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Employers are keener than ever to retain their best employees whilst attracting top talent. If you're considering a career change in 2023 or beyond, here are some important considerations we advise you to keep in mind.
ESSENTIAL CONSIDERATIONS
Do you believe in the leadership team?
You should consider this question about your immediate boss, not the CEO/CIO of the firm.
If the answer is yes – then this leadership team should be able to provide you with a platform for growth, helping to develop and evolve your career.
If the answer is no – this should be a sign to reach out to the team at One Ten for an informal initial chat.
Can you see progression in your current role?
One of the biggest challenges in a fund is providing non-investment staff with a platform where they feel they can progress in their career.
Funds often have flat structures and may not provide clear career paths, making it challenging to demonstrate progression. This is particularly true for non-investment roles, where career advancement may not be a top priority to some leaders.
Every couple of years, it is worth assessing if your career is progressing, and if you do not see that progression, it is worth reaching out for a confidential chat.
Salary/Compensation
Salary and compensation are the simplest elements to change when managing your career change.
However, while you may receive a higher salary or a sign-on bonus to help you make the move, it's unlikely that the premium will be worth it after a year or two in the role if you do not base your decision based on factors such as the leadership team and opportunities for advancement.
OTHER CONSIDERATIONS
Should I wait for my bonus before looking for a new role?
There is never a perfect time to seek a new role, and planning a career change based on the timing of a bonus is unlikely to line up perfectly.
New bonuses can be worked out with a potential new employer depending on the time of year and type of role you start.
What about work/life balance?
Workplace burnout is still very relevant in today’s world.
Leadership teams who prioritise work-life balance for employees can improve productivity, well-being, engagement and attract excellent talent. By setting clear boundaries and being open about flexibility while nurturing a culture of well-being, leadership contributes to the long-term success of its teams. It is crucial for your future to understand the fund's perspective on this as part of the interview process. All funds are different; clarity is important.
Work from home policy?
Funds are beginning to move staff back to a four- or five-day Office week, which has the potential to cause friction if not clearly communicated. Seeking to change professions to find a better work from home policy is now a misguided way of managing your career trajectory, as these policies are becoming rarer in the sector.
Do you feel the company communicates well?
Effective communication is crucial in business, keeping teams informed, building trust, and creating a positive working environment. Effective communication establishes a vision for the fund, sets goals, and creates a roadmap for success. This motivates employees to work towards a common goal, removing hierarchical tensions. Effective communication also helps leaders identify and address potential problems before they escalate. One way to gauge a fund's effectiveness in these areas is by networking with current or former employees and gaining insights from their experiences.
If you are considering a career change in 2023, please get in touch with One Ten Associates to book a consultation here: https://www.onetenassociates.com/contact.
