One of our associates was made redundant during the lock-down period. It doesn’t matter to them how this happened or came about, what matters is the future. They are undergoing the process of considering a career change, at an age that in prior generations would have been thought impossible. They will make this attempt and would like to chronicle where this takes them. We will provide a space for them to share their journey on a bi-weekly basis.

By Jim Malone

This post was written on July 11, 2020.

A Wave of Relief Washes Over Me

The feeling is scary when you think about it from the comforts of full-time employment. The feeling is relief and excitement when it happens. The “it” is redundancy.

I could sense it was coming for weeks. I was panicking. I was doing anything I could to make myself seem invaluable. I was avoiding the conversation regarding my fears with my wife, so she wouldn’t have to worry, or see the worry on my face. Then the day arrived. When they finally told me I was being let go, I felt the enormous weight of stress fall off my shoulders. I didn’t feel anger, like I imagined. I didn’t feel fear, like I always anticipated. It was a feeling that comes with freedom.

Until you go through it, you find it hard to believe when others tell you of this feeling. This was my first time in about 20 years of working that I found myself unemployed. Now I admit, everyone’s situation is different. Yet my situation wasn’t absent of reasons to be concerned. COVID-19 was (and is) wrecking havoc on the economy and threatening jobs of all kinds of stripes. We had just taken out a large mortgage and bought a home. The future outlook of employment for someone in their mid-40s wasn’t a sure-thing. Yet it gave me time to reflect, perhaps for the first time in my life.

The Vessel

This reflection led me to recognise that perhaps I was given an opportunity to really consider the prospect of doing something I enjoy, rather than just finding a job. Previously I had found myself sensing problems with my existing employer, to quickly search for a nearby vessel in which to escape. Luckily for me, in the past, that vessel came along at the right time, had room on its craft and was enthusiastic about bringing me aboard. I jumped on as quickly as I could without assessing whether that vessel could manage the oncoming storms, was manned by a crew I trusted, or was heading in a direction where I wanted to go. Maybe by luck one or two of those factors would exist, but all three were never present. I would then find myself looking quickly for a new vessel within 2 or 3 years over, and over again. Never reaching any destination while enduring journeys that prompted regular sea-sickness.

I have worked in finance in varying capacities throughout my career. My education is in the same field. I have been in the energy industry, investment banking and asset management. I’ve worked with emerging markets and developed markets. I’ve been employed in North America and in Europe.

The path taken doesn’t mean we are set in stone. It was now time to have a reset and really take a look at the all the boats in the sea while I waded in the waters.

Wading in the Waters

When you look around the internet for assistance in “career change” you are inundated with plenty of sites, coaches, boutique recruiters and advice. Many of these can provide accounts of those who came before you in this journey. Yet it is rare for me to find accounts of those who really dive into what happened and how they adjusted or made a change. You mostly find success stories. People that managed to build what is now called “portfolio careers”, people who successfully started a business. People who transitioned into teaching from finance, and so on. Yet there isn’t much in terms of journeys that were perhaps not successful and how they failed or found themselves having to go back to their old jobs for a different company. Backtracking from perhaps their initial hopes and intentions. Why did that happen? Did they fail or did they decide there are far too many risk factors in their search for something entirely new? Did age make a difference?

I hope to be able to provide an account of this journey that might be useful for others. As a bonus, it will also offer me a chance for further reflection while I’m wading in the waters.

First Steps

The first thing I did was hire a coach. I didn’t want to pay an exorbitant fee for those individual coaches with attractive websites who perhaps over-promise and under-deliver. I wanted someone up-the-middle that works for an organisation, not an entrepreneurial coach. Preferably an ex-recruiter, in case I settled on just applying for jobs. My intention was that I wasn’t sure what I wanted to do at this point. I was excited about the prospect of being able to choose a job for a change, or at least try to. The idea of thinking about who I might want to work for and what is it I actually would be willing to do was almost a sensation of rebirth. There is the possibility of starting my own business, or freelancing and having a portfolio career. The options appeared massive and my mind couldn’t focus. I felt a coach could at least help to guide me through the process.

The other thing I did was take some time off and think about things. What is it I can do right now to develop some new skills? What do I enjoy doing? How can I move away from the bad taste in my mouth from prior employment that I found unsatisfying so I could approach my future with a positive mindset?

The next move was to determine how I would use my time during lockdown. I was already pursuing a history degree, more as a hobby or a route to a potential future in writing in my old age. Suddenly, those skills could come in handy earlier than I imagined. I also decided to take some coding classes online. I enjoy history, finance, working with numbers, analysing businesses and doing research. Taking a break by focusing on building new skills and considering ideas within my interests helped to remove any lingering thoughts about my career to-date.

Lastly I started working with the tools from my coach focused on reviewing my career, the skills I have developed and what I presently have to offer. This is all very standard, but the key is to stay off sites such as LinkedIn. I also set a target period for when I will be ready to start applying for jobs, or executing on any other plans I should decide to embark on. So I did not want to be tempted into applying for jobs when I haven’t used the time I have to develop an approach that should provide me with greater satisfaction. I had to develop a budget alongside this to determine my timing. There could be a period where things don’t pan out and I have to alter strategy so I can ensure I have some form of income coming in. What form this may take doesn’t have to be decided at this stage.

Control

So at this point, I know not what my options are. Merely that I wish to develop them. From there I can sort out what types of jobs I might consider. For now I only know what I have learned, and what I would like to learn. So building skills while I sort out my execution strategy is the focus for now. The important thing is you feel like you have some sort of control over your path, particularly if you have not felt this way before.

There is the temptation to feel rushed. To feel like you should sort something out right away. It is important to resist this urge. You don’t have to schedule out a 3 month plan in detail, but having a general idea of what the plan is helps. It is more important to focus on little things each week, and to set out mini-goals as you progress. If you don’t, you might start to panic in the waters and just grab on to the nearest vessel that is reaching an arm out to you. Yet you haven’t surveyed this vessel at all. You know nothing of its leadership, its abilities to manage the seas or where it might be headed. The sea is not stormy as yet, but you know it will be. You must wait it out as long as you can afford to. Remind yourself that there are plenty of boats around, but you need to know where they will take you (among other things). Otherwise you might find yourself circling the seas forever.