Taking a leap to a new industry
If
the industry in which you work doesn’t seem to have a bright future, it’s time
to shift to another sector. Here’s how you can do it.
If
you’re fed up with your boss or your firm, you could switch jobs. But what do
you do if the job profile is great, yet you believe that you’ve reached a
dead-end? This could be a good reason to switch to a new sector. Other reasons
would include your industry going into a tailspin, losing revenue, shedding
people and leaving no room for growth for the remaining employees. However,
remember that switching industries can be challenging, especially in a
recession where recruiters are spoilt for choice. Here is how you can best
overcome that challenge.
Where do you go?
The first step would be to identify the target industry. Make a shortlist of potential industries by checking out the following things: a) Which industries have hired professionals from your current firm or industry? b) Which job advertisements use key words that accurately describe your present role or responsibilities? c) Which other industries do the vendors of your firm work with? d) What do mentors and senior professionals in your industry advise you?
Next, research this short list of industries to figure out the demand for professionals with your abilities and the growth opportunities on offer. Match these with the salary paid and your expectations. Figure out whether the long-term prospects of the industry are positive. The sustained profitability of the target industry will have a greater influence on your success than your individual competence.
Where is the money?
Once you have narrowed your focus to one or two industries, understand them thoroughly. Who are the customers of these industries? Where do the revenues come from? What changes in the environment or marketplace can affect the fortunes of different firms in the industry? How are individual competitors in the industry different from each other and how do they leverage the differences to earn their money? Your research will help you evaluate three important things—whether your skills are directly relevant and valuable to the end-customer, whether you
will like working in that space, and
whether your competencies can be leveraged to your benefit during the job hunt.
What are you selling?
You are the product that has to be sold. You are keen that
your new customer—the target industry—buys your skills
and competencies, so you’ll need to build your resume from scratch to reflect the needs of the new sector. As you craft your resume, discard keywords and jargon picked up from your current industry. For any achievement or skill that you want to showcase, rewrite it in the following four different styles and pick the sentence that works best. First, change specific data to general descriptions that can fit multiple roles. Second, reword generic descriptions to highlight specific accomplishments that are understood better by your potential employer. Third, describe achievements in terms of transferable skills relevant to the new industry. Fourth, elaborate how your skills can achieve desired benefits for the potential employer. To benchmark and position yourself favourably, research and compare profiles of people already working in the target industry.
Who do you know?
Now connect with industry persons. Good places to start are trade shows, conferences and professional networking sites and communities. While connecting, focus on learning how to communicate better, what opportunities exist and how to get references to potential recruiters and decision-makers. Where possible, meet up with your connections and get a first-hand understanding of the work profile
How do you make the move?
For best results, take baby steps towards your goal. Start by convincing your family and friends to get their support. Next, make sure that you do not put all your eggs in one basket and apply to multiple roles. Increase your chances of getting hired by being open to relocation and willing to consider a cut in salary. Finally, understand that sometimes it is easier to make multiple small shifts instead of one large change in your career. For instance, a practising doctor can first move into health insurance before working for a financial services firm rather than making the jump directly.
Where do you go?
The first step would be to identify the target industry. Make a shortlist of potential industries by checking out the following things: a) Which industries have hired professionals from your current firm or industry? b) Which job advertisements use key words that accurately describe your present role or responsibilities? c) Which other industries do the vendors of your firm work with? d) What do mentors and senior professionals in your industry advise you?
Next, research this short list of industries to figure out the demand for professionals with your abilities and the growth opportunities on offer. Match these with the salary paid and your expectations. Figure out whether the long-term prospects of the industry are positive. The sustained profitability of the target industry will have a greater influence on your success than your individual competence.
Where is the money?
Once you have narrowed your focus to one or two industries, understand them thoroughly. Who are the customers of these industries? Where do the revenues come from? What changes in the environment or marketplace can affect the fortunes of different firms in the industry? How are individual competitors in the industry different from each other and how do they leverage the differences to earn their money? Your research will help you evaluate three important things—whether your skills are directly relevant and valuable to the end-customer, whether you
will like working in that space, and
whether your competencies can be leveraged to your benefit during the job hunt.
What are you selling?
You are the product that has to be sold. You are keen that
your new customer—the target industry—buys your skills
and competencies, so you’ll need to build your resume from scratch to reflect the needs of the new sector. As you craft your resume, discard keywords and jargon picked up from your current industry. For any achievement or skill that you want to showcase, rewrite it in the following four different styles and pick the sentence that works best. First, change specific data to general descriptions that can fit multiple roles. Second, reword generic descriptions to highlight specific accomplishments that are understood better by your potential employer. Third, describe achievements in terms of transferable skills relevant to the new industry. Fourth, elaborate how your skills can achieve desired benefits for the potential employer. To benchmark and position yourself favourably, research and compare profiles of people already working in the target industry.
Who do you know?
Now connect with industry persons. Good places to start are trade shows, conferences and professional networking sites and communities. While connecting, focus on learning how to communicate better, what opportunities exist and how to get references to potential recruiters and decision-makers. Where possible, meet up with your connections and get a first-hand understanding of the work profile
How do you make the move?
For best results, take baby steps towards your goal. Start by convincing your family and friends to get their support. Next, make sure that you do not put all your eggs in one basket and apply to multiple roles. Increase your chances of getting hired by being open to relocation and willing to consider a cut in salary. Finally, understand that sometimes it is easier to make multiple small shifts instead of one large change in your career. For instance, a practising doctor can first move into health insurance before working for a financial services firm rather than making the jump directly.
DEVASHISH CHAKRAVARTY The writer is an alumnus of IIMAhmedabad and CEO of Quetzal Verify, an HR solutions company.
ETW130603
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