WHEN IS IT TIME TO MAKE A JOB CHANGE?

When it comes to considering a job change, sometimes the signs are obvious: Sunday evening is hugely depressing; bad leadership that is not going to change; misalignment of values; material issues with company viability, etc.

In those situations and others like them, the decision to seek greener pastures is usually not a difficult one.

But what about when things are going fine? When you are being challenged enough, acquiring enough new skills and experiences, and doing well overall. There’s nothing pushing you to leave, so… when should you seek other opportunities? Or, if something interesting happens to come your way, when should you consider it?

As you can probably guess, I have a lot of experience speaking with people in these circumstances. The best candidates are typically not out there looking; they are doing well wherever they may be (we call them, they don’t call us) and their employer is smart enough to be working hard to keep them happy.

Staying Is Easier

Switching jobs is a big deal. Even in the face of the most promising opportunity, there is risk in jumping to something new and unknown. (“What if I leave and it turns out badly?”) Plus, if you’ve built strong relationships, are enjoying what you are doing, and are well thought of and well compensated… loss aversion is a thing. Humans are wired to be significantly more influenced by the possibility of loss than the prospect of gain. (Kahneman and Tversky, 1981)

But there can be costs to staying put. New skill sets you may not acquire; the opportunity to meet and learn from different people; broadened exposure to new situations (e.g., a company in a different stage, of a different size, with a different culture); running out of time in your career before you accomplish your goals.

It’s not an easy question to answer and each person’s situation and willingness to take that risk is going to be different. Some things to consider as you contemplate staying or going…

What’s Your Story?

Your past jobs may be discreet events, but collectively, over time, each CV or resume tells a story — about you. Making sense of that story is something we try to do before even contacting a candidate.

For example, did you have a number of short stints not explained by M&A activity? What does that mean in terms of impact you have made? How do we assess track record? Why so quick to go? Most recruiters (and clients!) see immediate red flags.

Or, conversely, have you been in the same company for many years? That may suggest a fear of risk and a lack of exposure to different ways of thinking. How will you do when you finally do move into a completely different environment? What level of agility and versatility do you possess?

None of this is definitive of course; it’s not until we have a live conversation with a candidate that real understanding happens. But the way your story unfolds has an impact on how you are viewed and the opportunities made available to you (or not).

All of which means you need to be thoughtful about each step you take and how it contributes to your overall story and whatever end game you are considering. It’s never just about “the next job.”

A Well-Timed Move Has Huge Value

Even if you are doing great where you are, moving to a new company is an opportunity to demonstrate the impact you can have — with a new culture, new dynamics, new people — regardless of the specifics of a single organization or situation.

That’s big and it’s meaningful. It shows agility and portability, and learning an entirely new dynamic and way of working can significantly mature your leadership. It’s something we absolutely look for in identifying the best leaders.

If you’ve never moved, it’s much harder to judge.

You Can Run Out of Time

I spoke with someone last week who has been at his big pharma company for 12 years and is close to his next promotion. Leaving isn’t obvious given how many good things are happening in his current role. However, he hopes one day to be a CEO at a biotech.

I often meet candidates like this. Eventually, they get to the point where they want to make a change and move to something smaller and fast-moving — a place where they see themselves adding more value, having more fun, etc.

But it’s the rare person who can successfully move directlyfrom an entire career in large pharma into a small company CEO role in one step. It’s a huge paradigm shift. A better bet is to first build your knowledge of small company environments (ideally more than one — because no two are alike!) below the CEO role with a chance to learn, up close, the skill sets needed to be successful.

Naturally, all of that takes time. It always makes me sad when people tell me they waited too long and now don’t have enough moves left to achieve their goal.

Sometimes, It’s the Wrong Time

As I said earlier, each situation is different. But there are some common circumstances in which we advise candidates to not?make a move right now.

#1. Lots of missteps.

I met with a woman recently who had a strong, seven-year run in big pharma. She moved to a smaller company and after a year, most of what she had been promised was not happening (and none of it was fixable). Here, moving is not a problem; people make mistakes and there is actually value in experiencing a bad situation.

That said, too many missteps can hurt your reputation. People start to think you are not someone who sticks, even if you have perfectly good reasons.

#2 A leap too far.

Sometimes, an opportunity is presented that is just too big a step. In this case, the candidate is better off staying where they are — getting more experience, learning more things, gaining more perspective.

This can be hard to identify before the fact, of course, since a new role should feel like a stretch. It’s always a matter of degree. Just keep in mind that moving too quickly and failing badly can be a hit to your psyche that is hard to shake.

#3. Leaving for just one reason.

Whether you are leaving a company because of one big negative (e.g., you hate your boss), or considering a move to a new company for one big positive (e.g., there is a specific disease that you want to work on), keep in mind things can turn on a dime. That boss you hate can leave tomorrow and that drug you hope to be involved with can fail in trial and be shut down.

Few jobs are ever perfect. Make sure you are looking at the big picture: do you like your coworkers, does the company have money in the bank, is the role a good fit for you, etc.?

Don’t let one factor, whether positive or negative, drive your entire decision.

Think Strategically

Hopefully, your career will span decades. You want to think long term and strategically as you consider options and trade-offs.

Try to step back and consider which things are most important to you and which paths, over the long haul, are most likely to get you where you want to go.

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