When is the Best Time to Make a Career Move?
Ever feel like your personal financial statements are looking a little... bleak? Maybe your "passion meter" is showing a negative balance, and your "work-life satisfaction" account is perpetually overdrawn. If you're starting to calculate the ROI of setting your office chair on fire, don't despair!
The modern workforce demands adaptability and foresight. Gone are the days of linear career paths and job security guaranteed by longevity. Today, professional success hinges on your ability to navigate an ever-shifting terrain of opportunities and challenges. To thrive in this dynamic environment, you need more than just skills—you need a clear understanding of your current position and the agility to evolve with the market.
The 'market of jobs' is dynamic and the pace of change is accelerating. It's a market where opportunities are created, lost, and transformed daily. It's a market that benefits those who are agile and connected.
According to the World Economic Forum, 85 million jobs may be displaced by AI, while 97 million new roles may emerge.
While functional and technical skills are crucial for landing a job, many overlook the importance of market awareness and connections. Just like in any market, who you know and who knows you will often define your opportunities.
Just imagine the opportunities you could have if you were connected to the people who are at the center of influence in your chosen career path. These connections can open doors to hidden opportunities and provide valuable insights into corporate and industry trends.
What can you do?
Start with a current state analysis.
This powerful tool helps you map out where you stand in your career journey and illuminates the path forward.
Let's explore how to conduct a thorough current state analysis that can transform your approach to career development.
In order to understand your current state you'll need to first consider your general capabilities, as in your value in the job market.
Your value will depend on what hiring managers think is important.
How does a hiring manager assess your value?
They are looking for people with the following capabilities.
The Achiever Profile:
You increase your value in the job market when you improve your capabilities.
What are your capabilities?
Can deliver the job independently—It takes time to learn the players and the technical and functional domain of a new job.
Master the job (10k hours)—At some point, you will graduate to someone with domain expertise and then mastery. Mastery requires learning and practicing, not just repetition.
Mentor or lead others—Being able to mentor and lead others will make those around you better which is of very high value.
Career progression—Career progression, especially rapid advancement, shows that you are growing and open to taking on new initiatives.
Complete your greatest professional achievement to date—A professional athlete will leverage their best season ever to ask for a raise or to seek out a better opportunity somewhere else. It's at that time when they have the most value in the market. You can do the same in your career. Leverage your biggest success to date to test your new value in the market.
Now that you know how to assess your value, let's focus on your current state.
Current state analysis
Has your pay increased with your capabilities?
Staying in one job for too long may limit your pay. If your employer is not paying competitive rates then you may need to switch jobs to get a higher rate.
What about professional growth?
You'll need challenges to grow professionally. Without professional growth or challenges, you'll be in what I call "maintenance mode".
If you are feeling complacent, unmotivated, bored, or unchallenged in your work you are in maintenance mode.
The longer you are in maintenance mode the lower your value will be in the job market. This is because you will have little to differentiate yourself from others.
What about skills?
If you aren't using the "in-demand" methods and tools it will be like bringing a knife to a gunfight. You don't want to find yourself out in the job market with outdated skills. You should be using, or familiar with, Agile and Product Management frameworks (subscribe to my newsletter ) and, of course, using generative AI as a minimum entry into the new world of work.
Can your employer affect your market value?
If your company is lagging the market, then your value is likely lagging along with it. You may be only as valuable as the methods and tools you are using.
Companies that use the latest and greatest methods and tools want relevant experience. Having experience working at a market leaders will set you apart from the competition. Everyone loves a winner. Is your experience still relevant/valued in the job market?
What about supply and demand?
Consider how much competition there is in your chosen field at your chosen location. Are you unique in your market or one of very many? If there are more jobs than job seekers in your field, then you’ll have more job options.
Is your job title or your skills in demand in the current job market??
Supply and demand gaps don’t usually last your whole career. As you grow older you will be competing against people who are younger and cheaper in the market. And you will be competing directly with people with automation (AI) skills, or your role could be partially or completely replaced by automation (RPA/RDA, generative AI, bots, and robots).
You’ll need to assess the market and take action to stay in demand.
What about change?
The world of work is changing and at a faster rate over time. You can expect your job description or the tools you use to change on a four-year cycle.
Your market value can change with:
You should assess how these corporate and external changes affect your market value.
The best way to stay relevant is to lead change. Change is going to happen so it’s best that you are participating in it.
Participate in change by:
Few of your contemporaries have collaboration skills. This is a great way to distinguish yourself from others. It's also a valuable way to uncover opportunities.
Now that you have established your current state, think about what action you’ll need to take in order to obtain your career goals.
What happens if you don't take action?
Many of us fall victim to the sunk cost fallacy and wait too long.
What is the sunk cost fallacy? (Opportunity Cost)
The sunk cost fallacy drives people to continue to justify their volume of work despite the fact that a cost-benefit analysis would tell them that continuing is unlikely to be worth the effort.
The symptoms are a focus on effort or action as opposed to adding value.
For example if your time is spent fighting fires (addressing recurring problems) then that effort is of little value. The high value effort would be spent solving recurring problems or innovating in ways that make or save money. Or delivering high value products or services.
Are you rationalizing your effort?
Ask yourself:
Are there better uses of my time?
Why do people rationalize more effort over adding value?
And what are the career risks?
Your job becomes:
Other risk factors include:
And, at some point, you may no longer be "a fit" within the organization.
Who is going to make that decision first?
You... or your boss?
And who will act on it first?
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To know the best time you’ll need to gather some data and assess that data against your professional goals.
First we need to recognise that there is a market of jobs. Jobs are created, tossed and traded every day.
