Why job switch is Important

An actual analysis of

An actual analysis of #jobswitch and how it may benefit you

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It is common to see the older generation like our parents stay in jobs for years, decades, or even almost the entirety of their working lives. It’s easy for them to get comfortable in their jobs. They find a routine that works for them and stick to it. Why fix what isn’t broken, right?

However, this is different when it comes to the younger gen.

Job hopping has become a trend in recent years, especially among millennials and Gen Zs. And it’s no wonder why — changing jobs or even having a mid-career switch can lead to better changes, such as a bigger salary, new skills, and a whole new perspective.

Importance Of Changing Jobs Or Even A Career Switch

A job change or career switch can be a very scary thing.

It’s natural to feel comfortable in a role that you’ve been in for a while, even if it’s not the perfect fit. But sometimes, making a change is the best thing you can do for your career. After all, it is often said that change is the only constant in life.

Here are three reasons why switching jobs or careers is important:

Bigger salary increment

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A study by Pew Research Centre found that 60% of workers who changed employers from April 2021 to March 2022 saw an increase in their real earnings, despite a surge in the rate of inflation. In fact, the average is a 9.7% bump in their real wages as compared to the previous year.

This difference is largely due to both salary increases that come with switching employers and the workers’ increased skill set from learning new things at different companies. You can say it really does pay to change your jobs or switch careers.

Learn new skills

When you take on a new role, you are forced to step outside of your comfort zone and acquire a broader range of skills and knowledge. This helps you progress in your career by making you more valuable to your employer and opening the door to future opportunities.

With the rapid change in many industries, the old model of specialisation may no longer work as well for workers today. Instead, we’ll need both breadth and depth of knowledge as well as the ability to integrate multiple disciplines to solve complex problems.

If you’re feeling stagnant in your current role, a new job will also give you a chance to be challenged in different ways, stay motivated and engaged, and grow in your career.

Connect with new people

Other than having an increment and learning new skills, a job change or career switch will give you the opportunity to meet new people. They can provide advice, and mentorship, and also help you to stay abreast of industry trends and developments.

Building your professional network can even provide valuable opportunities for collaboration later on down the road. You never know when you might need a reference or a recommendation, so it’s always good to have a strong network of professionals to rely on. In fact, 50% to 80% of all jobs are filled through networking, according to research by Deloitte. So it’s really not about what you know, but who you know!

Downsides of A Job or Career Switch

While it may seem like changing jobs or switching careers is the best way to get ahead, there are also some disadvantages to consider.

Your new job or career switch might not be what you expect. Perhaps the hours are longer, the workload is heavier, or your colleagues and bosses are more demanding than you thought they would be. You may even have to start at the bottom again and work your way up if you were previously in a leadership position.

Not to mention, you will have to learn a new set of rules and procedures each time you change companies, which can be time-consuming and overwhelming.

Have Faith & Take The Leap For That Job Change Or Career Switch

Remember, your career is an important aspect of your life that can help you get started on your financial journey. So, if you’re feeling stuck in a rut, don’t be afraid to take the leap and switch jobs. It could be just what you need to jump-start your career.

However, we also understand that some individuals aren’t keen on climbing the corporate ladder. You may have found your ideal job and are comfortable with where you are. Nevertheless, it is still essential to upskill and stay relevant to prepare for both foreseen and unforeseen circumstances that may lose you your job. For example, we are fast approaching Industry 4.0, where automation powered by data will be able to perform everyday tasks. And who can forget COVID-19, where almost 200,000 were wiped out overnight in Singapore?

Living a successful life isn’t just about finding the right job, it’s also about making the most of every opportunity, pushing yourself to grow, and making a plan for the future that is fuelled by passion and purpose.