Most people have considered another career at some point in their lives. Whether due to feeling unfulfilled in their current role, yearning for a dream job, or seeking something new, switching careers sounds very enticing. However, worry about potential loss of income can be a major deterrent. Iâve successfully changed industries three times without taking a pay cut. With 60% of job switchers last year experiencing an income increase, it is possible – and hereâs how you do it.
Do Your Research And Craft A New Story
Understanding the landscape of an industry is essential in changing careers. Attend networking events, classes, and other virtual and in-person gatherings. Tap into your current network and see if they know anyone in the field. Grab coffee and pick their brain â ask questions such as:
- These are the tasks I do in my current role â how could they transfer?
- How is success evaluated?
- What tasks and metrics do you focus on?
This not only provides insight into the industry, but also educates you on the vernacular of the industry. Being able to speak in terms that your future employer understands shows your applicability and value. Iâve encountered many scenarios where industries use different phrases for the same thing. Your current role could be called something else and demand a higher salary.
Once you know how to speak like an industry expert, itâs time to completely rewrite your story. The dreaded interview question of âtell me about yourselfâ needs to be answered in alignment with the new industry, not your old one.
Initially, I struggled to find the connection between tech consulting and my desired career of construction management. I then realized the process of building software mirrors the process of constructing a building. Both involve gathering requirements, designing a solution, and delivering the end-result. This gave me huge confidence and resonated strongly in my interviews.
Change Your Mindset
The biggest hurdle faced in changing careers is self-doubt. Itâs hard to feel valuable when you lack specific experience. However, shifting your mindset is critical for increasing your future salary. You possess skills and insights that no one at your future company will have. According to a recent study, 68% of C-level executives believe their organization has a skills gap. Companies value your cross-industry knowledge. Change the mindset of âI donât have experienceâ to âI have a wealth of transferable skills and ideas.â
Write down motivational reminders on post-its and in the notes app on your phone and read it right before an interview. Soon, you will feel valuable enough to command a high compensation.
Negotiate In Chunks
You secured a job offer â congratulations! Now the fun part â negotiating. Regardless of the offer, always have a compensation conversation. This provides insights into how a company values its employees.
In salary discussions, you should feel slightly uncomfortable with the ask, but donât show it. The goal is to find their upper limit. When I negotiated a salary 40% higher from the initial offer, I did this in stages. Have collaborative conversations with multiple asks in your back pocket. If they say no to a 15% increase, how about 10%? A sign-on bonus? How about coming in at a higher level necessitating a higher annual bonus? Only have one ask per conversation while consistently stating your usefulness to the company.
Donât be afraid to say no. Having many interviews lined up helps mitigate the fear of scarcity when changing careers. If a company isnât receptive to negotiating an offer, itâs a red flag. Set the stage in the beginning that you know your worth â a reputable business will value this.
Changing careers can feel unsettling, but your future paycheck doesnât have to be. Reworking your story, embodying a high-value mindset, and being a strong negotiator will yield a high salary. Companies seek employees that can expertly navigate ambiguous situations and provide innovative ideas. Transitioning careers enables you to have this talent.