How To Make A Successful Mid-Career Pivot

Jaime Leverston is CEO Hut 8 Mining.

One of the most common topics I get asked about is my industry career change I made two years ago. With many companies laying off thousands of employees in the fourth quarter of this year, many professionals may be considering pivoting their careers.

Twenty years ago, when a manager at a large tech company casually asked me about my future plans, I didn’t hesitate to say “CEO.” He looked incredulous, but I was serious. Why don’t I strive for the best work? Now, after more than 20 years of his career in traditional technology companies, he has pivoted to a forefront role in emerging industries and is currently serving as his CEO of a publicly traded digital currency miner. increase. Like many established professionals, I decided to make this turn because I was ready for a series of new challenges and the excitement of learning new areas.

Traditionally, changing the industry has been a career move for young team members still seeking career direction. This is no longer the case. A career pivot into a new industry is also a concern for many mid-career and senior his leaders. With more career paths emerging for him over the years, a change of direction could make sense if you’re looking for new responsibilities and opportunities.

According to a 2019 survey of 662 full-time U.S. full-time workers, the average age of a career changer is 39. Interest in this kind of career transformation is growing globally. “Of those who retired in the last two years, only 35% of them found new jobs in the same industry,” he reports McKinsey. Here’s what I’ve learned about navigating this transition in moving to a new industry as an established professional.

Give yourself enough time.

How long it takes to get a new job depends on the level of the position and your strengths as a candidate, but it can take months to find a new role. If you are considering a full career move from the industry, plan to take more time and give yourself time to research your options and better understand how you can contribute to this new sector. Please give me.

Identify a suitable next industry.

When considering the type of industry to enter, it is helpful to start with a framework of whether an established industry or an emerging industry is right for you. Established industries can be more predictable and mature, while emerging industries are generally faster-moving and less defined. Each offers different study options and work styles.

From here, finding the best fit for this new industry starts with understanding what those industry leaders are worried about and what they are trying to solve. It starts with knowing Attend conferences, view job postings and announcements, and understand current pressure points and industry needs. Speak directly with industry leaders to find perspectives and front-line insights on key challenges and opportunities. This is how I learned that my unique half-tech/half-finance background would be a perfect fit to help the digital currency space, which is in the early stages of its lifecycle.

Conduct an audit of personal and professional experience.

Take care of yourself and your career as you would any company. Think about what you can contribute and what it takes to be successful.

Start by listing the skills and abilities you’ve acquired throughout your career, and use a broader lens than you’ve done in the past. Beyond industry and job specifics, what business, strategic or organizational challenges were solved, opportunities exploited, or successes offered? Your past experience solves current problems How can you contribute to the method? Sift through your attributes to find transferable influence points, expert profiles, skills and experience that interest your target industry. My experience with transformation and growth has become a throughline between my early career chapters and my new industry and company streams.

Consider how your journey and perspective will benefit your target industry and team as well. For me, I have found the current and targeted industries to be male-dominated. I made this reality change part of my unique offer.

Customize your story.

Moving into a new industry requires reworking career pitches and stories to reflect the issues and priorities of the sector leaders you want to work with. When you change industries, be prepared to share why you want to make the leap and how you anticipate making a positive impact.

Finally, don’t be afraid to use your rookie status as an asset. Fresh perspectives can bring important new perspectives, and as a result, companies no longer think they needed to fill vacant roles with talented profiles as they did in the past.

What is your network?

As much as I was prepared to receive an opportunity, all my roles came from my network, or others who connected openings to my abilities. This is true, especially in the technical field. Some estimates suggest that up to 85% of positions are filled through networking.

When you’re ready to consider a role, reach out to the network and let them know you’re considering opportunities outside your current industry. Share the details of your story so they can remember you when new opportunities arise.

Changing industries mid-career can be difficult and stressful, but very rewarding in the long run. A study by Steven Levitt, an economist at the University of Chicago, found that people who choose to change are more satisfied than those who don’t. Now that he’s two years old in his new role, I agree with that statement. These two years with him were more exciting and fun than I could have hoped for.

The Forbes Business Council is the premier growth and networking organization for business owners and leaders. am i eligible?

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