Career Advancement in Challenging Markets

Career advancement is among the key things that people look at when they transition into a new position. To many people, they find it as rewarding as the financial benefits that comes with a new job. Wouldn’t it be better to be in a job that provides you with as many opportunities to hone your existing skill and discover new ones?

Statistics can definitely agree to that. According to Career Companion, 76 percent of employees look for career growth opportunities. The same report reveals that 74 percent believe they are missing out on opportunities to reach their full potential. If you think you’re part of the unhappy statistics, then it might be worth it to look for better roles.

One of the challenges can be to shift careers in a competitive market. So, how can you succeed? Are there open opportunities? More importantly, is this the right time for a career change?

What is the Current Status of the Market Today? 

The COVID-19 pandemic has affected a large fraction of businesses around the world. And its economic repercussions are expected to stretch out even after the world finds a cure. Some industries such as travel, leisure, and oil & gas drilling are heavily impacted by the outbreak. Others, such as insurance, healthcare, financial technology, and data show a promising future.

The Procurement and Supply Chain Management professions, while immensely strained by the situation, are expected to adjust in time. Amitava Sengupta explained in his article on Enterpreneur.com that COVID will accelerate digital transformations in the procurement and supply sectors. As an effect, new career opportunities will be available for those who would like to grow even more in this business.

Shifting to a New Career

Advancing one’s career is not necessarily easy, most especially if you are transitioning to a new role within your organisation or in another company. But, in many cases, the rewards outweigh the risks. To help you make a decision, here’s the list of the most common push and pull factors that you need to consider:

• Availability of flexible work options – Remote working has been around even before the pandemic struck. It is practised by a lot of multi-national companies around the world to promote diversity, tap into international talents, and sometimes, save money.

• Less stress and workload – Unreasonable workload and stress are two of the most common reasons why people quit their job. Both factors can lead to burnout, which ultimately causes decreased productivity and efficiency. When considering to take on a new role, consider whether you’re fine with the workload and responsibilities.

• Recognition and appreciation for one’s work and efforts – Employee recognition should always be included in a company’s management strategy. It helps bolster confidence in the workplace and encourage employees to deliver even more value.

• Change in personal circumstances – Personal circumstances may change from to time. For example, you might be looking to switch careers because you need to relocate to another city. You might also be considering other factors such as your health and work availability.

• Changes in personal goals and interests – A large fraction of workers today want to change careers because they no longer have the same goals and interests as they had before. If this sounds like you, then it may be time to look for vacancies that align with want you want to achieve in your life.

• Poor job outlook – Due to the COVID-19 pandemic, a lot of companies have filed for bankruptcy. Others are on a temporary standstill, waiting for their government to restart the economy. These situations turn employees wary of their job stability. When the job outlook turns awry, it would be wise to look for vacancies in another company or industry.

• Impact on one’s finances – When shifting to a whole new role, it’s highly recommended to consider your finances. Can your new job pay off the bills? Will it put a strain on your life savings? How will it affect your finances in the future?

• Making adjustments or starting over – The last factor you need to consider before changing career is the amount of work needed to start over. How much adjustment do you need to become efficient? What skills and proficiencies are required for the position? Do you need to undergo training? Where will you get training?

What to Look for when Finding a New Career to Pursue

Shifting to a new career, especially during these trying times, will require a lot of work and sometimes compromises. Hence, when narrowing down your options, you should take a look at some aspects:

• Chance to make an impact – Think Parallax explains that when a company provides a clear purpose, employees have a higher sense of fulfilment. When you look for a company to work with, choose one that has strong corporate values, a clear purpose, and a healthy work culture. You should also pick one that will enable you to leave a lasting impression, especially in your industry.
  

• Stepping up responsibilities – During your interview, ask about career advancement opportunities in the company. Look into the roles and responsibilities that come with the position you are applying for. This will help you gauge whether they are indeed a good fit for you. It will also show your sincere interest to work long-term for the company.

• Money and other incentives – Besides checking the base salary, look into the rest of the compensation package. Paid leaves, bonuses, equity, insurance, and retirement contribution should all be negotiated and considered before you sign the contract.

• Work-life balance – The last thing you want is to get stuck in a job that drains the life out of you. Find one that allows you to strike a balance between life and work. Ask about the regular work hours. How many hours do their employees spend on overtime work? Do they require their staff to work during the weekends or evenings?

Why Choose to Advance your Career Now?

It can be intimidating and overwhelming to find a new career to pursue. But, it does offer a great chance to discover unharnessed potential and hone existing skills. The job market right now is very competitive, but experts can agree that it offers a huge advantage to career switchers.

Additionally, the global pandemic is expected to reshape a lot of industries. While it might cause some industries to topple, it will surely present new opportunities for displaced talents.

Key Takeaways

The COVID-19 has certainly caused a lot of uncertainty. But, that shouldn’t stop you from seeking career advancement. Depending on your needs, skills, proficiencies, and preferences, you can find a number of suitable options in different niches.

In the procurement and supply chain industry alone, professionals get to explore a long list of openings. It’s a fast-growing global economy looking for skilled people. There’s plenty of opportunities to grow and develop your skills. On top of these benefits, companies in this niche offer above-average compensation.

Looking for  job openings in the procurement and supply management industry? We can help you find one in the Asia Pacific region. Send us a message today!

Russell Harrison is the Executive Advisor at The Supply Advisory (a division of Datasearch Consulting), a leading executive recruitment firm specialising in Procurement & Supply Chain.

You can view the The Supply Advisory website or contact them directly at info@supplyadvisory.com for a more detailed discussion.