Changing our job is a big decision, with many risks involved. However, there comes a point where it’s no longer an option. Whether it’s due to job burnout or a toxic work environment, staying in a poorly suited job causes undue mental and emotional damage. Here are some of the signs that you should start sending out your resume again:
This the biggest red flag of any career. If you feel ashamed of what you do, you could
be setting yourself up for serious mental or emotional consequences. It can also impede your ability to find success in your career.
Among Singaporeans, this often happens when you have a job that you feel is too far beneath your qualifications; or which you feel will earn the derision of family and friends.
For example, you may feel that – with your parents having paid so much for your degree
Now, we’re not going to pass judgement on whether that’s an accurate assessment. In truth, all work is respectable, as long as it’s honest work. However, it’s a simple fact that
As a rule of thumb, your monthly expenses should not amount to more than 30 per cent of your monthly income. If you cross this threshold, it either means that you are spending too much, or that your income is insufficient.
If you are barely keeping up with expenses, it’s important to do more than just save. There’s a limit to how much you can budget; beyond that, it’s up to you to try and earn more. This means making active attempts to find another job, with a higher income.
Keep in mind that, at some point in your life, you will have to work less, or stop working (we are not young forever). If your income is so low that you cannot save and invest for retirement, then your existing job may not be sustainable.
One advantage of being an employee is group insurance. Many good companies provide more extensive insurance coverage than you might have on your own.
For example, an employer might have hospitalisation insurance for employees, which cover up to Class A wards; or the company insurance may even cover the cost of ongoing treatment, such as physiotherapy.
While you should never depend solely on your company’s health insurance, you should also look beyond your paycheque. If two companies pay close to the same wages, but one has superior health benefits, it might make sense to switch.
One advantage of very big companies, such as multi-nationals, is that healthcare benefits are so extensive they even cover costs such as dental. This type of benefit is, of course, also common in the insurance industry itself.
Being in a job that stresses you out is not sustainable. It has been shown that high-stress jobs can lead to serious health complications, such as raising heart attack risks by as much as 23 per cent.
You may feel you can get by with coffee and five hours of sleep for now; but this causes increasing damage to your body, and can result in unaffordable medical conditions later.
Beyond the health issues, high-stress jobs can damage your relationship with family and friends. When you have no time for others, you will slowly erode your support network, and sour relations.
If the nine-to-five corporate grind is not for you, it may be time to consider a job with more flexible hours, and better work-life balance.
Important: Do seek support and help for mental health
Stress and anxiety can be caused by factors besides your job. In cases such as depression, quitting your job – and thus inviting new stresses into your life – might hinder rather than help. As such, please consult a qualified mental health professional, before taking drastic steps such as changing jobs.
Some jobs have an absolute ceiling: no matter how well you do them, there is a limit to how much you can make, or how far it can take you.
While we fully respect the qualities of a skilled delivery person, for example, it is a fact that you will never be paid $20,000 a month to just drive a delivery van. You might if you grow your skill set and own a fleet of delivery vans; but you cannot do it by just driving your one van – no matter how fast and reliable you are.
Income aside, some companies also have cultures and policies that make promotion improbable. For example, some bosses are less likely to reward skills with promotion: if you’re good at what you do, they want you to continue doing it – not join higher management. Your replacement is likely to be less competent; and why would they want to deal with that?
There’s no real way to negotiate or bargain your way out of these situations. When you’ve hit the ceiling, sometimes your only alternative is to find something new.
There is no way to completely exclude workplace politics from your job; and it may even be harmful to try and accomplish this. But while every workplace involves politics, it is to different degrees.
Office politics should not reach the extent where promotions or pay are based almost entirely on popularity contests. Likewise, it should not reach the stage where you need to spend hours picking over the words in an email, just because of the connotations. This will detract from your overall performance (assuming your performance still matters, and not just whether others like you).
It is also a simple truth that some of us are better equipped to navigate office politics. Those of us who are not, should consider jobs that are more independent; or perhaps even self-employment.
A sunset industry is one that is being disrupted by a newer, more efficient business model; or one that is so saturated the profit margins are limited. For example, DVD rental stores, or record shops, are gradually being replaced by streaming services; and most would consider these to be sunset industries.
A potential danger is that you may end up with skills only relevant to a sunset industry; and this may in turn render you obsolete as well. While it’s sad to leave a job that you know so well, the practical reality may not allow you to do otherwise. It may be time to step outside your comfort zone, and discover new things that you’re good at.
It’s important not to wait until your employer closes its doors -by that point it may be too late, and you may end up with a late start in the new job environment.
Many Singaporeans have made successful career switches, especially in this time of Covid-19.
At Exodus Capital, we provide fresh opportunities and mentorship, for those looking to join the finance industry. Whether you seek better work-life balance, higher potential income, or a more supportive environment, reach out to us today.
