How can you evaluate risks and benefits when changing careers?

Changing careers can be a rewarding but challenging decision. You may have different motivations, such as pursuing your passion, finding more fulfillment, or increasing your income. However, you also need to consider the potential risks and benefits of making such a move. How can you evaluate them and make an informed choice? Here are some tips to help you.

1 Assess your current situation

Before you decide to change careers, you need to understand why you want to do it and what you are leaving behind. Ask yourself these questions: What are the pros and cons of your current job? How satisfied are you with your work environment, culture, and values? How aligned are your skills, interests, and goals with your current role and industry? How secure and stable is your current position and income? How much do you value your current benefits, such as health insurance, retirement plan, and vacation time?

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Dr Emily McCullagh

Strategic Safeguarding Catholic Leadership
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Acknowledge the emotional aspects of a career change. It's common to experience a mix of excitement and uncertainty. Ensure you are emotionally prepared for the challenges and transitions that come with changing careers and consider testing the waters before making a full transition. This could involve taking on part-time work, freelancing, or volunteering in your desired field. It provides hands-on experience and allows you to assess whether the new career aligns with your expectations.

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Dron Kumawat

Talent Sourcer @ Rippling | HR
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- Evaluate your current situation and how this is impacting your career and life - is it aligned to what you wanted to do or align towards your goals? - Consider the following: Job satisfaction, pay, work life balance, job security, will it impact your family? - Assess the value and outcome of this change

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2 Research your target career

Once you have a clear idea of what you want to change and why, you need to research your target career. Find out as much as you can about the industry, the market, the demand, the competition, and the trends. Explore the different roles, responsibilities, and requirements of your desired job. Identify the skills, knowledge, and experience you need to succeed in your new career. Compare the salary, benefits, and growth opportunities of your target career with your current one.

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Dr Emily McCullagh

Strategic Safeguarding Catholic Leadership
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Stay informed about job market trends and the demand for skills in your chosen field. Understanding the dynamics of the job market helps you position yourself effectively and anticipate potential challenges with diligent research. Then ensure that you update your resume and tailor it to your new career goals. Highlight transferable skills and relevant experiences that will be needed in your new career.

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Dron Kumawat

Talent Sourcer @ Rippling | HR
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You must have some options you want to consider, research them thoroughly. - Gain market insight - Future perspective - Demand of the role/job - its impact on your career - Comparison from your current job (in all aspects) - growth prospects

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3 Evaluate the gap and the cost

After you have done your research, you need to evaluate the gap and the cost of changing careers. How much do you need to learn, improve, or acquire to qualify for your target career? How long will it take you to bridge the gap? How much will it cost you in terms of time, money, and energy? How will you balance your current obligations and commitments with your career transition? How will you cope with the stress, uncertainty, and rejection that may come along the way?

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Dron Kumawat

Talent Sourcer @ Rippling | HR
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Some career change might require perusing further education and learning, which involves cost. - identify amount of cost involved - ROI - How much time it’s gonna take to be stable again - what all learning’s are required and how can you achieve it

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4 Seek feedback and support

Another important step in evaluating risks and benefits is to seek feedback and support from others. Talk to people who have made similar career changes or who work in your target industry. Ask them about their experiences, challenges, and advice. Seek professional guidance from a career coach, a mentor, or a counselor. They can help you assess your strengths, weaknesses, opportunities, and threats. They can also help you develop a realistic and actionable plan for your career transition.

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Dr Emily McCullagh

Strategic Safeguarding Catholic Leadership
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Leverage your professional network - make the best use of those you have around you. Inform colleagues, mentors, and friends about your career change plans and see how they can help you. Networking can provide valuable advice, job leads, and introductions to professionals in your desired field and help you to develop a longer term strategy.

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Dron Kumawat

Talent Sourcer @ Rippling | HR
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Build your network in the same field you wanna take your career ahead into. - seek guidance from professionals - Communicate within your network - Strengthen your learning and knowledge about the process and prospects - What other ways you can target your network and business

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5 Test the waters

Before you make a final decision, you may want to test the waters and see if your target career is a good fit for you. You can do this by taking on some projects, assignments, or courses related to your new career. You can also volunteer, intern, or shadow someone who works in your desired field. These activities can help you gain some hands-on experience, build your network, and validate your assumptions. They can also help you showcase your skills, passion, and potential to potential employers.

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Dron Kumawat

Talent Sourcer @ Rippling | HR
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Testing is like experiencing it a little and realising if it’s worth it or not. This stage is your decision making, where you have to go ahead with the change. You will experience step back but you don’t have to quit or have second thoughts about it. Trust your process, you have done enough research and learning for it, go for it and keep trying. - internships - courses - career development training

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6 Weigh the pros and cons

Finally, you need to weigh the pros and cons of changing careers. Make a list of all the risks and benefits that you have identified in the previous steps. Consider how they affect your personal, professional, and financial goals. Think about how confident, prepared, and motivated you are to make the change. Evaluate the trade-offs and the consequences of staying or leaving your current career. Choose the option that best aligns with your values, vision, and purpose.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you evaluate risks and benefits when changing careers?

1

2

3

4

5

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1 Assess your current situation

2 Research your target career

3 Evaluate the gap and the cost

4 Seek feedback and support

5 Test the waters

6 Weigh the pros and cons

7 Here’s what else to consider

Business Coaching

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How can you evaluate risks and benefits when changing careers?

1

2

3

4

5

6

7

1 Assess your current situation

2 Research your target career

3 Evaluate the gap and the cost

4 Seek feedback and support

5 Test the waters

6 Weigh the pros and cons

7 Here’s what else to consider

Business Coaching

Rate this article

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