Changing domains
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The document outlines a five-step process for successfully transitioning between career domains, using an example of moving from banking to real estate. Key steps include analyzing one's motivations, researching the new domain, assessing personal strengths, minimizing transition risks, and preparing thoroughly. It emphasizes the importance of networking and preparing a tailored resume and interview strategy for the new role.
Changing domains
- 1. Changing Domains Moving successfully from one domain to another Changing domain of your work requires careful consideration because there is a high risk involved. Following the five-‐step process described in this document helps you to maximize your chances of success at this transition. Mrityunjay Kumar Chief Career Coach info@careerbloom.in
- 2. © 2016 Career Bloom http://careerbloom.in Page 1 Changing Domains There are 5 aspects that should be kept in mind when doing such a transition. For the following description, we take the example of a move from Banking into Real Estate. Analyze Motivation You should be reasonably clear (and honest) about your motivation behind the change. Here are a few questions you should ask of yourself: 1. Why do you want to move into real estate? Here are a few typical reasons to do so: a. You see it is a booming field and people make lots of money, and you would like to make money too. b. You see the work people do and you like that work much more than you like your current work. c. You think that real estate will help your career grow much faster than banking and help you achieve your career and life goals faster d. You need some change and real estate seems as good as any. 2. Why do you want to move away from banking? Here are a few typical reasons: a. You feel bored in your current role and don’t see a way it is going to change any time soon b. You think Banking as a sector will not give you the kind of challenge or growth you need c. You don’t like your environment (boss, company, location, etc.) and want a change Answer above questions and see what really motivates you to consider this change. If you don’t have a good reason (when you answer these honestly), you should wait and spend more time researching (see below) to see if a reason emerges. Otherwise, you should make your current domain role work for you by doing change within the domain (some of the advice below will be applicable in that case too). Research the new Domain It is not easy to do a domain change successfully, and so there is inherently a risk involved in it, as your advisors are telling you. To navigate this change successfully, you need to prepare. Here are a few things that has worked for people I have seen do such domain changes well: 1. Be specific about your goal. Just having an interest in a domain doesn’t help much in making decision. There are thousands of roles within a domain that you could be eligible (or ineligible) for. It is important to zoom into a role that will interest you and have a good chance of accepting you you’re your current experience. Identify the actual role you want to get into. Research on job portals to know specific details of jobs that get posted, skills they require, salaries they offer, etc. 2. Meet people who do the role(s) you have identified for investigation. Find such people through your network of friends (LinkedIn, Facebook or other social media tools are indispensable) or other means you are comfortable with. Ask them to describe their job description and a day in their life doing this role, as well as career growth they see in front of them. Sometimes, it will surprise you: appearance of a role from outside can be very different than what the role really entails 80% of the time.
- 3. © 2016 Career Bloom http://careerbloom.in Page 2 3. Research about career paths available from this role. Sometimes, a role may feel very good and challenging, but growth options from that role will be very limited. It is important to be careful when deciding on such roles. 4. Give lots of interviews – applying for roles and getting invited to interviews is a great way to know about a role and whether you will fit in. Try to get some interviews. However, make sure that you don’t do interviews (and fail!) in companies that you would really like to work in. Try smaller companies, they are easier to get interviews from. Analyze your Strengths Having an interest in the area is not enough. It is also important to know what skills and strengths are required to be successful in that area and whether you possess them or not. Once you have done your research, you will know the skills and strengths required to be successful in your chosen role and area. Spend some time in figuring our whether you possess them or not. Here are a few ways to figure out your strengths: 1. Friends and Family: People around you usually know your strengths (and weaknesses) better than you. Leverage them. 2. Analogy from past events: Try to remember past experiences of work which would be similar to what your research suggests you will have to do in the new role. Remember your emotions while doing that work; your remember position emotions from the work you like to do and/or can do well. Read Flow and see if you haven’t been in such an experience. 3. Assessments: There are lots of personality and other tests that you can take to get you some sense of your strengths -‐ MBTI, Big 5, StrengthsFinder, etc. Minimize the Risk of transition It is important to reduce the risk in such transition. Here are some of the outcomes that can happen: 1. Successful Change: You have a new role in real estate, and you are doing good. 2. Successful rollback: You take up a new role, it doesn’t work out well, you come back to your old role (same company or different company) successfully. 3. Unsuccessful Change: You are trying for a new role but you don’t get it. But you still have your old job. 4. Unsuccessful rollback: New role doesn’t work out, and you are unable to get a job in your old role. It is always a good idea to try out the role without leaving the old one. You can do it in many ways: 1. Shadow a friend who is in the same role for a few days and go through exactly what they go through 2. Take a 1-‐2 months break (if your company allows you) and take a job in the role you want. 3. Take a part-‐time job for 1-‐2 months Of course, #4 is the least desirable and scary situation, and the chance for that happening should be made as close to 0 as possible through careful management of this transition. Motivation analysis and Domain Research are intended to help in this.
- 4. © 2016 Career Bloom http://careerbloom.in Page 3 Prepare well When you have done all the 3 steps above well, and are still on track to do the change, make sure you do the following well to prepare for this: 1. Resume – Make sure your resume is written in a way that appeals to real estate folks. To do this, create a domain independent resume and get it reviewed from someone who is in Real Estate 2. Interview preparation – Your word choice and project descriptions become surprisingly domain dependent after you have spent a few years in a domain. You need to prepare well through mock interviews and writing what you want to speak, and change your language to be more domain independent, or still better, real estate focused (if you have done your research well, it should be easy to do so). 3. Network – Most good jobs will be obtained through your network, so invest in networking. Attend events and conferences for real estate, find mutual friends who work in these domains, find someone who has done transition into real estate from another domain, etc.