Great Resignation can be an opportunity to transition to a new career
[ad_1]
Getty Images| Getty Images
When the Covid-19 pandemic first erupted last year, Janel Abrahami quit a job she had been in for less than a year — without anything else lined up.
This move can sound risky to many.
Abrahami, who lives near New York, was left to search for a full-time position in the “bleakest employment market in a century” after her decision. She didn’t regret it.
Abrahami explained, “There weren’t one day I woke awake during that time that I thought, “Gosh. I wish that I was opening up my laptop to log in to that job right now.”
Abrahami utilized the leave to start a new career as an independent career coach. She said many of her clients feel the same as she did and want more in their lives.
Covid-19 was a pandemic that struck in the United States. Many of those workers, who managed to stay employed, were given the task of working remotely and addressing complicated issues like homeschooling, child care, and other health threats.
Many employees were left questioning if there was another way.
This has led to the Great Resignation in which many American workers have given up on full-time work, sometimes without knowing what their next step is.
The August quits rate showed that 4.3 Million workers had left their job in August according to U.S. Bureau of Labor Statistics. It is a new record since December 2000.
It has been a roaring return to the job market, with 531,000 additional jobs created in October. This is a historic low.
Now employees have more control.
Ted Jenkin (CEO and co-founder of Oxygen Financial, Atlanta) said that it would take time before the market becomes an employer’s marketplace again. It will eventually happen but it may take some time.
Many believe that even after market changes, new workplace norms are likely to prevail. Experts believe that career breaks in between jobs which were once stigmatized may still be the norm.
They say that professionals can use the time in between jobs to help them refocus and look for new career opportunities if they do it right.
Make a list of all your financial assets
Financial advisors stress the importance of being financially organized before you make such an important decision.
Jenkin stated, “You have to be able to predict how long you will need your cash reserves.”
Depending on what your next move is, the cash that you have may need to go further than you thought. Jenkin explained that you will need to have at least one year of cash reserve if you plan on quitting your job in order to open a business.
He said, “Businesses take twice the time to get cash flow,”
There are important steps that you must take before you leave your job.
People often don’t do an inventory of their lives and just jump on what makes them happy.
Roger Ma
Lifelaidout was founded by the founder
Jenkin advised that you make sure to complete your remaining doctor and dental appointments and calculate the cost of continuing your insurance.
He said that if you borrowed money on your 401k, you might have to repay it within 90 days.
Make sure you ask your company if they will compensate you for any time that is not being used.
Roger Ma CFP founder of Lifelaidout, and the author of “Work Your Life, Not Your Life: How To Balance Your Career And Personal Finances to Get what You Want”, said he’d advise clients to keep the risk of losing their jobs as low as possible.
Tevarak Phanduang/ EyeEm | EyeEm | Getty Images
Consider if you are able to leave your job or cut your hours.
Ma stated, “So the financial impact isn’t as severe.”
To identify the areas that are not working in your job, take a look at what is happening.
Next, interview people in the same career to determine if you can help them.
Ma stated that people often don’t do an inventory of their lives and just jump on what seems to make them happy.
“Do it correctly the first time”
Abrahami stated that there are no shortcuts to finding the right path forward, even if your job isn’t what you want. This she stresses with her clients who work with career coaches.
She said that deep reflection and thought are necessary. It is possible to find yourself in the same position in as little as six or twelve months.
Abrahami explained that if you are honest and do the right thing the first time, everything will go smoothly. The process will be difficult if you don’t do this step.
She said that it is important to find something each day to help you get ahead, even if your job doesn’t require it. Do a gut check before you decide on the next step.
You need to have growth opportunities that feel right for you. Abrahami explained that it’s an indication of enthusiasm to take on the position.
Ariane Hunter is a Career Coach at General Assembly. This school offers, amongst other things, Coding Boot Camps.
The school has students working in finance, technology, education, and health care.
It depends on what industry you are in and how long it takes, she explained. However, it takes much less time to find a new opportunity than it took a year ago.
Hunter stated, “We are seeing in the span of six to eight months or less that somebody can make a career switch.”
[ad_2]