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5 Years Outlook For A Given Career
Posted on 8/16/15 at 7:23 pm
Posted on 8/16/15 at 7:23 pm
I will be embarking on my fifth year at my current company, and fifth year in my field in October. I have mostly been satisfied with my employer, although there was a stretch where I heavily considered chancing a switch. As of now, I am happy with my salary and benefits, but I am having trouble seeing what's next for me regarding job title and ultimately my future. I currently do not have a ranking (Jr, Mid-level, Sr, etc...) nor is a ranking in my title what I desire. More so I am interested in having a goal, a vision for my future. Out of college I wanted an entry-level position, but since starting my career, I have lost direction on what I want next. I am asking for the MT's advice on advancing one's career and creating a vision.
Various questions that popped up in my head to help with coming up for answers:
What are some suggestions from the board regarding things I should be considering at this stage in my career? Should I be looking for a ranking, promotion or job switch? I know I am relatively young into my career with a lot more ahead, but how do I keep it from being stagnant? How long did it take you to make the next step? And was it something you were planning?
Various questions that popped up in my head to help with coming up for answers:
What are some suggestions from the board regarding things I should be considering at this stage in my career? Should I be looking for a ranking, promotion or job switch? I know I am relatively young into my career with a lot more ahead, but how do I keep it from being stagnant? How long did it take you to make the next step? And was it something you were planning?
3
Posted on 8/16/15 at 7:34 pm to RickAstley
I'd suggest you begin by asking what lifestyle you desire to live, financially, security, willingness to relocate to pursue your dream. Then, is my current job moving me in that direction...if so, be still, if not, course correction.
You refer to title a few times so I infer you to be status oriented???? If so, you may need to hone people/political skills and decide how far you are willing to push and the likes.
Finally, expect to have to 're-invent yourself numerous times and that can take its toll.
One more thing, do what you love and get paid to do it.
You refer to title a few times so I infer you to be status oriented???? If so, you may need to hone people/political skills and decide how far you are willing to push and the likes.
Finally, expect to have to 're-invent yourself numerous times and that can take its toll.
One more thing, do what you love and get paid to do it.
Posted on 8/16/15 at 9:19 pm to wfallstiger
quote:
One more thing, do what you love and get paid to do it.
Do what you are good at and people will pay you for that work.
Posted on 8/16/15 at 9:36 pm to wfallstiger
I appreciate your feedback.
The answer is yes to the above, and I plan to be still for today.
One of the natural progressions of my current position is having Jr., Mid-level, or Sr. incorporated in your title. Once senior status is attained, it's a matter of staying put in the position, or pushing to the next stage. Whether that is in a form of management, a more specialized technical position that is offered, or a complete change in career paths/employment change. I'm at the point where I am 1-2 years away from achieving Senior status and at a point where I certainly need to be planning the next step in mind.
quote:
I'd suggest you begin by asking what lifestyle you desire to live, financially, security, willingness to relocate to pursue your dream. Then, is my current job moving me in that direction...if so, be still, if not, course correction.
The answer is yes to the above, and I plan to be still for today.
quote:
You refer to title a few times so I infer you to be status oriented???? If so, you may need to hone people/political skills and decide how far you are willing to push and the likes.
One of the natural progressions of my current position is having Jr., Mid-level, or Sr. incorporated in your title. Once senior status is attained, it's a matter of staying put in the position, or pushing to the next stage. Whether that is in a form of management, a more specialized technical position that is offered, or a complete change in career paths/employment change. I'm at the point where I am 1-2 years away from achieving Senior status and at a point where I certainly need to be planning the next step in mind.
Posted on 8/16/15 at 10:19 pm to RickAstley
I always told myself at 5 years I became marketable and should look around, even if just for comparison.
I began to feel my skill set with my company was underutilized and there was not any plan to eventually progress in the company. The only "Sr" level positions would remain occupied for at least 10 more years, and there were about 5 of us vying for those 3 spots.
Ultimately, I made a change and feel great about. I love my new position and the responsibilities I have. It resulted in a nice salary bump with very similar benefits. Right now I feel I have a direction for the next few years, but after leaving one place, I'm much more open to another change in the future. I worked with a lot of people who claim they'd never leave their company, even for significant amounts of money (one discussion put it in the $250k range). I was once in this camp, but after leaving and getting experience with another similar company, I feel that is very valuable.
So, if you are heading in the right direction for your career and your goals, by all means stay and continue being successful. But don't be afraid to keep and eye on the market and jump at a great opportunity (mine was dumped on me from a random email on LinkedIn).
I began to feel my skill set with my company was underutilized and there was not any plan to eventually progress in the company. The only "Sr" level positions would remain occupied for at least 10 more years, and there were about 5 of us vying for those 3 spots.
Ultimately, I made a change and feel great about. I love my new position and the responsibilities I have. It resulted in a nice salary bump with very similar benefits. Right now I feel I have a direction for the next few years, but after leaving one place, I'm much more open to another change in the future. I worked with a lot of people who claim they'd never leave their company, even for significant amounts of money (one discussion put it in the $250k range). I was once in this camp, but after leaving and getting experience with another similar company, I feel that is very valuable.
