This week’s problem
I am a senior vice president working in technology at a large company and have managed and sold a start-up. I am financially healthy but rather than retire I want to move into a different industry. I have many transferable skills: coding, process analysis, problem solving and team management. But how do I work out my next move and avoid sidestepping a role similar to my current one? Anonymous
Jonathan’s answer
To explore what your next step should be, in a potentially new role and ideally in a different industry, it will be helpful to evaluate your options along these two dimensions.
Your role in the start-up would have been large and likely high risk. Tim Edwards, chairman of Storm Therapeutics, a biotech start-up and former chairman of the UK BioIndustry Association, points out that it’s quite an accomplishment to map out and execute a strategy, motivate investors and close a sale. These are all transferable skills that you should add to your list.
Your current role appears to involve less risk, focusing less on strategy design and implementation and more on the technicalities including coding and analytics. Some may wonder what motivated this move: “It gives a clue about progression to the next role,” Edwards asks. Do you want to recapture the higher risk and reward of managing a team or continue with the lower risk of more focused roles?
Take some time to evaluate what you like about your current and previous role, to help define what would ideally be next, especially the balance between technical skills, people management and motivation skills – which one do you want the most or the least ?
For example, could you lead the technical team within an innovative organization that is moving from a new start-up to a rapid phase of growth and launch in an industry different from its current one? Or perhaps an advisory board role in a tech spinout where your experiences could be sought after?
Think carefully about why you want to leave now and why you want to change industry. Perhaps you just want a change, or perhaps you would find greater purpose and meaning in a specific industry that is important to your values. Assessing those motivations will help clarify which industries appeal to you.
Being financially sound gives you some freedom of choice about where and when to work. It may be that a routine nine to five role isn’t as appealing if you don’t actually need the job. As well as assessing what you are looking for in a role and what industry may support your values, consider what you are looking for in general: for example, can the job provide status, an opportunity to be part of something bigger, to work with or lead a team, or to advocate for an important issue.
Edwards notes that you obviously have a lot more transferable skills than you’ve listed, and that gives you more options. Processing your next move will be easier if you can identify your true motivations for the role, the industry and why you want to work.
Readers Advice
Giving back to the community and helping others through charity and service is a great start. Coding, process analysis, problem solving and team management are in high demand in the charity and service industries. The pay won’t be that high, but that’s not the goal. The London Gardener
How about non-executive roles? NEDs can develop a portfolio of companies they recommend, it can be attractive and well paid. Matthew H
Options might include joining a VC, consulting firm, non-profit, or setting up a startup consultancy and not charging much since you don’t need the money. Cobraman
Jonathan Black is director of the Careers Service at the University of Oxford. Every fortnight he answers your questions about personal and professional development and working life. Have a question for him? Email: Dear.Jonathan@ft.com
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