It’s a dilemma solved only with a crystal ball: Should you switch careers? It’s a calculated risk that may or may not pay off. That may be fine, but it could impact your happiness and wealth anytime you increase career risks.

On the flip side, taking calculated risks can significantly propel your career forward. Investopedia says job switchers typically see salary increases between 10% and 20%. What risks are worth considering? Here are five.

What Are 5 Career Paths Worth Taking?

Pursuing a Non-Traditional Career Path

Venturing into unconventional industries can lead to unique opportunities. For instance, professionals merging traditional sectors like agriculture with modern technology and business acumen can end up with innovative career trajectories. This approach can broaden your skills and address workforce shortages in essential industries.

Leaving a Stable Job for Entrepreneurship

Starting your own business involves significant risk but can be highly rewarding. Entrepreneurship offers independence and the potential for substantial personal and professional growth. Nearly a third of adults are managing their own businesses or planning to start one soon, reflecting a growing trend toward self-employment.

Taking a Career Break for Personal Development

Stepping away from the workforce to focus on personal growth can be beneficial. The concept of “micro retirement,” where individuals take extended breaks to travel, pursue passions, or start new ventures, is gaining popularity among younger professionals. This practice may help you counter burnout while clarifying your future career goals.

Transitioning to a New Industry

Shifting to a different field can rejuvenate your career and open new avenues. For example, professionals have successfully transitioned from finance to fitness, leveraging their existing skills in new contexts. Such moves can lead to personal fulfillment and the acquisition of diverse experiences.

Advocating for a Promotion or Raise

Proactively seeking advancement opportunities demonstrates initiative and confidence. While it may feel uncomfortable, negotiating for better positions or pay can lead to accelerated career progression and job satisfaction. Companies typically offer employees a 3% to 5% pay increase on average during annual reviews. ​

Several factors can influence the percentage increase you might receive:

• Performance: High performers often receive larger raises. Some companies allocate higher percentages to top performers, while average performers might receive standard increases.​
• Company performance: In years when a company performs well financially, there may be more flexibility to offer higher raises. Conversely, during economic downturns, raise percentages might be lower.​
• Industry standards: Understanding what’s typical in your field is crucial to setting realistic expectations.

Manage the Job Search Risk with CPS, Inc.

CPS, Inc., understands the importance of strategic risk-taking in career advancement. Our team offers personalized guidance to help you navigate these decisions, providing resources and support tailored to your unique career aspirations. Whether you’re considering a career shift, entrepreneurial venture, or seeking advancement in your current field, CPS, Inc. is here to assist you every step of the way. Contact CPS, Inc. today.