Here's how you can navigate the risks and rewards of transitioning careers later in life.

Too many people hold on to unfulfilling careers for life due to a fear of change, risk avoidance, and the sunk cost fallacy, fear of starting yet again. I've changed several careers (Hotels, BPOs, Media, Banks, Consulting and back to Banks) and work with my coachees to help them through the transition. Assessing risks is important, but is only a part of the story because it's about why the risk is or isn't worth taking.

Many dream of making a small or radical change in careers, but few do it because of security, fear of failure, underdeveloped skills, the market, or additional unknowns. I often use a tool from Tim Ferris called Fear Setting with my coachees, which assesses the risks and what could happen in the worst-case scenario for risk. Once this exercise is complete, my coachees can say yes it is worth the risk because the worst case scenario they can live with, or no, perhaps a smaller pivot is better because the risks are not as tolerable. An executive coach can help any executive explore the possible, and define their goals accordingly.

In my experience, and even according to studies, organizations are declining in employee growth due to a lack of proper risk assessment and support. Before leaping into a new career path, consider potential downsides like financial instability or the need for additional education. Evaluating these impacts is crucial. Executive coaching can help you conduct a thorough risk assessment, ensuring you're making a well-informed decision rather than being blinded by enthusiasm.

A mid-life career change can be daunting, but with careful planning, the rewards can outweigh the risks. First, assess your financial situation. Can you handle a potential income dip during the transition? Next, identify transferable skills - your experience is valuable! Research your target career's requirements and see how your skills align. Talk to professionals in the field to understand the work environment and salary expectations. By mitigating financial risk and leveraging your existing strengths, you can navigate a smooth career shift and find fulfillment in a new chapter.

I have just changed career and had those feelings however I tell myself it is a new learning curve & so far I’m doing ok!????

Lately, I've found myself working with many individuals who are changing their career trajectory later in life. For many, the scariest and most limiting factor is the fear of change. However, embracing change can make all the difference. Developing a positive mindset toward change is crucial. This involves reframing your perspective to see the potential benefits and growth opportunities of a career transition. Focus on the rewards and prepare for the risks to navigate this new phase of your professional life effectively. Embracing change opens up possibilities for personal and professional growth that you might not have considered before. Embrace change!

All resistance to change is rooted in fear: fear of the unknown, not fitting in, not being good enough, fear of it being too late or being obsolete or not having enough knowledge, skills etc. As an executive coach, I help my clients see possibilities. Once we identify the worst-case scenarios the fear of the unknown goes away. We focus on strengths and transferable skillsets and identify where successes were achieved in the past to build the courage to take the leap in a way that's authentic to them. The problem with change is that most people focus on everything they will lose but not on what they will gain. I help my clients shift that mindset. FOREVER. To become what I call ChangeAgile??. A key strategic skill anyone needs. nowadays.

Here’s something that might shift the perspective towards fear of unknown- Imagine a sudden blackout at a party—you could either panic and stub your toe, or channel your inner ninja and navigate with grace. Career transitions are the same. All you need is to embrace the unknown as an adventure. As an executive coach, I help you wear a night-vision goggles of positivity to turn every possible obstacle into a stepping stone to cracking the code of new work & workplace.

A mid-life career change can be little confusing, but exciting! Embrace the challenge by acknowledging your transferable skills and leveraging your experience. Research target fields, network with professionals, and consider brushing up on skills through courses or certifications. The rewards are immense: reignited passion, intellectual growth, and a career aligned with your values. It's never too late to navigate a fulfilling path!

When I decided to leave the corporate world, I knew that careful planning would prevent me from jumping out of the frying pan and into the fire. I mapped out a timeline with milestones, allowing my plan to evolve as I gained knowledge and added new tasks. Rather than fixating on an end date, I focused on moving towards my goal, always mindful of potential rabbit holes. I assessed my skills, researched career paths, and sought insights from professionals to identify the skills I needed. Investigating ways to acquire those qualifications and forging connections through networking, I transformed a daunting journey into an exciting adventure filled with growth by breaking it down into manageable steps.

