NEW YEAR - SAME CAREER?
What is it that, in the weeks leading up to January 1st specifically, makes people feel the need to better themselves or make a new career move? There are certainly seasonal pressures around this subject (with nearly all media outlets issuing some form of new year change content), but are there deeper rooted reasons behind this phenomenon - and should you take notice?
In the following we are going to look at the reasons you both should and shouldn’t make a 2018 career change; as-well-as discussing next steps and how you can increase your appeal to potential employers.
Reasons For
The number one reason people start looking for new jobs in January is happiness. Or, more to the point, lack of long-term happiness in their work environment. However, how we qualify happiness varies dramatically between individuals, depending on their personal ‘drives’ and ambitions. A few examples of this include;
Money: the want to earn what you’re worth, and then achieve more.
Progression: the want to always be moving along a career path, not stagnating.
Respect: the want to take on senior roles, or be perceived as important/influential.
Educational: the want to always be learning and bettering one’s self.
Culture: the want to find belonging and fit within a business.
Self Esteem: the want to be professionally accomplished.
Balance: the want to achieve a healthy work/life balance.
Quite simply, if for any reason you’re suffering long-term unhappiness due to your working conditions, then you absolutely should be considering new opportunities. HSE report that in 2016/17 there were 526,000 workers in Great Britain suffering from work-related stress, depression or anxiety [1] - and the NHS’s advice is to take control and be empowered [2].
(If you’re a Hiring Manager or responsible for onboarding, you may want to take a look at our recent article on employee benefits; which discusses ways to combat employee happiness and engage with top-tier FinTech talent).
So apart from personal or emotional reasons, what other reasons do people have to look at new opportunities in January
Investment banks and financial institutions are waiting for you; or at least, their hiring teams are. January is the traditional and most publicised time of year for changing jobs, and employers know that if they want to secure the niche FinTech skillsets, now is the time to do it.
On top of this, January for most financial institutions also means new budgets, granting people responsible for onboarding more flexibility and the ability to approach new candidates - even on occasion offering preferable benefits or salary packages.
[QUICK FACT - the tradition of making a new year resolution dates back to 153 B.C., and is based on the Roman god Janus who’s two faces would look back to the past and forward to the future.]
Reasons Against
Clearly there a variety of valid reasons to make a new year change - whether personally driven, or simply because of good timing; however flipping the coin, what reasons would make leaving now a terrible idea?
Effect on CV and hire-ability:
Before looking at a career change, consider how your work history would look to a new employer? For example: If you’ve only been with your current employer for a few months, a change now could negatively impact how interviewers perceive your commitment levels.
Career progression:
If you’ve spent the last few years following a logical career path, it’s important to carefully consider stepping off. The grass isn’t always greener and a badly timed or poorly thought-out job change (particularly if emotionally driven) can have damaging long-term implications.
Boredom:
A job change based on boredom can be valid, however only if you dig into the real reasons for this issue. Simply taking up a similar role with another company, even if better paid, won’t overcome this problem - which will likely surface again quickly.
Stability & Security:
If you are currently employed then the chances are, your income and lifestyle are pretty secure. Changing job can disrupt this status quo, altering your financial status, commute, time with family etc. Should you be at a stage in life when stability and security are vital (new child, saving for a mortgage, so-on) then is now really the time to risk this?
Bonus:
Are you due a bonus from 2017? If so, then handing in your notice before you receive it is likely going to result in you losing it. You need to think about the financial implications of making a move now. Although clearly, this has to be weighed up against the opportunity being presented.
“I’m gonna make a change, for once in my life. It’s gonna feel real good, gonna make a difference, gonna make it right”
- Michael Jackson
So with an almost equal split between for and against, what next steps should you take?
Start by auditing your current personal situation. Can you afford for your income to be disrupted? Can you risk the deviating from your current career ladder? What are the REAL reasons you dislike your current employer? It sounds obvious, but writing a simple pro’s and con’s list can be the best first step, and could prevent you from making a decision you later regret.
Decided to take the plunge?
You’ve weighed it up and come to the conclusion that this January you are going to find a new FinTech job. What next?
Before you jump onto the job boards or start interacting with recruiters, ask yourself what your ‘dream job’ looks like. Don’t just consider the immediate future, look further ahead - what do you want to be doing in 2, 5, 10 years time?
Your dream job may not be immediately available, but knowing where you’ve come from and where you want to be going will help you define your next steps. Alongside what you want to be doing, think about WHERE you want to be working; perhaps reaching out to friends or industry professionals to better understand the market. LinkedIn is a particularly powerful tool for this.
At this point, turn your sights away from the ‘what ifs’ of future ambition and look back at yourself. Start by completing a skills audit and a review of your digital presence. What skills/experience do and don’t you have which relate to your dream job? Are you professionally positioned online - or is that stag do photo going to hinder your chances of gaining employment?
Can I Apply Now?
You’re all set - planned out with a firm career strategy and personal promotional material you’re proud of; but should you be applying for jobs now?
While some people are off-put by the festive season, it’s important to remember that if jobs are available then there’s someone, somewhere, waiting on quality candidates to interview. Whilst many people will wait until the first working days of 2018 to apply, in reality, most recruiters or hiring managers will monitor applications even through the Christmas/new year period.
At Caspian One, while our offices close over the festive break our recruiters do still interact with and support, applicants, and candidates - during what is often our busiest time of the year.
We work primarily with financial institutions, investment banks and technology leaders, supporting their permanent and contract hiring requirements; sourcing skilled professionals for niche roles through our established candidate network.
60% of our team have been employed by Caspian One for over 3 years, with each individual managing recruitment for specific verticals - meaning recruiters can focus-in and support individual technologies to a high standard.
Merry Christmas & Happy New Year from everyone at Caspian One!
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