So, if you are heading in the right direction for your career and your goals, by all means stay and continue being successful. But don't be afraid to keep and eye on the market and jump at a great opportunity (mine was dumped on me from a random email on LinkedIn).
Posted on 8/17/15 at 6:02 am to RickAstley
Are there any more senior roles in your company that interest you? If so, I'd suggest trying to grab coffee or lunch with some those of those people so you can hear more about the position. Just be honest that you are trying to sort out the career path you'd like to hear their take on what they do(come prepared with a few questions so they don't think you're wasting their time).
Once you've settled on an attainable goal, start being very vocal about it with your direct report. They aren't going to promote someone who is content in their current position who's never asked for a promotion.
Lastly, it doesn't hurt to take a few interviews. At worst you are polishing up your skills in case you need them. I'd be terrified to walk into an interview for a job I really wanted if it was my first one in several years.
Once you've settled on an attainable goal, start being very vocal about it with your direct report. They aren't going to promote someone who is content in their current position who's never asked for a promotion.
Lastly, it doesn't hurt to take a few interviews. At worst you are polishing up your skills in case you need them. I'd be terrified to walk into an interview for a job I really wanted if it was my first one in several years.
Posted on 8/17/15 at 9:28 am to LSUtigerME
quote:
So, if you are heading in the right direction for your career and your goals, by all means stay and continue being successful. But don't be afraid to keep and eye on the market and jump at a great opportunity (mine was dumped on me from a random email on LinkedIn).
Up to this point, I feel as if everything has been in the right direction. Unfortunately I did not have any concrete goals planned for what is beyond. That is my main concern that I am attacking. I don't expect to leave this thread knowing exactly what I will do next, but I have been appreciative so far of the different thoughts on the matter.
Posted on 8/17/15 at 9:37 am to Chris Farley
quote:
Are there any more senior roles in your company that interest you? If so, I'd suggest trying to grab coffee or lunch with some those of those people so you can hear more about the position. Just be honest that you are trying to sort out the career path you'd like to hear their take on what they do(come prepared with a few questions so they don't think you're wasting their time).
That's a good question and suggestion. I have not researched other opportunities around the company. I feel like I have been wearing blinders lately to other opportunities and career paths. I will spend some time researching the organizational chart for potential ideas.
Posted on 8/17/15 at 2:20 pm to RickAstley
I think getting to middle management is pretty easy, but taking the jump up to Director and beyond is where the spots start getting tight.
Posted on 8/17/15 at 2:31 pm to RickAstley
Get moving. Sorry, 5 years at the same position you landed just out of undergrad is doing nothing for your resume. It's time to do something new: unless you're on a clear upward pathway, you need to switch jobs. Find a new but related industry, switch fields within the same company, go to graduate school: there are endless opportunities out there, but staying put in the same place with no job advancement, title change, new challenges, etc is NOT really a pathway to lifelong success.
Posted on 8/17/15 at 2:54 pm to RickAstley
quote:
Should I be looking for a ranking, promotion or job switch? I know I am relatively young into my career with a lot more ahead, but how do I keep it from being stagnant? How long did it take you to make the next step?
To give you some perspective from my point of view:
I started at my current company as an analyst a little less than 4 years ago. I moved to team leader(officer title) in 2013 then a full manager in 2015(AVP title). With the latter coming with the biggest salary increase(25%). Titles dont really matter to me as long as the pay is good. But it does hold some weight in the Corporate setting as do Certifications in your field. If you haven't moved up in your 5th year with limited opportunities to do so, then its time to move.
This post was edited on 8/17/15 at 9:39 pm
Posted on 8/17/15 at 3:29 pm to AUtigerNOLA
quote:
If you haven't moved up in your 5th year with limited opportunities to do so, then its time to move.
Posted on 8/17/15 at 4:20 pm to TigerRob20
A promotion every 2-3 years is reasonable early in your career. Of course, this slows down a little as you get more senior in an organization but it should never be 5 years in the same position.
If you are looking to maximize your salary, then you have to change companies (with the exception of a few, forward thinking companies or a special boss).
Most people advancing quickly early on do something like this:
- Position 1 for 2 years
- Promotion to Position 2 (+15% salary bump), stay for 1 year
- Leave Company 1 for Company 2 and either (A) Stay in Position level 2 (+15% salary bump for changing company) or (B) promoted to Position level 3 (+25% salary bump for new company and new title)
Position 3 roughly begins the start of middle management so the key is how you get from Position 3 to Position 5 because there is likely a hundred-plus thousand dollar difference in salary between them.
Just my $0.02. Naturally, this is a broad generalization so there will be many exceptions.
If you are looking to maximize your salary, then you have to change companies (with the exception of a few, forward thinking companies or a special boss).
