Ready to Pivot? Signs It’s Time for a Career Change
In today’s dynamic and ever-changing job market, the idea of a lifelong career with a single employer is becoming increasingly rare. Gone are the days when employees would join a company straight out of school and retire from the same organization decades later. In fact, according to the Pew Research Center, the annual turnover rate has been increasing over the past few years, with the world seeing about 30 percent of workers leaving their jobs and switching over to new ones within the month.
But what about switching careers altogether, and not just a job? Is it ever the right time to make a complete shift in your professional trajectory? The answer is yes.
Switching careers can be a challenging decision, but it can also be a rewarding one that opens up new opportunities and, of course, allows you to pursue your passions. There’s so much at stake when switching careers of all things, and so the risks still remain, which begs the question: how do I know my current career isn’t cut out for me? When is it time to seek a different career path?
#1: Lack of Growth and Advancement Opportunities
This one deserves the first spot on the list; it’s one of the most common reasons to consider a career change, and it’s when you feel stuck in your current job with little to no opportunities for growth and advancement. This comes as no surprise considering this survey conducted by Gallup, showing that, in 2022, only 32 percent of U.S. employees felt engaged in their jobs (meaning they are enthusiastic about their work and feel a sense of connection to their organizations)—disengagement has increased by two whole percentage points from 2021. Feeling stagnant in your career can lead to decreased job satisfaction and motivation, which can ultimately impact your overall well-being.
Statistics show that lack of career growth and advancement opportunities is a significant factor in employees’ decisions to switch careers. A report by LinkedIn found that 45 percent of professionals in the United States changed careers because they were seeking better opportunities for growth and advancement. Even 80 percent of Gen Zers under the age of 24 are interested in switching industries entirely—rightfully earning them the title “the Job-Hopping Generation”—, and even 68 percent of workers in general fear that there might be better opportunities out there for them, with about 17 percent regretting not going after said opportunities. No one wants to remain in a dead-end job that will take you nowhere. If you find yourself in a dead-end job with limited prospects for growth and advancement, it may be a sign that it’s time to consider a career change. Research and explore other industries or professions that align with your skills, interests, and values, and take steps to acquire the necessary skills or education to make a successful transition.
#2: Declining Job Satisfaction and Burnout
Job satisfaction plays a crucial role in our overall well-being and happiness. If you find yourself consistently dissatisfied with your job or experiencing burnout, it may be a sign that it’s time to switch careers. We’ve been hearing this term a lot lately this past decade, and you might be experiencing this yourself; this isn’t a mere trendy buzzword, but a harmful result of hustle culture. In summary, burnout is a state of chronic physical and emotional exhaustion, often accompanied by feelings of cynicism and detachment from work, a condition that many are inflicted by on a global scale unfortunately.
Imagine, Gallup found that about three in four American workers feel burned out at least sometimes, while a total of 29 percent say they feel burned out on the job very often or always, even sometimes to the point of needing an ER visit. Burnout can lead to a range of negative consequences that aren’t necessarily related to your physical state, this includes decreased productivity, increased absenteeism, and higher turnover rates. In fact, a study by the Harvard Business School found that burnout costs an estimated $125 billion to $190 billion in healthcare spending annually in the United States.
Switching careers can be a proactive step to break free from the cycle of job dissatisfaction and burnout. It allows you to start fresh in a new field or industry that may align better with your interests, values, and work-life balance needs.
#3: Changes in Industry or Job Market
Another significant factor that may prompt a career change is changes in the industry or job market. The job market is constantly evolving, and some industries may experience periods of decline or become obsolete altogether due to technological advancements, economic shifts, or changing consumer preferences.
For example, the COVID-19 pandemic has dramatically impacted various industries, such as travel, hospitality, and retail, resulting in job losses and widespread uncertainty. According to the U.S. Bureau of Labor Statistics, the leisure and hospitality industry lost about 16 percent of its workers in 2022 as a direct result of the pandemic. In such situations, it may be necessary to consider a career change to pivot into a more stable and in-demand field.
Statistics also support the idea of switching careers in response to changes in the job market—a report by the World Economic Forum clearly shows why it’s important to consider these market shifts with the rise of artificial intelligence and workforce automation. According to them, by 2025, about 85 million jobs may be displaced by a shift in the division of labor between humans and machines—but on the flip side, 97 million new roles may emerge as a result of this.
With that said, the job market will continue to evolve, and so you may need to adapt and switch careers at some point to remain relevant if you’re seeing a gradual shift in the industry you’re currently working in. If that truly is the case, it may be time to explore other fields or industries that are growing or projected to have better long-term prospects. Upgrading your skills or receiving additional education may be necessary to make a successful transition to a new career path.
#4: Financial Considerations
This is a big one, and even Deloitte’s recent survey on the career and job patterns of Gen Z and Millennials shows this as a top concern for both. A lot of them report living paycheck to paycheck, which could be a driving factor for anyone to want to switch careers if the current industry or market they’re navigating isn’t cut out for them on a financial level.
Obviously switching careers has its financial implications, so it’s crucial you carefully evaluate your financial situation before making any decisions. A career change may involve taking a pay cut initially or investing in additional education or training, which can definitely impact your finances. It will pay off eventually, especially if you’re switching to a career path with earning potential that aligns with your financial goals and responsibilities, but it’s worth considering the finances that you’ll have to put forth in order to be qualified enough to transition to a different career.
In a nutshell, make sure you have a financial plan in place, including a budget, emergency fund, and contingency plan, to mitigate any potential financial risks that might ensue with a career switch.
You’re not alone, most people are switching careers these days!
In today’s fast-paced and dynamic job market, switching careers can be a viable and strategic decision to enhance your professional growth and personal fulfillment. Whether it’s due to changes in your industry, dissatisfaction with your current job, or a desire to pursue your passion or purpose, switching careers can offer new opportunities, challenges, and rewards.
It’s also important to have realistic expectations and be prepared for potential challenges or setbacks during the transition process. A career change may require time, effort, and persistence, but with determination and a strong work ethic, it can lead to new opportunities and professional growth.
