Thousands of Singaporeans are tired of being called in on weekends, doing the same menial tasks for years, or just giving up family time to build someone else’s business. Despite this, most are unwilling to quit their jobs. The reason, of course, is financial security – but what if you could start changing your job for something better, in a safe and steady way?
What stops most people from changing their job? The first common reason is to think purely in terms of existing background.
For example, if you have always worked in retail, you may think your job prospects are confined to retail stores; or if your background is in education, you may think your best career options must be in education.
However, this sort of thinking can place unnecessary limits on yourself. Consider that billionaire James Dyson, famous for inventing appliances and buying a $47 million penthouse in Singapore, has no engineering degree; he was an arts student. The late Steve Jobs never designed anything as a hardware engineer, and didn’t know much about software. Richard Branson of Virgin dropped out of school as a teenager, and his businesses run the gamut, from music to airlines.
If you were to talk to many CEOs, innovators, and people at the top of their field, you may be surprised to discover many are in industries that had little to do with their original education or background. Once you free yourself from this limiting belief – that you can only succeed in what your “background allows”, you can take on a growth mindset that leads to better jobs.
Accompany the change in mindset with some practical steps
● Clarify why you want to leave
● Quit the old job, but do it slowly
● Shadow others in your new industry, if possible
● Make financial plans for the move
● Try to bring your network with you
Think hard about why you want to change jobs, and write down the reasons. It’s best to narrow this down to two or three main points, such as:
● No long-term prospects (e.g., stagnant income)
● Weak job security, you’re easily replaced
● Poor work-life balance
It’s important to stay reminded of this, to break existing patterns. Otherwise you risk wandering into a very similar job, and winding up with very similar problems. Whenever you’re considering a new job, always look back on the reasons you left the old one.
You don’t have to quit on the spot, and march out the office tomorrow. If you feel you absolutely must do this (e.g., you’re in a toxic work environment), then all power to you. But otherwise, do your level best not to quit “on the spot”. In the weeks or months leading up to your departure, slowly put out feelers for new employers. Send out your CV, or talk to friends and relatives about various job options.
In an ideal scenario, you would already have gone for a few interviews, and gotten job offers before you send a resignation letter. This can ensure a smooth transition, without any unpaid months in between. The other reason to do this is to leave your existing job with grace. If you can inform your current employer beforehand, you may have time to do a proper handover; including training your replacement.
If you leave on good terms and don’t burn bridges, your old employer might be a useful part of your network later. For example, if you ever become self-employed, or get a sales job, your former employer might be a future client. So as far as possible, try to leave on a good note; don’t leave your old boss in a ditch by quitting unexpectedly.
For certain types of businesses, you may be able to shadow an existing professional. This is quite common among the self-employed, or those in sales and creative lines.
Digital artists, photographers, financial advisors, etc., may have no issues with you shadowing them for a day, to get a sense of what their job is like (just be careful not to get in the way!) It’s good to do this where possible, so you understand what you’re getting into. It’s a chance to note details like the amount of travel involved, daily business expenses, and what the hours are like.
If you have little or no savings, you are in a difficult position – financial issues can force you to stay with a job, even one where you’re burned out, or unable to find your true calling.
Try to set aside part of your monthly pay cheque into a savings fund. Ideally, you should try to set aside three to six months of your expenses, to deal with emergencies. This is also useful if you’re planning a job change – your savings can tide you over while you’re looking for new employment, or periods of retraining.
Bear in mind that, if your savings are limited, you may be forced to take the next job that comes along; even if you don’t like it. This would defeat the purpose of trying to move to a better job.
Don’t discard your existing network of colleagues and associates; even clients of your existing employer. If you can maintain good relations, do let them know where you’re going, and what you’ll be up to. If possible, catch up with them every few months – this can be as simple as a friendly text, or a catch-up in a cafe. You never know when a past connection can benefit your current job.
Your past colleagues and associates can also be a good source of references. Remember your previous boss is not the only person you can use as a reference, when the hiring manager calls.
If you’re ready to switch to a better job, we’re ready to help you out. If you need help with financial planning for a job change, we’re always on hand to help. The sooner you grow your savings, the better your odds of finding new opportunities elsewhere.
Exodus Capital also nurtures new entrants to the finance industry, of all ages and from all walks of life.
Drop us a note to get in touch, and for a consultation on how best to advance your career in financial planning.
