I think I’m in a dying industry. Should I bail out now?
IT IS always good to evaluate and review your current position, company and industry with an eye to career prospects in the future. If you feel you are in an industry that is showing signs of drying up, now is the time to start looking at what your next move might be. But don’t leap too soon. Think about what you would like to do next and start developing experience or skills you think you might need. Also start to build a network in the new field and do some research on what is required to be successful in that area. Then once you feel you have these, you can make your move.
Mid-career KELLIE RIGG General manager, HR Solutions Randstad
INDUSTRIES are constantly evolving, be it in response to changes in technology, environmental factors or the economy. It’s a sad fact that at some point many industries find themselves in decline. If you feel your industry is shifting, get all the facts by researching labour markets to understand how your role may be affected and in what timeframe. Review your skill set and investigate how to transfer it to a similar role in another industry. Be prepared to get extra training or work experience and, when the time is right, see a specialist recruiter and begin applying for suitable positions.
Experienced TIM ROCHE Practice leader, Right Management Career Transition
I WOULD give serious consideration to those alternative industries that offer the best prospects, in light of your geographic location, existing qualifications, skills and experience. Most think immediately of the manufacturing sector as failing but the IT sector is thriving and Australia’s largest institutions are investing and rapidly introducing new technologies. Consider whether your skill set aligns with the old or the new technologies? Make sure you research the projected growth rates of your industry, levels of competition, trends, etc. You can then create a plan with timeframes and actions.
The Expert MICHELLE BENTLEY General manager, Donington, transition and outplacement
THE decision to leave an organisation or industry sector needs to consider many issues, such as overall happiness and satisfaction in the current job and prospects of gaining alternative work. Continuity of income often is a key requirement and a planned approach to career change is important. Assess your transferable skills, attributes and knowledge and identify other industries in which you can use these to good effect. Avoid a snap decision to leave an industry you believe is in decline, as you may be inexperienced and ill-equipped to attain another job.