A well-planned career shift later in life can be incredibly rewarding. Start by taking stock of your transferable skills and passions. Research target fields to understand what skills they value. Consider bridge programs or certifications to fill gaps. Financially plan for a potential income dip during the transition. Network within your target field and leverage your existing connections. Remember, your experience is an asset, not a barrier. Embrace the challenge and enjoy the journey of reinvention.

This is important but the most critical aspect is to really think deeply about your purpose and what steps in relation to this seem to make sense at this time in your life. A great question to explore is "If I had no limitations in my life whatsoever, what would I spend the rest of my life doing?" This gives you a sense of what your purpose in life might be and it is very common for people in transition to be closer to living that life than they think

Imagine a skilled engineer who is ready to take a big step into data science! We don't tell you what to do; together, we make a skills plan. We figure out what they know and what they don't know by having focused conversations. We put together a long-term plan for learning that includes internet classes, mentoring, and even project-based learning. Giving them the right skills boosts their confidence and gives them the strength to handle their job change. Coaching for executives? It's not a magic bullet, but it is your partner in building a job that will last.

In my experience, employment benefits significantly influence healthcare options, acting as a crucial social determinant of health. The type and nature of your job can dictate the extent and quality of healthcare access you have, thereby impacting your overall well-being. For individuals in full-time positions, employer-provided health insurance often comes with comprehensive benefits that provide a wide range of care options. These benefits typically cover regular check-ups, preventive care, specialist visits, and sometimes even more extensive services like mental health care and prescription medications.

In my view the person should start by reflecting on the existing strengths - communication, problem-solving, or leadership - identifying transferable skills valuable in your desired field. Online courses, certifications, or even volunteering can bridge skill gaps, while networking with professionals in your target area provides invaluable insights. By investing in yourself, you can navigate the risks and unlock the rewards of a fulfilling new career chapter.

There are 3 points to have in mind - do strategic networking but do it genuine - this way you will open doors, gain new friends and support but also see different perspectives. 2 Craft your personal brand on authenticity so those people who you will add on your network to appreciate you even more. 3. Mentorship - no matter if you are just starting, or you have a large experience a mentoring relationship can support you a lot - you will have someone that cheers for you, challenge you when you stay in your comfort zone and also provide you with real feedback on your strategies.

When making a career shift, it's important to have a plan with goals and milestones so you can see the path forward. However, be flexible enough to go off script when opportunities present themselves—as they will. When coaching mid-career and senior leaders, I advise my clients that plans and measured expectations keep you centered and focused on taking disciplined, consistent action, but they can also be limiting, potentially keeping you blind to unexpected opportunities. Working with an executive coach is a great way to level-set expectations while also anticipating and being open to the miracles, wonders, and the unlikely becoming reality.

In My experience of navigating transitions - my own life and as a thought partner to my clients, when the external is changing due to a personal transition or due to the VUCA nature of the world that we live in, knowing your inner core and anchoring on the same supports. as they say, the center of the storm is where you can relax, knowing who you are and building a life around that purpose, values, innate gifts, and talent as those are what is and shall be there no matter what is changing outside. with the help of an executive coach working to build this self-awareness, reflective practices, and based on that- strategy, skills to learn, meaningful connections, and choices help building new life

What is scarier: - Taking a leap to try something that you really want to try? - Stagnating in a job you know well that feels safe?

When I did my career change, even planning for it in many ways, I wasn′t prepared for the impact of loosing my "corporate badge power". Once you leave the corporate world, you leave behind you the company brand and a position that protects you and that are magnets for networking. And you will have to reinvent yourself, and rebuilt it. Considering this is a very important step of any transition plan, mainly when it takes place later in life.

When you make a career transition later in life, it's strategically important to consider adjusting your personal brand. As an executive coach, I factor this in for my clients and help them make the necessary changes for optimal transition and long-term success. Leaving this work out would be a critical mistake.

Start small and on the side. Volunteer even if that is relevant and possible. Try a few different things to see what works as well as whether you like it. It might be very different from the inside. I remember someone who bought cafe after years of a corporate job only to discover that they were now a waitress and dishwasher. So test the waters and be honest about what the reality day to day will be.