The jury is still out on whether I’m brilliant or absolutely batty. In a period of unprecedented economic uncertainty, when layoffs and rising unemployment figures dominate the headlines, when all others are flocking to security, I find myself leaving a relatively stable public sector job to go in-house for a local company. And not just any company, either- a tech company. Sweet mother of pearl, what in the world am I thinking?!?
Common sense and the preponderance of personal finance bloggers will tell you that the best career strategy in 2009 is to stay put and focus on keeping your job while others are losing theirs. It’s solid advice, and it’s only by happenstance that I didn’t write a smug post entitled “Now Is Not the Time to Job Shop” prior to getting this offer. So why on earth would I make a move like this?
Opportunity knocking, making hay, and other silly metaphors
The simple reason is that this position is a huge opportunity, both in terms of career development and personal satisfaction. It’s a position that will be a significant step up and will offer me responsibilities and challenges that very few lawyers at my level could hope to enjoy. It’s also just the type of job that I have been seeking out for some time and had largely abandoned hope of actually finding. If this opportunity had presented itself at any other time in the past few years, I would have leaped at it without as much as a second thought. Even so, in the current economic climate I struggled with the decision. In times of uncertainty the desire to cling to all things stable and secure is strong. However, this security can come at the cost of missed opportunities. While wild abandon may not be particularly wise, neither is unrelenting caution.
Weighing the risks and rewards
Any change in careers requires careful thought and objective examination, but even more so during a recession. It’s important to look at not just the immediate rewards, such as better benefits or a pay raise, but at the mid- to long-term impacts of the move, as well as the overall stability of the new employer. Don’t be afraid to ask to see balance sheets to assess the company’s cash flow, and satisfy yourself that the company has a solid plan in place to address economic challenges and a prolonged downturn in the economy. It’s also important to view your alternative options and backup plans in case the new move doesn’t work out. The job market is increasingly competitive- what are your prospects if things don’t go as planned?
Ultimately, I’ve satisfied myself that the potential risks associated with my move are outweighed by the potential rewards, both in terms of short term benefits and long term career advancement. If this economy eats me alive, I plan to go out swinging like a Viking with one of those cool double bladed axes, not like some scared little boy cowering in the closet because he’s afraid of what’s outside.
Why you need a safety net
This move has reminded me of the importance of having a safety net in place, as well as what the notion of financial independence is all about. I recognize that this move involves some risk, but I’m not losing too much sleep over it because I know that I’m secure enough to weather the worst case scenario. We’ve built up a nice emergency fund that could allow us to meet all our expenses for quite some time in the event of unemployment, and we’ve worked hard to pay down our debts so that we’ll be in an okay position if our income decreases. Financial security and independence isn’t about accumulation and wealth, nor is it about being able to afford the nicest things and life in the lap of luxury. It’s about having the freedom to make decisions based on what you want to do, not what you have to do. More importantly, it’s about sleeping well knowing that everything is going to be alright, even if everything doesn’t go as you had planned. That is true financial freedom.
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{ 4 comments… read them below or add one }
Well said. I’m a big believer in doing what you enjoy. Good luck in the new endeavour.
I think you’re making a great move.
There’s no point in staying in a job if you don’t love it.
Anyways, I’ve heard from some headhunters that they are still having a tough time finding good people.
Great employees will always be in demand, regardless of the economy.
Congrats on the new job!
It’s easy to get caught up with broader issues and forget that your individual circumstances may vary. If the move makes sense for you, it really shouldn’t matter what the broader economic scene is like, provided you’ve got a decent backup plan in place (which you should have regardless).
WOW…I’m so glad I read this article because I’m in the same exact position. I was contacted about a Mangers position making an additional $45K/yr, and I’ve been hesitant about returning the call. After reading this article, I have set the interview for next week. I have a motto that I try to live by; if you are scared get a dog. I have 17 years experience, BS degree from a reputable university, and the highest certification in my chosen field. Thanks for your encouragement…