Why 70% of Professionals Are Considering a Career Change – Should You?

Did you know that three-quarters of professionals think about switching jobs? About 72% of Gen Zers and 66% of millennials plan to change careers in the next 12 months. These generations have recently been leading the so-called ‘big quit.’

The facts and figures above paint a clear picture of the career trends globally. These beg some of the most critical questions: Why are professionals changing careers? Should you consider doing so? What are the key factors driving this move?

Read on to find out the answers to these crucial questions.

 

Key Factors Driving a Career Change

It’s now easy to see a lot of people switch from one job to another. Meanwhile, some professionals quickly and easily move from one industry to another. Of course, they have various reasons for changing their careers.

It’s crucial, however, to understand why professionals are changing jobs to make informed decisions. That said, here are the driving factors of career transition in today’s business landscape:

 

1️⃣ Higher compensation and benefits

Professionals work for money – to earn a living. This makes salary the biggest deciding factor for a career change. About 63% of employees quit their jobs due to low pay (besides the lack of career advancements).

Professionals primarily change careers to increase and earn the following:

• Salary: They seek a new job that can give them higher pay than their current work. A career shift allows them to gain a financial boost. That way, they can pay the bills, put food on the table, and have the kind of lifestyle they deserve.
• Benefits: They also consider the various benefits they can get from their employer. Think of health insurance, retirement plans, and other perks like wellness programs and gym discounts.

Morgan Taylor, Co-Founder of Jolly SEO, recommends a proactive yet critical approach to a career change for financial gain. 

Taylor says, “Switching careers for a higher paycheck makes sense, but don’t just chase the money – make sure it’s a sustainable move. Look at long-term growth, benefits, and job stability before making the leap. A well-planned career change can boost your finances without unnecessary risks.”

 

2️⃣ Employee burnout and job dissatisfaction

Employee burnout or job dissatisfaction is one main reason professionals change careers. Either they are completely stressed out in the workplace or dissatisfied with their work. The World Health Organization (WHO) considers burnout an occupational phenomenon, defined as “a syndrome conceptualized as resulting from chronic workplace stress that has not been successfully managed.” 

To expound further, here’s what you need to know:

• Employee burnout: Employee burnout is a workplace concern impacting various businesses worldwide. Nearly 60% of American employees reported at least moderate levels of burnout. However, those experiencing high stress levels tend to quit and look for a job with a work-life balance.
• Job dissatisfaction: The WHO cites the three characteristics of employee burnout: exhaustion, job negativity, and low effectiveness. Having no sense of satisfaction at work also contributes to complete burnout, forcing workers to leave their jobs and look for a better one.

It’s crucial to promote a work-life balance to avoid burnout and join engagement activities to prevent job dissatisfaction. 

As an employee, focusing on both workplace initiatives isn’t a luxury; it’s necessary for long-term professional success. However, if your job is draining you with no end in sight, you might need to find a role that values your overall productivity and well-being.

 

3️⃣ Flexible work arrangements

The pandemic outbreak has paved the way for the rise of remote work. In fact, the number of employees opting for remote work increased by nearly 25%; Those who chose the hybrid work setup grew by over 15%. Today, more and more professionals are seeking flexible work arrangements – why do they switch jobs? 

Here’s why flexible work arrangements are attractive:

• Remote work setup: This setup allows professionals to work anywhere in the world. This is best for digital nomads who love to travel across the globe.
• WFH setup: This setup only lets professionals work in the comfort of their own homes. This is ideal for working parents who need to take care of their kids or even introverted employees.
• Hybrid work setup: This arrangement requires employees to work in the office and from home on certain days a week. Some professionals prefer this option to have time for their families and colleagues.

Flexible work isn’t just a workplace trend and an employee perk; It’s reshaping the future of business. It’s easy to see employees working for global companies from different parts of the world. 

That’s why many professionals switch careers, like penetrating the gig economy, to get remote jobs. Whether hybrid or WFH, finding a work setup that fits your lifestyle can make a world of difference in your career and life in general.

 

4️⃣ Rise of the gig economy

The gig economy is on the rise – the reason why some professionals switch careers and take the plunge. For the uninitiated, it’s the industry for independent contractors aptly called freelancers. As you may be aware, they only fill temporary roles or hold part-time jobs critical to day-to-day operations.

Business Research Insights predicts the global gig economy market to grow from $556.7 billion in 2024 to $1,847 billion by 2032 at a 16.18% compound annual growth rate (CAGR). This market covers asset-sharing, transportation-based, professional services, and household & miscellaneous services (HGHM). 

Below are some career options for professionals in the gig economy:

• Digital skills: Today’s digital landscape opens the doorway for online job opportunities. Think of digital marketing, web designing, app development, and IT support. Professionals tackle digital jobs on demand.
• Creative jobs: Employers look for creatives to handle freelancing jobs. For example, they hire content writers, graphic designers, and web designers per project. Some professionals opt for freelancing opportunities.
• Administrative tasks: It’s now easy to see business executives or leaders hire assistants to tackle admin work. Think of virtual assistants (VAs), email specialists, and even digital marketers working for employers on a contractual basis.

Lev Peker, CEO at CARiD, highlights the value of the gig economy in today’s business landscape. She believes that this industry is changing and shaping the future of work.

Peker stresses, “The gig economy is more than just a trend—it’s reshaping the way we work. Professionals now have the freedom to build careers on their terms, tapping into flexible opportunities that fit their skills and lifestyle. As businesses adapt, this shift is only going to grow stronger.”

 

5️⃣ Economic and industry trends

Various industries are ever-evolving due to changing market trends, consumer demands, and technological advances. Employees working in different sectors have no choice but to adapt and keep up. This is why some professionals transition from one niche to another.

