When it comes right down to it, almost everything we do in service of our careers requires some element of risk.
What would you risk to advance your career? When it comes right down to it, almost everything we do in service of our careers requires some element of risk.
“Our success and achievements aren’t handed to us on a silver platter,” notes Stacey Lastoe. “They are worked toward—and gained by risky behavior.”
John Spacey defines “career risk” as “the probability of a negative outcome in your career due to action of inaction” and goes on to identify 16 types of career risk. A 2016 study of careerists in the financial field revealed that 79% of respondents had taken some kind of career risk, and 71% did not regret taking the risk.
Clearly, at least some degree of risk is inherent in our careers. Our task is to determine how much risk we’re comfortable with and learn to manage that level of risk.
Experts contend that some career risks are always worth taking. It’s worth taking a risk when your integrity is on the line, asserts Jason Hall, while co-writer Maurie Backman suggests taking a risk when you’ve saved for it. For example, when you want to get into a new field that would require a pay cut or when you’re ready to invest in starting your own business. Peter Jones touts risks that enable you to learn and grow – requesting additional training or professional development, for example. Jones also believes a worthwhile risk is following your passion, as is learning to say no.
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Once a risky career move is on the table, take these steps to manage the risk and your concerns about the risk:
Start with a small risk – or break down a larger risk into baby steps so the risk is small with each step. “The more comfortable you get taking small risks, the more confident you’ll become,” Lastoe writes.
Take your risk temperature. How is your risk tolerance overall, and how do you feel about this risk in particular? Ask yourself: What opportunities might you be missing by being risk-averse? What’s the worst that could happen if you take this risk? It’s also helpful to gauge how passionate you are about taking a risk by asking: “What would I do if I knew I could not fail?”
Evaluate the risk you’re considering. Hannah Kain, president of a global supply chain company, suggests using “a simple scale of 1-5 with a column for impact, and another for likelihood. Focus on items with extremely high risk and with medium risk and high likelihood.” How does your risk tolerance stack up against the levels of risk and likelihood you’ve identified?
Turn to your network. Consult with trusted members of your network for their thoughts on tackling the risk. A mentor is especially helpful in risk situations.
Ask yourself if the time is right to take this risk. Would any future circumstances make it less risky? What would you lose by not acting now?
Conduct comprehensive research. Many career risks involve changing jobs or careers. Ending up in a role or company that does not fit you is one of the biggest risks you can take, so do as much as you can to learn about potential industries, companies and roles before taking the plunge. Talk to company insiders about what the organization is really like. Conduct informational interviews to uncover the nuts and bolts.
Consider ways to mitigate risk. Let’s say you want to quit your job and change careers, but you recognize the risk, especially because you’re not 100% sure about the new career. Consider ways you might be able to test the waters without giving up what you already have. For example, you could do volunteer work in the new field while keeping your job. Same goes for the desire to start a business; initiate a business as a side hustle to your current work until you’re ready to break out on your own.
If you decide to take the risk, have a contingency plan in case your plans don’t work out.
Approach the risk with optimism and confidence. Julia VanDeren notes that these emotions “can mitigate the experience of risk and can be learned.”
If it’s early in your career, favor risk-taking. VanDeren observes “it is easier to take risks earlier in your career. Taking chances when you are just starting out in your professional life can help clarify interests and values.”
