Yahoo Finance I Never Left My First Job: 5 Regrets Now That I’m Retired
Although sticking with the same job or employer for decades creates a sense of stability and security, it often comes at a cost.
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If you’re weighing the possibility of a job or career change but aren’t sure, consider these regrets experienced by those who stayed with the same company for their entire careers.
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1. Stalled Career and Income Growth
Jill Chapman, director of early talent programs with HR firm Insperity, has worked with countless clients at each stage of their careers. “You may encounter fewer growth opportunities. Depending on your organization’s size, you may encounter limits on the roles you can take on within your employer.”
That doesn’t always mean you leave without pressing your company about upward opportunities, and it may be worth it to talk with your manager or other leadership about creating a new role. This new position and responsibility may come with an increased salary, which is helpful if your compensation growth has stalled.
“One avenue to grow your compensation without leaving is to negotiate with your employer for additional compensation, which can be an especially successful approach if you have a competing job offer,” she advised.
Executive coach Bill Catlette with Contented Cow Partners pointed out that it wasn’t always this way. “Somewhere in the mid-1980’s, we took a right-hand turn toward a less relational and much more contractual construct. The perceived need for loyalty was diminished, both ways. If you want something more, you need to either negotiate for it or change jobs.”
2. Limited Network
Staying at the same job can leave you with a small professional circle and network.
“My clients who have worked for a single organization for their entire careers regret getting too comfortable, which led to a limited network and perspective,” said career coach and speaker Michelle Enjoli. “They miss out on building relationships outside of their organization, which is often deprioritized due to a lack of time or exposure.”
That’s a far greater danger today than it was in years past. “Comfort in a career is no longer an option due to the ever-changing business environment professionals face today. Networking, upskilling and building a valuable personal brand should become a priority, ” offered Enjoli.
3. Limited Upskilling
In a world where technology, businesses, and entire industries change rapidly, you can quickly lose relevance if you fail to keep up. “The mantra of business is no longer that the big eat the small,” observed Catlette. “Rather, it’s that the fast eat the slow.
“Those who stay put today generally trade some added measure of stability for lesser income growth. That said, if they’re not learning, and replenishing their own skillset, they are incurring significant risk, should the need arise to enter the job market.”
Enjoli drives this point home among her coaching clients. “I train my clients to look at career development through an entrepreneurial lens. They own an important business, their personal brand. And like an entrepreneur who is responsible for the sales, marketing and evolution of a product or service to remain successful, a professional should do the same with their personal brand.”
4. Lack of Personal Growth
Before founding Touchdown Money, Scott Lieberman worked in human resources for over a decade. “People who have only worked for one company their entire working life often have regrets. Most of it stems from knowing they may have missed great opportunities which might have given them more challenges, higher salaries, and benefits.
“Many people who stay at the same job become stagnant when they have risen as far as they can within their company and career. Without a reason to grow and learn new skills, they become unfulfilled in their jobs.”
The same need for security that drives many workers to stay at the same company can add career risk.
According to Lieberman, “People who have lost their jobs through downsizing or being laid off and have worked for years at the same organization find that they have more difficulty obtaining a new job. A resume showing that they worked for years at the same organization indicates to many HR departments that the applicant has not tried to take advantage of other opportunities, advancement of learning new skills to improve their career.”
5. Limited Perspective
If you work for one organization your entire life, you only look at the working world through that lens.
“Organizations evolve over time, but each organization offers its own unique perspective,” explained Chapman. “When you work for the same employer your whole career, you may need to actively seek out different ways of thinking in order to grow. However, you can always introduce innovative ways of thinking without leaving your current employer.”
Advice for the Future
Chapman offered advice for those who worry it’s too late to try something new.
“Even late into your career, it is still possible to transition. However, your strategy could look different depending on how many years you expect to remain in the workforce. If you plan to work at least a decade after career transitioning, then it may be worthwhile to return to school for a new degree. On the other hand, if you foresee retiring within the next five years, it may not be a good use of time or money to advance your education.
“In any case, mid- to late-career transitioners will see the best results when they emphasize their transferable skills. Soft skills can especially help late career transitioners to stand out in the labor market. While soft skills are sometimes discounted, they remain critical to successful business operations. Late career transitioners have typically developed strong communication, leadership and collaboration skills, which they will bring to their next job.”
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