The last 12 months have been a difficult time for everyone and has made people reconsider many aspects of their life, including their careers. Given the difficult working environment with remote working, increased workloads, and reduced bonuses, many people have become unhappy in their current role, which has led them to consider their career options.
But is changing your role the right thing to do?
It may seem strange to see this question being asked by a recruiter; after all, I earn a fee from assisting your search. However, I don't agree with this mindset as the move needs to make sense for you. Perhaps it's important to retain perspective and assess how your employer has been minus the implications of COVID.
The two main factors mentioned by candidates have been remuneration and work/life balance over the last year. This is no different to any other year but given the current market conditions, is the grass greener elsewhere?
Moving Career Because of Remuneration
Let's face it, this is a key factor in weighing up a move, but should you base your entire search on an improvement in compensation? I understand the thought process in some instances when promises in salary reviews haven't been kept or when promised bonuses haven't materialised. Before making knee jerk reactions, it is important to assess the reasons why this has happened. Realistically, if over the last 12 months, deal volume and returns are down, is it fair to expect the same bonus as the previous year? I would think not. If you move firm, is this going to be any different? As many firms have had a very difficult 12 months.
Moving Career Because of Work-Life Balance
This has been a key topic for many this year, who have found themselves working 80-100 hour weeks from home and want a change. If you are being offered a significant increase in remuneration, is this work/life balance going to improve? My experience says that it probably won't. Many people will be able to cope with this, but it's likely in 1-2 years that you will be commencing your search again due to burnout. There is also an assumption that in Real Estate PE, it is just accepted that this is the lifestyle. In some funds, that certainly is the case, but many firms work differently and offer a more favourable work/life balance because their strategy and culture are different. If you're genuinely looking for an improved work/life balance, are you willing to compromise?
My view is that it is vitally important to do your due diligence on the role and firm and how they fit in with your reasons for moving. The interview process is the perfect time to assess the firm's culture, the longevity of the people there, the strategy of the firm and the funding in place. When these have been right, in my experience, it has led to long term hires.
If you're considering career options in the Real Estate sector and would like guidance on your search, I would be pleased to set up a call to discuss in more detail. Even if the timing is not correct, I am always keen to expand my network and be in a position to help when you're considering opportunities, or the perfect role becomes available.
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