If you’ve ever tried to make a career change in the past, you may already know that it can be a bit tricky! Personally, I’ve done a number of them—all in different job markets. The great news is that the current employment market could make a career change much easier now than in the past, and here’s why.
Pay rates are on the rise
With the talent shortage, employers in nearly all industries are offering higher pay rates for open jobs. When making a career change, one of the big challenges can be a massive pay cut. Because you’re going from a role in which you have expertise to one that’s new for you, you often take a step back on pay.
The current market likely can’t eliminate a decrease in pay, but it may minimize its severity. So, a career change that was not feasible in the past could suddenly be within reach!
Employers are having trouble finding their ideal candidate
When searching for a home, most buyers approach the process with their list of must-have items. Then, they start looking around at what’s out there. Oftentimes, buyers realize that maybe some of these must-haves are more of a wish list item. In any event, they start to focus on what’s really important and then compromise or let go of the other items.
Even though hiring is nothing like buying a house, this same theme occurs when candidate supply is tight. Employers find they aren’t getting the “perfect” candidate for their open job. So, they often regroup and become more flexible. Maybe they can’t find that ideal candidate. But then they meet with people who have the core requirements and transferrable skills with the ability to learn.
There may be more chances for on-the-job training
This sort of piggybacks on the last section. In this type of market, employers will sometimes decide they’re able to train the right person, depending on the role. So, for some lucky candidate, they’ll be able to take their boatload of potential and receive mentorship, allowing them to master a new job.
A couple caveats
The first is that not every situation lends itself well to on-the-job training. For example, roles that require very specific technical skills/knowledge (ex. Staff Accountant, insurance underwriter, etc.) tend not to be able to accommodate this. Also, some organizations simply don’t have the resources to create an internal training program. Consider an organization that’s small with an already fully extended team. There likely won’t be anyone who can set aside the time for such rigorous training.
If you’re not interested in a career change
It’s still a great time to look! Honestly, all the above concepts are a huge benefit to job seekers of all scenarios. In the current market, job seekers are well positioned to find a great new job or get that promotion they’ve been dreaming of.