So many of the people I talk to about career advancement feel like they could really do more with their lives, but leaving their job would just be too much of a risk. Unfortunately, there is almost no such thing as a big career move that comes with zero risk; so many people end up staying put instead of moving their life to the next level.
Let’s use two imaginary employees to illustrate how to manage risk in career advancement.
Dick and Jane are both up for the same promotion to Director of Operations at their company. The job pays about $20K more that either Dick or Jane is earning today, but it is also a highly visible position in the company, and therefore comes with a significant pressure to perform. Success in the role would guarantee huge financial gains. Failure in the role, however, might lead to quick termination and certain financial loss.
- Dick looks at the opportunity and is terrified. Dick and his family have been living paycheck to paycheck and the thought of losing his job right after a big promotion is his worst nightmare. If he were unable to perform in the new role, he wouldn't be able to support his family and would be viewed as a failure. Dick knows that he couldn’t handle that kind of pressure and do the job well, so he takes himself out of consideration for the role.
- Jane looks at the opportunity differently. Jane and her family live modestly and have put away a few months worth of funds in case of an emergency. Jane can’t afford not to work and the thought of failing at this new role is scary. However, the $20K increase would mean a lot to her family’s future and the challenge of a new position would be exhilarating. Jane knows that the worst case scenario is that the job is a bad fit, in which case she could try to get her old job back or at the absolute worst get a job similar to it at a new company. Money for bills during a subsequent job search could be taken from the emergency fund if it came down to it. The best case scenario is that the job goes swimmingly and the $20K increase is just the tip of the iceberg. After weighing her options Jane believes the possible gain vastly outweighs the risk and fiercely pursues the position.
The key difference here? Jane has planned accordingly to take advantage of risk in her life. She expects and welcomes risk, knowing she has a safety net. Dick shies away from it because there will be nothing there to catch him if he falls. And as we've discussed before, worrying about your financial situation can only hinder your productivity at work. If Dick is so worried about his finances and his performance, what's really motivating him to perform?
Both Dick and Jane could be qualified for the job, but non-work life decisions might make it impossible for one of them. It’s a shame when poor planning get in the way of a talented employees future prospects, as both the individual and their company lose.
The key to a successful and balanced career isn’t avoiding risk, it’s understanding how to manage it and planning your life accordingly. It’s true that any new career opportunity comes with risk, but it’s possible to balance your life so that the risk isn’t nearly as scary.
Maybe it’s time to ask yourself if you have planned your life to lessen the impact of future risk. Or are you setting yourself up for failure before you even get started?
