Strategies Industry Change Without Breaking the Bank

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Shifting industries can start up a broader array of opportunities for executives that wish to reinvigorate a stalled career, attempt to combine their skills and interests in a brand new stadium, are stuck at a dying/declining sector, have limited choices in their desirable geographical location, or are influenced by the increased outsourcing of operations overseas. Although product and business knowledge are important to some companies in certain sectors, it is possible to make a prosperous industry transition via a focused, systematic process-without needing to lower your settlement level. Unless a position demands industry-specific technical knowledge or contacts, you can build a clear case that will illustrate your ability to be successful in a new industry. Actually, some employers relax their search criteria as hiring picks up, opening up the doorway to business transitions.The trick is to move to a related area. The closer you stay to your industry, the larger the probability of obtaining a comparable salary because there’s a briefer ramp-up period for learning the new business. Such factors as the complexity of the company, variety of product lines and client groups, size and culture of an organization, and similarity in manufacturing or marketing methods also play a part in how easily you can transfer your skill set to a new atmosphere.If the idea of marketing yourself to a business in which you do not have expertise seems daunting, here’s how to gain the confidence you need and prevent critical mistakes on your search.These six steps can guide you to make an business change happen more efficiently and with fewer roadblocks. 1. Pick a sector that is aligned to your present business. Your transition will be easier if you opt for an industry with a similar attention to your current industry. For example: if you are in the transport industry, moving out of the railroads sector to trucking and freight, airlines, shipping or air courier services, would be a more closely coordinated transition. If you are in health care, carefully coordinated areas include pharmaceuticals and drugs, biotechnology, outpatient care companies, packaging and container companies providing the healthcare sector, and producers of electronic instruments for healthcare equipment.Therefore, recruiters or hiring authorities will think about your skills closely coordinated and many of the company issues you’ve solved will be like those experienced in the new industry. As you will get a shorter learning curve than candidates from very different industries, you’ll have more of an advantage in salary negotiations, too.2. Pick a high-growth industry. Industries who are flailing are not going to be as workable as a business that’s undergoing growth. In downhill turning industries, there is an abundance of unemployed executives with business expertise to choose from, so your odds of getting the attention of a hiring executive are slim. But, high-growth businesses are typically more receptive to change and fresh ideas, and are in greater demand of applicants than large corporations.3. Conduct comprehensive research on potential new industries and specific companies. Do not try a search to put in a new business without doing due diligence . Utilize the extensive resources available to you around the world wide web, in your public library’s reference section, by reading trade/industry books and by speaking with professionals to learn about their business and future trends. Immerse yourself in the new industry. Attend professional conferences and seminars. The more you know about the new business, the more assured you will be and the more capable you’ll be of accomplishing the upcoming vital step on this listing (identifying your transferable skills).4. Identify your transferable skills and create your distinctive selling proposition. As soon as you realize the inner workings and tendencies within the new sector you’ve chosen, you’ll get a better understanding of the challenges and demands faced by that sector. Determine the particular skills which are required-again via your research and by talking to industry professionals. Ask probing questions to find out what the essential things are that you will need to do well. Are those the abilities that you know how to do? If not, what’s missing and is it something you can easily develop?As an executive, you possess several core competencies that can cross over to new businesses and organizations-strategic preparation, operations management, business development, marketing, marketing, fiscal planning and analysis, gain and loss management, people management and so forth. Review your career with a concentrated eye to recognize relevant skills and achievements you’ve made that you may also potentially achieve in your new industry.5. Compose a focused resume and cover letter led toward your new target industry. After writing your resume, then downplay your present jargon and industry related to your specialty. Keep away from generic/vague phrases from the profile such as”visionary executive with extensive experience in handling people and departments”.Select relevant duties and success reports and present them in a way that exemplifies the link to the target industry. This will demonstrate that you could create the results they need. At the interview be ready to convince the hiring authority how your skills and achievements can be implemented in that organization to solve their business challenges.6. Think about applying for positions in smaller firms in your target industry where the opportunities might be more abundant. Smaller firms are more likely to consider employing people without industry experience. Small-to-medium-size organizations have fewer management degrees and might not have the right talent to promote from within. The criteria may also be relaxed in smaller companies.On a last note, just like with any job hunt, doing your homework is paramount. Although changing industries can pose quite a challenge, comprehensive preparation, a written strategy, solid execution and persistence may yield the results you desire-a more personally and professionally rewarding career.As the strategic partner in designing targeted job search campaigns, Louise Garver, President of Career Directions, LLC, provides the tools and services to position you over the competition and acquire the career you deserve. A certified career coach and certified resume writer with 20+ years of experience in helping people find rewarding, meaningful work they enjoy, Louise supplies expertise in resume development, career branding, online identity placement, media, interview and salary skills improvement, and career management.

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