we look at all the essential things to consider when changing careers at the age of 50 with no degree. There are many things to consider at this age that are not as important at earlier ages.