It’s time to consider switching, but there can be some pitfalls
For most of us, careers are built from a series of career moves. Certainly, there are those who start a life of devotion to a particular profession from which they never deviate. Others may find they have spent their entire career as a business founder and owner, while others may experience an entire career working for only one company. However, for most of us, we will structure our careers as a migration from one opportunity to the next. This necessarily involves job switching, an exercise that requires dexterity and efficiency.
There is definitely an incentive to switch jobs at the moment. Glassdoor economist Daniel Chow has data from the Federal Reserve in Atlanta showing that people who change jobs have experienced wage growth of 7.7 percent since November 2024 compared to wage growth of 5.5 percent for those who remain in their jobs.
As economist Adam Blandin of Vanderbilt University points out, there are two job vacancies for every unemployed person. And many workers know from experience that job changes are one of the best ways to boost not only wages but career prospects. Finally, it’s a good time to consider a job switch.
However, there are risks in job hopping.
Negative aspects can emerge when we find ourselves in a situation worse than the one we left. In general, pitfalls occur when a new job is less slick than we expected. Another hurdle is when the new job is less stable, as you find yourself more prone to layoffs. Obviously, it’s important not to get stuck and experience regret when moving from one job to the next. Therefore, job switching needs careful planning. Let’s look at some of the main points to consider.
Planning for change It must be intentional. It begins by breaking down your current job performance and how you have worked in recent positions. This task analysis seeks to identify aspects of your business that energize you, bring you a sense of success and accomplishment, and align with your employer or target market’s production metrics. On the contrary, those aspects of work that drain your energy, make you feel unfulfilled, and fail to consistently meet production expectations should be exposed. This inventory can be turned into a plan that becomes your North Star when doing the job shift.
Be targeted when pursuing new business opportunities. Do your research on both the employers and the industry space in which they play. Know how they act in meeting market demand and fending off competition.
Of course, there is an assumption here that their industry is yours and it is assumed that you know the economic viability of your professional field. If you haven’t done a SWOT analysis in a while, now is the time to do it. Highlight as best you can the strengths, weaknesses, opportunities and threats inherent in your industry.
Screen potential future employers like a private investigator. Google employee reviews (of which there are now plenty), connect on LinkedIn with employees to get what it’s like to work there, and tap into your professional network to get the inside scoop. When you get job interviews, ask them questions about employee engagement, career growth prospects, employee turnover rates, and their performance review program, including the metrics they use. You interview them as often as they interview you.
Examine your decision-making style, too. Reversely challenge your assumptions. Assess where making the wrong decision has led you astray in the past. As executive coach Susan Peppercorn says, cognitive bias, or accepting information that aligns with your current views more easily, can impair good decision-making. Accept that claims your potential employer is making that sound good to you may have hidden dangers.
As they say, nothing is ventured, nothing is gained. But as you step into the shady but rewarding world of a job change, be as prepared as you can be.
Bill Ryan writes on professional, employment and economic topics from his home in North Sutton.