John Pierce is Head of Business Development at Cetera Financial Group, driving Cetera's financial professional recruiting strategy.
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As we enter the new year, many of us are feeling as if we are repeating 2020 and 2021 all over again. As we reflect back on the past two years, we have learned how to adapt, pivot and evolve. If you’re considering changing companies in 2022, here are five factors to consider before jumping ship.
1. Ask yourself: Is the grass really greener?
Before you jump to a new role at a new firm, take a long breath and stop before you jump. In the war for talent, competitors will say just about anything to help make a move. Before you consider such a move, create a T-chart on the positives of your current role and firm compared to the gaps or negatives of your current job and firm. Really contemplate your work and consider each point from the context of aiding your long-term dreams and aspirations. If you realize you have not considered your future dreams and aspirations, do a second journaling project. Envision yourself 10 years down the road living your dream life and write down your top three aspirations for your future self. Now, compare your T-chart to your dream chart.
2. Can you change anything about your current role?
Now that you have considered whether the grass is greener, take one more step before you jump. Contemplate what you would change to optimize your current role and help your firm to prosper. Create a working document and present it to your leadership team to get fact-based feedback on your ideas. This extra step will create a construct to allow you to see if your firm will listen to you and evolve to retain you. With these first two steps complete, you have created a foundation to make a more informed decision about moving to a new firm.
3. Do your research.
If you're making the decision to in fact change companies, I suggest you keep these two core concepts in mind:
The first is quality over quantity. There is a demand for talent, so as you start your new role search do not apply to every open role, do not apply to multiple roles at the same company and, if you are in the financial services industry, kick the right tires, but not every tire. For example, if you want to become more independent since Covid-19 has proven you don’t need to support bloated overhead at a reduced payout, don’t pursue W-2 options because the transition check is larger. Consider searching for the most stable firms that will provide the legal and regulatory oversight to protect you while also providing growth initiatives to increase your enterprise value.
The second is to see if other firms walk the walk. Using the financial services industry as an example again, during the pandemic many firms promised every conceivable solution to help, but often these were empty words and position papers. Study, investigate and interview peers at competitor firms to see who executed versus who simply talked.
4. Focus on the long term.
Don’t jump to your next firm for short-term issues. Find a firm that will help you grow and achieve your career aspirations. Too many individuals job-hop at the end of every contract or when they see the next piece of cheese. Think long term. Job-hopping creates a Swiss cheese-like résumé, because at some point down the road you may have a dilemma when you want to move again. The hiring firm may think, “Why should I invest in training and developing you when you have shown no loyalty in the past?” I have coached my friends to stick out a role until they find their last role, instead of creating a swiss-cheese resume that could potentially harm your chances in your peak earning years.
5. Act.
While some people may be more prone to jumping ship too soon, others may hold off, resulting in inaction. If you have properly executed the above four resolutions, it is time to act. In my experience, there are many professionals who simply do not act after they have received an offer. You need to overcome your fear of a move and have confidence in your prior due diligence. Trust your work and your intuition. Make a move if the grass is greener and embark on your next growth venture.
Welcome to the ever-changing landscape of 2022. Sit down and journal all your work, and then contemplate that work. Your next job may lead to the halcyon days of your career helping you, your family and your team. Your future is incredibly bright — seize your future.
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