Changing Industries: Why It's Worth It for Employees and Employers

After successfully changing industries, Tracy Wildman of Spring Oaks Capital, shares her insight on how to navigate the change and why it's worthwhile.

Is Changing Industries Worth It?

There’s a learning curve in every new role. But, when you move into a new industry, it isn’t just a new job. It’s new lingo, processes, systems, and more. That’s a lot of work. So, is changing industries worth it? And, if you're a manager, should you even consider taking on that kind of training challenge?

The Benefit of Changing Industries

When you change industries in the middle of your career, the learning curve is inevitably steeper, but it has the potential to be extremely rewarding. For employees, shifting industries offers the chance to broaden your knowledge and advance both personally and professionally. This switch could be especially worthwhile if you’re feeling unfulfilled and detached in your current role.

Why Employers Should Hire Outside of Their Industry

For employers, hiring from outside of your industry brings new ideas and perspectives to your company. Applicants without direct experience can see things in ways you or seasoned industry experts can’t. This fresh outlook could energize and enhance your business.

Tracy's Advice on Making the Change

• Self-Assessment is Key: Identify your transferable skills and where you need to grow. Ask yourself - what can I bring into this role? And, where are the gaps in my knowledge?

• Network, Network, Network: Build a network within your new company so you have colleagues to help answer your questions.

• Ask All of Your Questions: It’s okay to not know the ins and outs of your new industry! In fact, it’s probably expected that you don’t. Acknowledge when you don’t know and ask questions. The answers will help you gain a deeper understanding of the industry and your role.

• Be Patient: The transition will take time. Don’t pressure yourself to know everything all at once. Remember to take the crawl, walk, run approach and be patient with yourself in the process.

How Employers Can Help Employees Make the Transition

• Mentorship is Important: Pair new employees with a knowledgeable mentor they can go to to ask questions.

• Set Measurable Goals: Set goals that help outline and identify where the new employee needs to grow. This will help them focus their learning and understand their role.

• Don't Assume a Level of Knowledge: Even the simplest concepts might be unfamiliar to someone with no industry background. Make sure you provide context and check in with the employee to make sure they understand.

Watch Tracy’s full interview for more insight.