That said, consider the following industry trends as examples:

• Rise of AI and automation: AI-powered and automated tools tend to replace human work, forcing professionals to switch jobs and rethink their careers. For example, the invoicing software requires fewer professional accountants in the workplace.
• Post-pandemic healthcare: We’ve seen extensive career changes during the coronavirus pandemic. Healthcare trends like telehealth, telemedicine, and remote patient monitoring (RPM) have forced health professionals to elevate their jobs.
• Business process outsourcing (BPO): Businesses have reaped the benefits of outsourcing, and professionals have jumped onto the bandwagon. For instance, companies offer contact center solutions handled by third-party providers, allowing locals to work for global organizations.
• E-commerce business: The pandemic has triggered the exponential growth of the e-commerce industry, driving interest in small-scale ventures such as print-on-demand businesses, which often start with essentials like blank t-shirts for customization.

As such, there’s a need to stay up-to-date with industry changes. Professionals should keep up with evolving trends to achieve professional growth and career success. This is one of the reasons why a lot think about switching careers.

Keep in mind that industries are changing fast, so staying ahead of the curve requires being adaptable. As a professional, be open to learning and evolving to find the best work opportunities, whether related to AI, e-commerce, or healthcare. Don’t wait for change to land on your hand – Stay proactive to future-proof your career!

 

Signs You Need a Career Change and What Steps To Take

Earlier, you learned why some professionals change their careers. Now, it’s time to assess if you should consider doing so and if it’s all worth it.

The initial step is identifying the key signs you need a career change. Then, you can take the necessary steps to ensure a smooth transition.

That said, follow the crucial steps below.

 

1️⃣ Evaluate your professional life

The first step is to assess where you are now in your career to get unstuck. If you feel you’re holistically satisfied, what better way to do than to stay? However, consider a career change if you experience the following:

• Underpaid and undervalued: You feel undervalued and underpaid without the necessary benefits.
• Job hurting your well-being: You experience a negative job impact on your physical and mental health.
• Unmotivated and disengaged: You feel unmotivated, unproductive, and disengaged in the workplace.
• No growth opportunities: You see no professional growth and career advancement at work.
• Always thinking of a new career: You constantly daydream about your dream job or a different career.

 

2️⃣ Set your career goals

After your professional assessment, you can define your career objectives. However, take this step before switching careers while working your full-time job. To guide you in your transition, outline your SMART goals:

• Specific: What do you want to become as a professional? Factor in your employment experience, education, and training, as well as knowledge and skillsets!
• Measurable: Can you monitor and measure your career progress? Where do you see your professional self years from now?
• Achievable: Are these career goals attainable? If your employer starts a t-shirt printing business, do you see yourself transitioning from a factory worker to a logistics manager?
• Relevant: How relevant are your career goals to your profession? Consider key factors, such as experience and expertise!
• Time-based: Create a timeline for your career roadmap. Are you looking to get regularized after six months, promoted in two years, or assumed a leadership role in five years?

 

3️⃣ Develop a PDP

Setting a professional development plan (PDP) in place is crucial for your career. A PDP serves as your career roadmap by detailing your professional objectives, concrete steps, and career deadlines. Here’s what to include:

• Professional goals: Go back to the SMART goals you initially created. However, developing objectives and key results (OKRs) is best. OKRs show not only your professional goals but also your desired outcomes.
• Action plans: They must be as detailed as possible, outlining the specific steps you would need to take to achieve your goals. For example, specify how to use social media for career growth, such as updating your LinkedIn profile regularly.
• Career timeline: Indicate when exactly you’d like to achieve your professional goals. However, make it as realistic as possible. For instance, you want to become a product/process trainer in five years.

 

4️⃣ Switch to a new career

With a PDP in place, it’s time to execute your career plans by transitioning your career now. However, doing so is no easy feat, as you need to be highly critical and careful. That said, follow the crucial steps below:

• Look for work opportunities. First, understand the current job market trends and the future of job hunting. Then, you can start searching for jobs aligned with your professional goals and career aspirations.
• Apply for a new job. You can now send your applications if you have a handful of career opportunities. Ensure you update your resume and cover letter, and be confident in your job interviews. Remember, enough preparation is key!
• Resign from your current job. Tender your resignation if and only if a new employer has finally hired you. Take note, however, to render a 30-day notice. Never burn bridges by having such a graceful exit!
• Start with a clean slate. Finally, you can kick off your new career and start working on a new job. What better way to maximize your potential than to give your best at work? Doing so helps you grow personally and professionally!

 

5️⃣ Track your progress

Transitioning to a new career is one thing; tracking your progress in your professional life is another. You need to monitor how far you’ve gone in your career and see what areas need improvement. That said, take the following steps:

• Review your goals. Always go back to your original professional goals. Have you met some of them all this time?
• Set key metrics. Consider key performance indicators (KPIs), such as career longevity, work promotions, acquired knowledge, and developed skills.
• Measure your progress. If you want to make a difference in your career growth and advancement, make a conscious effort to monitor and measure your progress.
• Update your PDP. Your career goals and plans aren’t always constant. Should you change your mind,  make sure to recreate your PDP.

 

Final Words

A career change has become apparent in recent years, especially among Gen Zers and Millennials. This is due to key factors, such as salary demand, job dissatisfaction, remote work, the gig economy, and industry trends. However, is it worth changing a career?

That said, be wary of the warning signs mentioned above. When you see some of these, follow our crucial steps for undergoing a career change. With all these practical tips and steps, you’ll make informed decisions for professional growth and career success!

Ready to make a career shift this year? Count on Ivy Exec for executive jobs, career support, and market research. Check our blog on career transition, and sign up now to join!