As in any market your success depends on your marketing knowledge and capabilities.
And, good marketing plans are executed well before you actually need them.
To know the best time you’ll need to gather some data and assess that data against your professional goals.
First we need to recognize that there is a market of jobs.
Jobs are created/tossed and traded every day.
As in any market your success depends on your marketing knowledge and capabilities.
And good marketing plans are executed well before you actually need them.
How does a Hiring Manager Assess Your Value?
They are looking for Achievers.
They expect the Achiever Profile:
How do you increase your Value?
When you improve your Capabilities:
It takes time to learn the players and the technical and functional domain of a new job.
At some point you graduate to someone with domain expertise and then mastery.?
You will expect an increase in pay and greater responsibility along the way.
You'll also need challenges and change to grow professionally.
Without professional growth or challenges you'll be in what I call maintenance mode.
The longer you are in maintenance mode the lower your value will be in the job market.?
You will have little to differentiate yourself from others.
You'll be "same as" in the job market.
You may find yourself without the "in demand" methods, tools and experience.
Like bringing a hammer to a nail gun fight.
Can the company you keep affect your market value?
What about Supply and Demand?
If there are more jobs than job seekers in your field then you’ll have more job options. If your skills are in demand then job offers will come looking for you.
These supply and demand gaps don’t usually last your whole career. You’ll need to assess the market and take action, if required, to stay in demand.
Is Change a Good thing?
The world of work is changing and at a faster rate over time. You can expect your job description or the tools you use to change on a 4 year cycle.
Your market value can change with:
You should assess how these corporate and external changes affect your market value.
The best way to stay relevant is to lead change. Change is going to happen so it’s best that you are participating in it.
Unfortunately many of us fall victim to the Sunk Cost Fallacy and wait too long.
What is the Sunk Cost Fallacy? (Opportunity Cost)
The sunk cost fallacy drives people to continue to justify their volume of work despite the fact that a cost-benefit analysis would tell them that continuing is unlikely to be worth the effort.
And, because losses feel much worse than gains, we try to avoid losses rather than seek out opportunities.?
The more time and resources you commit to something, the more loss you will feel when walking away.
Also, If you are heads down over achieving in your role and nobody recognizes it, is it worth your while?
Does all the extra effort increase profitability and make everyone around you better?
Or is all the extra effort directed at fighting fires and keeping the lights on?
Aren’t there better uses of your time?
How do people rationalize more effort?
And what are the Career Risks?
Your job becomes:
Other Risk Factors:
And at some point you may no longer be "a fit" within the organization.
Who is going to make that decision first?
You... or your Boss?
And who will act on it first?
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_______________________________________
To know the best time you’ll need to gather some data and assess that data against your professional goals.
First we need to recognize that there is a market of jobs.
Jobs are created/tossed and traded every day.
As in any market your success depends on your marketing knowledge and skills.
And good marketing plans are executed well before you actually need them.?
How does a Hiring Manager Assess Your Market value?
You increase your value when you:
Your compensation and opportunities will depend on your capabilities (domain knowledge) and your years of experience.
It takes time to learn the players and the technical and functional domain of a new job.
At some point you graduate to someone with domain expertise and then mastery.
At each of those stages you would expect an increase in pay along with greater accountability and responsibility.
And once you've mastered your role you'll need challenges to prove your mastery and change to grow professionally.
Without professional growth or challenges you'll be in what I call maintenance mode.
The longer you are in maintenance mode the lower your value will be in the job market.
You will have little to differentiate yourself from others.
You'll be seen as "same as" in the job market.
You may find yourself without the "in demand" methods and tools experience.
Like bringing a hammer to a nail gun fight.
Can the company you keep affect your market value?
Is your company slow to change, agile or somewhere in between?
Can they quickly adapt to changing market conditions and customer demands??
Are they losing or gaining market share or profitability?
If your company is lagging the market then your value is likely lagging along with it.
You may be only as valuable as the methods and tools you are using.
Companies that use the latest and greatest methods and tools want people who have experience with the latest and greatest.?
What about Supply and Demand?
If there are more jobs than job seekers in your field then you’ll have more job options.?
You could find yourself in demand and job offers will come looking for you.?
These supply and demand gaps don’t typically last your whole career.?
You’ll need to assess the market and take action if necessary to stay in demand.
Is Change a Good thing?
The world of work is constantly changing and at a faster rate over time.
You can expect your job description or the tools you use to change on a 4 year cycle.
Your market value can be affected by changes like:
You should assess how these corporate and external changes affect your market value.
The best way to stay relevant is to lead change. Change is going to happen so it’s best that you are participating in it.?
Unfortunately many of us fall victim to the Sunk Cost Fallacy and wait too long.
What is the Sunk Cost Fallacy?
The sunk cost fallacy drives people to continue to justify their volume of work despite the fact that a cost-benefit analysis would tell them that continuing is unlikely to be worth the effort.
If you are heads down over achieving in your role and nobody recognizes it, is it worth your while?
Does all the extra effort increase profitability and make everyone around you better?
Or is all the extra effort directed at fighting fires and keeping the lights on??
Are there better uses of your time?
How do people rationalize more effort?
And what are the Career Risks?
Your job becomes:
You could be affected by:
And at some point you may no longer be "a fit" within the organization.
Who is going to make that decision first?
You... or your Boss?
And who will act on it first?
Schedule button - Let’s talk about it.
The Sunk Cost Fallacy is Putting in effort at a job that, too soon, become mundane or redundant.
I worked for a company that went through a sweeping corporate culture change.?
It lost its purpose overnight and their values not long after. I no longer shared their vision or values and stayed too long. They made the decision first.
This can happen with mergers or buyouts