Most people advancing quickly early on do something like this:
- Position 1 for 2 years
- Promotion to Position 2 (+15% salary bump), stay for 1 year
- Leave Company 1 for Company 2 and either (A) Stay in Position level 2 (+15% salary bump for changing company) or (B) promoted to Position level 3 (+25% salary bump for new company and new title)
Position 3 roughly begins the start of middle management so the key is how you get from Position 3 to Position 5 because there is likely a hundred-plus thousand dollar difference in salary between them.
Just my $0.02. Naturally, this is a broad generalization so there will be many exceptions.
This post was edited on 8/17/15 at 4:24 pm
Posted on 8/17/15 at 5:29 pm to lynxcat
quote:
Most people advancing quickly early on do something like this:
- Position 1 for 2 years
- Promotion to Position 2 (+15% salary bump), stay for 1 year
- Leave Company 1 for Company 2 and either (A) Stay in Position level 2 (+15% salary bump for changing company) or (B) promoted to Position level 3 (+25% salary bump for new company and new title)
Position 3 roughly begins the start of middle management so the key is how you get from Position 3 to Position 5 because there is likely a hundred-plus thousand dollar difference in salary between them.
I'm about 5.5 years into my career and this is a very similar path that I've taken. I have acquaintances who I graduated from undergrad with who are still in their first job out of college (working at the same place that I was when I was first out of college). I don't "get it", whatever works for them, though.
Posted on 8/17/15 at 8:27 pm to lynxcat
Yup. And if you haven't figured out your next step after 2 years you are making a huge mistake. Being the FNG for 4 years doesn't look great on your resume.
OP- I'd be interested to know what industry you work in. The generalizations made here are probably based on large firms that bring in a fresh batch of analysts every summer.
OP- I'd be interested to know what industry you work in. The generalizations made here are probably based on large firms that bring in a fresh batch of analysts every summer.
Posted on 8/19/15 at 9:25 am to Chris Farley
quote:
OP- I'd be interested to know what industry you work in. The generalizations made here are probably based on large firms that bring in a fresh batch of analysts every summer.
I am a software developer (technical consultant) at a consulting firm that specializes in logistics. Since starting out from undergrad I have seen significant pay raises each year, so it really hasn't been a monetary issue that has me unsettled. The real issue is placing myself in the best position to become a manager or a director. Two job titles that stand in front of me is Senior Software Developer or Software Architect. Both will present pay raises, but I still lack direction on what I want personally for my career. Those two titles rank me above new hires and developers that have been around 2 - 5 years. Outside of that, it doesn't necessarily give me the warm and fuzzies as it might present others.
Posted on 8/19/15 at 9:31 am to lynxcat
What you have described for career growth sounds logical. I have allowed myself to lose sight of the big picture, essentially get comfortable with what I have. I could certainly continue working the same job I have now, and probably be happy with it still in 5 years. The catch is knowing that career path might not make me marketable for management or beyond. Is there any suggested reading materials, or resources that can be helpful with figuring out the next step?
Posted on 8/19/15 at 4:56 pm to RickAstley
My next step was graduate school, I don't know if that is feasible or even logical for you though.
Posted on 8/19/15 at 6:57 pm to RickAstley
quote:
I am a software developer (technical consultant) at a consulting firm that specializes in logistics.
Does this consulting firm not run a pyramid model with high turnover and new college grads entering at the bottom of the pyramid each year? Consulting firms are known, especially early on, for promoting after the first few years to create room for the new college grads. If folks aren't promoted, they typically cycle out. The fact that you work in technical consulting could slightly change that dynamic but I would be surprised so.
quote:
I still lack direction on what I want personally for my career
Regardless of what path you want long-term, you should be looking for a promotion or two early on to set yourself up for the future fork in the road. It is easy to stop promotions later on in your career and decide to stay in middle management. If you do not get to middle management, then the opportunity for leadership positions will not be open to you even if you decide in 5 years that is what you "personally want for your career".
Also, promotions are a big help for getting into top graduate schools. Top MBAs, for example, are all about protecting their brand. Someone that is young and showing progressions early on and responsibility growth is the perfect candidate. It represents a lower risk to the school than the person who has been at the same level for awhile and only speaks of wanting greater responsibility in the future.
Titles are not necessarily about warm and fuzzies, rather the opportunities that come from having the title (whether internally or externally). The reality is that with each promotion, it opens up a new rung on possible career opportunities. You can always make a lateral move but you can typically only jump up 1 level per change of company (ceteris paribus, comparable job titles at both companies). Jumping down a level is never an issue unless you expect your compensation to stay the same.
There is plenty of knowledge on this board that you just have to ask the right questions to get the feedback you need. We come from a lot of different backgrounds so you should get a pretty diverse / triangulated perspective on career opportunities / advancement / watch outs.
Posted on 8/20/15 at 3:21 pm to Epic Cajun
It's feasible but not logical. At some point, either an MBA or a masters in computer science might be nice to add to the resume. I think personally I would only want the MBA if I could get my company (current or future) to pay for it, or if there was a significant advantage it would bring me.
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