When Taking a Step Down, is a Step Up
In a previous blog I stated, “I have never made less money by taking a risk.”. The more accurate statement is, “I have never made less money, unless I wanted to.” The fact is, I accepted 6 roles over my career for less compensation for 3 different reasons.
Reason # 1 – To break into a new healthcare industry
Clinic management to technology sales. Tech sales to genomics start-up. These may seem like huge leaps, but I’ve done both and there are 100s of opportunities like this if you are willing to take a step down in compensation to learn and then grow in that new industry. You may not even need to make less compensation, if you excel at negotiation…a blog for another day.
Changing industries expands your opportunities exponentially. Most of you have thought about a parallel industry - provider to payer, administration to technology, patient care to healthcare sales, research to pharmaceutical. To make the transition, be open to lower compensation initially, learning-on-the-job or taking a lower level title to break in and grow. However, industry change is not the only reason to consider a “side-step”, what about climbing the title ladder?
Reason #2 – To round out your resume with a new title
Staff Nurse to Clinic Director. Technology Strategist to Healthcare Consultant. Both of these were moves I made that required a change in compensation structure to demonstrate role advancement on my CV. Although a robust resume may not be your focus, year-over-year, a diverse job history opens doors.
Advancing roles and titles is a path to your dream job. Even if you only retain certain titles for a year or two, “bridge roles”, or those that you accept to get to the “next best thing” are rarely a mistake. Although I am not an advocate for changing jobs every year, a few of these roles, to expand your opportunities and your network, can be a major career booster. From industry change to title advancement, the last reason to consider a side-step is exit strategy and entrepreneurship.
Reason #3 - To make more money with a bigger exit strategy
Big tech to small start-up company. VP roles to multiple entrepreneurships. These career shifts were the riskiest and the most challenging. There are many tactics to get comfortable with big unproven role transitions. But if a large exit strategy or early retirement are your ultimate goals, making less to join a start-up company or become an entrepreneur – one, two or three times – may be worth the risk.
Exploring roles with companies of different sizes, cultures and financial backing can provide a roadmap for successful career independence. Although the riskiest in terms of your financial goals, start-ups and entrepreneurship, even as a side-gig, allow invaluable exposure. Learn all of the aspects of product development, marketing, financial management and business strategy needed to fulfill a dream of being your own boss or becoming financially independent.
In conclusion, when you ask yourself, “Why would I climb down the career ladder or make less money?”, you should be asking, “Does this step down build a path to my ultimate career goal?”. Whether wealth, travel, knowledge or a passion are the key elements of your ultimate career, taking a step down, to take a step up, is often worth considering.
To learn more about my journey - four shifts with less money to land my ultimate life - Email me on the link below.
No fees or email spam, just information sharing and advocacy for a better career life.