Whether or not you enjoy your position, it’s always a good idea to have a back-up plan, or exit strategy. Despite personal success, and seeming stability of your position and that of the organization you work for, it’s important not to take your current status for granted.
This is not to say that you are constantly scanning for the next opportunity if you do not need to, or that you regularly take time from work to apply for positions elsewhere and go on job interviews, because that will mean you have divided attentions, and it will be distract you from committing fully to your current work, and doing the best you can in that capacity.
I do suggest that you nurture and maintain networks in your field, keep an eye on developments internally or externally, be attuned to management direction to anticipate changes in how personnel are managed, keep up the relevant professional association memberships and credentials, and update your qualifications through learning and training.
It is a good idea to diversity your professional experiences. Through part-time, volunteer, or contract work, you could have a secondary field that may generate income on the side, and could evolve quickly to full-time work. If you are able to sustain interest on the side in something that complements your full-time work or contributes to your work-life balance, it is well worth the energy and time. If you reach a plateau in your full-time work, or there is a hiring freeze or reduction in training budget, you can take the opportunity to take greater initiative and expand or take risk in your endeavours outside of work.
Your immediate exit strategy concerns an unexpected setback at work, and is tied to your financial preparedness for such an eventuality. Personal finance experts suggest that you retain an emergency fund that covers six months of your expenses, notwithstanding any EI or severance payments that you may receive on being let go from a job.
For a short-term strategy, this would be a career change or change in direction within the year, in which you have some time to plan. A short-term strategy could be created in response to a what-if hypothetical scenario, or it could be a means to plan what your prospective resume could look like within the year, if you work towards it. A short-term strategy addresses what might happen if you were asked to relocate, or were offered another position with a start date in a few weeks, or a few months. Having in mind a short-term exit strategy might also mean considering a temporary leave without pay for three months to under one year, and pursuing another endeavour that might mean not returning to your current position, or that might spur on a change when you returned.
A long term exit strategy can be your plan for retirement, early retirement, or a cut to a shortened work week or longer term period of leave without pay, perhaps to care for children, care for elderly parents, to take a sabbatical, or to accompany a partner relocating for work on a temporary or more permanent basis. A long term plan can start anywhere from five years out into an eligible retirement age. It is something to plan for and keep in mind, and align with your overall financial plan.
Taking each timeframe into consideration lends itself to varying paths of reflection about your current work, and plays a part in determining your career plans. Having the security of an immediate back-up plan and financial resources gives you some freedom to take lateral moves or to try different fields of work, even to take on positions with less job security or of a temporary nature with an end date. Having a short-term exit strategy allows you to consider your flexibility to change career direction and to be open to opportunities that you may not have considered. It keeps you striving to develop other aspects of your professional life. A long-term plan is also important as it may keep you in mind of what you would like to accomplish over a career, and to plan your professional life in relation to your personal life.
The idea of the exit strategy is also to inculcate the sense that work is temporary, and is subject to the direction and decision-making ability of those with authority over you. In order to protect yourself, and also to keep yourself motivated to develop, continue to strive to earn your paycheck each week, and each new cycle. Even if it is not, think of your current position as being somewhat precarious, as sickness or disability in fact could change your circumstances, and should be planned for.
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