After working in the same profession for years, some employees might think about switching careers. But fearing the consequences of pursuing a different career path, some people might be hesitant to take the plunge.
While continuing in the same profession for years, they might have ignored some of their interests or given up on their aspirations.
A career change could be your opportunity to pursue a long-neglected aspiration. But it wouldn't be a cakewalk, and you are likely to face several unforeseen challenges. And it might take more hard work and preparations from your part than what was anticipated.
Only if you have a clear understanding about the challenges ahead and the required preparations, you would be able to switch careers and succeed in your new profession.
Consider these factors before taking a decision:
Additional education, training
Only while trying to change the job, you might realise that higher qualifications are needed for it. New training courses would also have to be completed to make a mark for yourself in the new job. Sometimes, an additional degree would have to be earned. There are also situations that seek post-graduation or fellowship or even a doctorate.
At other times, specific work experience would be required. You might even have to gain experience as an apprentice or trainee. Some companies bear the expenses for the additional educational qualifications or experience. They might also take the initiative and provide opportunities to acquire educational qualification and training. All these would vary depending on the circumstances and the chosen field.
Concerns about the loss of income
While switching careers during midlife, the biggest concern would be losing out on the existing income. Many people would have families, having to support several members. If the income stops or reduces, not only the individual but the entire family would have to suffer the consequences.
In order to acquire new educational qualifications and additional experience, more money would also have to be spent. This too would prove to be a threat to financial security.
While joining a new job, you might start in a position relatively junior to your previous role and this might be seen as an inferior profile. One would have to overcome the psychological difficulties due to this.
New firms could also significantly cut down on the salary during the initial phase. Authorities would be planning to increase the wages only after the employee proves his/her mettle.
Only those who can continue without any complaints even while taking care of all expenses would be able to hold on to the job.
Boosts confidence
All career changes during middle age cannot be termed as an adverse move. Several job changes boost the individual's confidence and belief in one's own skills and abilities. Reduced stress would also help in improving mental health. In most cases, the income could be more than the previous job. Some people have also said that they get to spend more time with their families, thus improving the ties with the dear and near ones.
Sometimes, a new job might feel like an extension of a hobby. Only in such situations, can one truly enjoy the new career path. This improves the physical and mental well-being of individuals, turning them into confident and energetic people. They might even think that they should have switched careers much earlier.
Retirement funds
Investing in retirement funds after proper planning would also help in facing any career change with confidence. The fear that there would not be any income once you retire haunts several people. While joining a new firm, some might allow employees to continue with the existing plan. But there could also be situations when this is not allowed or they might have to join a new plan.
It would be ideal to think of a career change only after considering these factors with the help of an expert on retirement plans.