Should I Quit My Job - Job Switching Secrets Revealed by Shuvharshika M, Partner - Native, NMIMS

Summary

In this insightful discussion, experts explore the challenges of career transitions, salary cuts, and upskilling in today’s job market. They discuss when taking a salary cut is justified, especially during job transitions or career changes, and emphasize the importance of gaining new skills for long-term career growth. The conversation highlights real-world examples, such as a professional switching from a business to a risk control role, and offers advice on the dangers of frequent job changes. The speakers also stress the value of hands-on experience over theoretical certifications, particularly through platforms that bridge the gap between learning and real-world application.

Takeaways

• 😀 Taking a salary cut after a layoff can be a strategic decision if it helps you get back into the workforce sooner, even if it’s for a smaller salary.
• 😀 It's important to ensure that the new role you accept after a layoff is similar in responsibility and value, even if it involves a temporary salary reduction.
• 😀 Moving from a revenue-generating role to a control or risk function often requires accepting a salary cut, but it can offer long-term career growth and skill diversification.
• 😀 Job stability is crucial when applying for senior roles, as frequent job switching can signal a lack of long-term commitment, even if the candidate has the right skills.
• 😀 In high-level roles, such as a Chief Risk Officer, candidates with a history of frequent job changes may be seen as less reliable despite their experience and expertise.
• 😀 Upskilling through platforms that provide hands-on projects and real-world experience is becoming more valuable than traditional certifications that don’t offer practical application.
• 😀 Professionals should seek knowledge and learning through multiple channels—whether work, formal courses, or networking—to stay competitive in their careers.
• 😀 Certifications have evolved and are now more valued when they provide tangible, practical knowledge that can be applied directly in job roles.
• 😀 Employers are increasingly looking for candidates who not only have theoretical knowledge but also the ability to apply it effectively in real-world situations.
• 😀 Career growth often depends on the ability to adapt to new roles or industries, even if it means taking a step back in terms of salary, to develop new skills and stay relevant.

Q & A

When is it justified to take a salary cut after being laid off?

It is justified to take a salary cut after a layoff if the new role offers at least similar responsibilities and growth potential. The priority should be to re-enter the job market to avoid prolonged unemployment, even if it means accepting a 5-15% salary reduction.

How can a candidate benefit from accepting a salary cut for a career transition?

A candidate transitioning from a business role to a risk control function may accept a salary cut in exchange for learning new skills and expanding their expertise. Over time, this transition could lead to greater career flexibility, such as the option to return to business roles or continue in the new function.

Why are employers concerned about candidates with frequent job changes?

Employers are often wary of candidates with frequent job changes because it may signal a lack of stability and commitment, especially for senior roles. Employers value consistency and are reluctant to hire individuals who may leave the organization within a short period.

What role does stability play in senior leadership hiring decisions?

Stability is crucial in senior leadership roles, as employers want candidates who can remain with the company for the long term. Frequent job switches can raise concerns about the candidate's dedication and whether they will stay in the role, leading employers to prefer candidates with a more stable work history.

How can upskilling improve employability, especially for early-career professionals?

Upskilling through practical courses and hands-on experience can significantly improve employability, particularly for early-career professionals. Employers increasingly value candidates who have gained real-world knowledge, making them more competitive in the job market.

How have certifications evolved in terms of value in the job market?

Certifications have evolved from being theoretical credentials to offering practical, hands-on knowledge that is highly valued by employers. Courses that provide practical applications help candidates stand out, as employers can see how the learning translates into real-world skills.

Why are hands-on projects crucial for upskilling?

Hands-on projects are crucial because they bridge the gap between theoretical learning and practical application. By working on real-world projects, candidates gain experience that directly enhances their job readiness and demonstrates their capability to employers.

How does Alduni's upskilling platform differ from traditional educational systems?

Alduni's upskilling platform focuses on providing early-career professionals with practical skills through hands-on learning and real employer projects, making them more employable. Traditional educational systems, on the other hand, often lag behind in offering such practical, job-ready training.

What is the main advantage of taking an upskilling course with practical experience?

The main advantage is that candidates gain not only theoretical knowledge but also the opportunity to work on projects directly with employers, which gives them a competitive edge and prepares them for real-world job challenges.

How does a candidate's experience with risk control contribute to their career growth?

Experience in risk control allows a candidate to expand their skill set beyond revenue generation, enabling them to take on more strategic roles. Understanding regulatory aspects and risk management functions enhances a candidate's overall leadership profile and opens doors for varied career opportunities.