Is Your Fear of Job Change Leading to Career Stagnation?
You put your career on hold for 5 years?
Of course you would not, after all, the average working life for most people is around 40 years, perhaps even less in the future due to hybrid work patterns and many workers claiming they want a truly balanced life.
Simply put, 5 years would be 12.5% of the average working life.
Another scary statistic is that if you miss the last 5 years of your high income career, the salary loss could average $750-1,000,000, while career ending packages today are $150-200,000.
What are we talking about here?
The reality for many working people is that they have not changed jobs or even given their careers a second thought since the beginning of 2020. The instability caused by COVID has caused them to stay where they are because they believe job security is the most important thing in these volatile times.
In addition, there is a growing reluctance in the market to even consider a career change, with figures indicating that more than 50% of workers say they will not move in 2023.
Assuming it takes most of 2024 to find the ideal job, that’s five years of lost career time, especially if the existing job has not changed significantly since 2020. Many people complain that they always work in the same role COVID with the only difference being that more performance is required for the same pay.
But wait, there’s more.
There has been much discussion about the syndromes that exist in the talent world, with many starting with the word “great.” Let us take a very overused category called “The Great Resignation”.
This is a phenomenon where workers leave their jobs without finding a new one, while thinking about their future, without the pressure to do so while employed. It may have happened in the United States, but it has not happened in our country, even though some experts claim it has. Aussies are far too conservative to take the risk of being unemployed for any period of time; they seek security. The current economic climate of low unemployment, lack of applicants and inflation should be an absolutely ideal time to consider career options. However, people are generally hesitant to consider changing employers.
Seriously, many of us have already lost 3 career years, add two more for indecision and hesitation and you are at 5 years!
So you are in a holding pattern while many opportunities are presented to you.
And if you wait for that time, many of your competitors will re-emerge in the career market, so there will be fewer opportunities.
We are already seeing a slowdown in hiring by employers as they rethink their business models and consider what they need to succeed without paying exorbitant salaries. The market is tightening, and it’s time to look at your options, if only to make sure you are in the right space.
Call us to discuss whether you are an employer or a potential candidate, because that’s what we do – pave the way for your career advancement based on sound advice and experience.
To find out more about opportunities across Australia, please call Peter Gleeson, Ian Stacy or Peter Tanner on (03) 9190 8904 or visit tannermenzies.net.au