Have you recently faced a layoff, or are you considering a career change? Re-entering the job market can feel overwhelming, especially later in your career, whether it’s by choice or circumstance. But here’s the silver lining: This transition is the perfect chance to hit the reset button and align your career with what truly excites and motivates you, setting you on a path toward your long-term life goals.
JNBA® Financial Advisors recently hosted a panel discussion featuring Elise Huston and Nick Scheibel, both Senior Advisors at JNBA, and Paul Beard, Co-Founder of SkyWater Search Partners, an executive recruiting firm in Minneapolis. Moderated by host Kim Insley, the 60-minute discussion was packed with expert advice regarding this transitional period, covering everything from analyzing the current job market conditions to the role of recruiters, from building your support systems and teams to important financial considerations.
Here are six key takeaways for how to make a career change successfully:
If you lose your job, don’t panic.
“Don’t liquidate your retirement account. Don’t sell your car. Don’t put your house on the market,” advises JNBA’s Nick Scheibel. You’ll likely have at least a little bit of time to take a breath, step back, and look at your situation and options for moving forward.
Build a budget.
Look at your discretionary and nondiscretionary expenses, Scheibel suggests. Create a plan and determine whether you have the resources to carry you through your job search.
Identify the people you are going to lean on in your career transition.
Shoring up your personal support system is tremendously important. Professional partners like financial advisors, attorneys, and CPAs can help you reset your goals and make a plan to move forward.
Reflect on what you really want.
What does your ideal future look like? Do you want to take time off before starting your next job? Do you want to work less? Or possibly shift to contract work? How do you find purpose in a world where you’re not working in that same role?
Know what to do when looking for a job.
When it comes to the job hunt itself, we know that 95% of job placements that executive search firms make are with candidates they find on LinkedIn. Paul Beard from SkyWater Search Partners recommends that everyone—no matter if they’re job hunting or not—should make sure they have a strong LinkedIn profile. “It’s an incredible tool,” he says.
Networking helps when finding a job.
As a whole, the executive search industry places fewer than 10% of the job openings out there. Many positions are filled because the hiring manager receives a candidate referral from a trusted source.
Learn More About How to Make a Career Change
To watch the discussion replay, click here. And, if you are interested in talking to a JNBA team member about financial considerations during a career transition, please contact us to schedule a no-obligation complimentary consultation.
Please see important disclosure information at jnba.com/disclosure
