When it’s Time to Pivot Your Career
December 06, 2022
A record number of Americans quit their jobs in the last few years in what has been dubbed ‘The Great Resignation.’ Although it was precipitated by the strain of the pandemic, the trend is continuing, with more than 4 million Americans leaving the workforce in August and September of this year.1 Many are seeking higher pay or greater job flexibility, and business leaders are taking notice. A survey of CEOs indicates an intention to stem the tide by retaining hybrid work models, introducing wellness programs, and instituting other measures to improve job satisfaction.2
However, if you’re a senior executive planning your next career move, the decision to pivot may be more complicated. To begin with, you’ve invested time and effort in building your reputation, which is an invaluable career asset. In addition, a significant portion of your executive pay may not yet be vested and you may have additional non-monetary perks, meaning there may be consequential financial ramifications for leaving your post.
Here are some questions you may be asking yourself:
- Will I lose money by changing jobs? If your salary includes stock options or employer matching contributions to your retirement plan savings that vest over time, a bonus that you’ve earned but not yet collected, and/or valuable perks, such as a car or fees paid for professional memberships, you need to determine how much money you’re leaving on the table. Your Washington Trust Wealth Advisor can help you review your total compensation package to help you negotiate your next role.
- What should I do with my retirement assets? On average, baby boomers have held more than 12 roles during the course of their careers.3 If you’ve changed jobs several times, you may have multiple retirement accounts which can be cumbersome to manage. Consolidating your retirement assets – in your next employer’s qualified plan, or through an IRA rollover - may give you a better view of your portfolio’s asset allocation for greater control. Your Washington Trust Wealth Advisor can talk through the various considerations to help you make an informed rollover decision.
- Do I have enough saved to retire early? Many individuals in The Great Resignation left the workforce for good. If you’re wondering if early retirement is a possibility for you, your Washington Trust Wealth Advisor can help you evaluate your options and create a game plan, including when to take Social Security benefits, approaches to covering your healthcare expenses, and a withdrawal strategy that allows you to live life to the fullest.
Count on your Washington Trust Wealth Advisor for guidance
Your Washington Trust Wealth Advisor can help guide you on career moves including evaluating your executive compensation, coordinating your retirement assets, and planning for a retirement that allows you to realize your dreams.
Not yet working with a Washington Trust Wealth Advisor? Please contact us to learn more!
1 Despite the odds, the Great Resignation lives on, Business Insider, Nov. 1, 2022
2 C-Suite View of Volatility, War, Risks, and Growth for Global Business, C-Suite Outlook 2022, The Conference Board, June 17, 2022.
3 Number of Jobs, Labor Market Experience, Marital Status, and Health: Results from a National Longitudinal Survey, Bureau of Labor statistics News Release, August 31, 2021.
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