Top Fears and Support Needs During Executive Career Transitions
If you are over 50 at Executive level, research shows you have a 50/50 chance that the decision to leave will not be within your control. So, we decided to interview Senior Executives we have coached through Executive Transitions over the past 5 years to find out their fears and what supports they needed and valued most.
The Top 5 Fears were:
1. Financial Insecurity – The loss of a high paying package with all the trimmings was the immediate fear. This led to significant stress and anxiety and often a sense they could not share the burden of worry with their spouse or partner at the time.
2. Reputation Damage – The shame of word around town they were being ‘moved on’ was a constant fear. This fostered a sense of panic and trying to keep stum amongst friends and hope that a new job would quickly appear so they could have more control of the messaging.
3. Identity Crisis – The sudden realisation “who am I without this job title?”. The full-on nature of work at Senior Executive Level is all consuming and often leaves little room for a life beyond work.
4. Future Uncertainty – The worry they would ever find a job like this again and the concern their age profile would come against them. This led to panic to find a new job ASAP. In hindsight they could see how this uncertainty fuelled confusion in their messaging to head-hunters at the time.
5. Directionless urgency -The need to be doing something to get a new job every day without clarifying what they really wanted was very common. The lack of structure also proved disorientating and led to restlessness and mood swings which impacted those close to them.
In response to working people at highly sensitive time in their lives, we would like to share how Executives experienced the time spent with us as we coached them through Executive Outplacement Support
The Top 5 Most Valued Supports from Executive Outplacement:
1. Financial Clarity – The support of an Executive Financial Advisor who has been through this with people before. “Liam spoke with both my spouse and I on our financial situation. This gave us a joint understanding, worked on a financial transition plan and greatly reduced our anxiety”.
2. Redirection time – The time to step back and assess what they really wanted. The understanding that this is a reality of corporate life today. “It turned rejection into redirection for me. My coach helped me make good choices to reject roles, I was going to accept out of pure panic. I knew what I didn’t want as a result!”
3. Sceptical to Transformational – There were many we interviewed who saw Outplacement as a glorified CV and Interview prep service. “I must admit I was reluctant to participate, sceptical and very negative towards the support offered. I didn’t want to leave and was adamant I wanted to stay. I realised after 2-3 sessions this was valuable and beneficial work. In the end I found it transformational. I was provided with tools, skills, and techniques I still use in my role today.”
4. Global to Local Network – The experience of some Executives in global roles is they become very well known in their multinational business but lack a local country network. Then when the exit happens, they are left outside the corporate nest with little local knowledge or personal brand identity. “My coach helped me to get my presenting story right. In my case build a local network. While I had spoken at many global conferences, I had never spoken locally, and we created opportunities to make this happen which instantly raised my profile. My new role came from a network contact in one of these local forums”.
5. Vulnerability to Reassurance -The extended 1-1 coaching and advisory work is individually driven to each person’s specific needs. “It is definitely not a cookie cutter approach. My coach helped me to be vulnerable while also offering the balanced reassurance to access practical market intelligence. This diligence to keep going was very important and kept my spirits up at the time.”
If you are an Executive looking for bespoke Outplacement Support – contact us here for an initial confidential discussion.
