But first let’s understand why this myth exists.
Mid-level employees usually have several responsibilities like raising children, paying off house and car loans, and taking care of aging parents. All this comes with a high financial responsibility. So, stability becomes a top priority for these people, says Cynthia Gokhale, marketing head, ManpowerGroup India. Also, by the mid-level stage, they have established a reputation in the industry, so the natural mindset is not to change it if the risk is not paying off.
This traditional mindset often prevents mid-career professionals from taking risks and experimenting with career paths, says Sonal Arora, country manager, India, GI Group Holdings.Furthermore, humans have evolved to be risk-averse and cautious around the unknown.
Like Gokal, she says that as family responsibilities and constraints increase in midlife, people tend to focus on establishing their careers, and therefore avoid career-related risks.
Potential disadvantages of avoiding career risks at the mid-career stage
Gokhale says that if you want to increase your returns, you should be open to risk. Risk takers stand to reap huge rewards, both financial and non-financial. Risk taking allows you to accumulate knowledge and skills, expand your network, improve your status and get a better lifestyle. Not being open to risk can lead to stagnation, slower growth, limited exposure and further restricted learning opportunities, he explains. In recent years, the ability to take calculated, well-thought-out risks and engage in lifelong learning has become increasingly important for professional success, according to Arora. Reluctance to take risks and embrace new challenges can lead to stagnation and a gradual decline in skills and capabilities.
Strategies for balancing the need for stability with the desire for growth
It’s not impossible to balance growth and stability. Individuals can start by assessing their long-term goals, current skills, and opportunities for upskilling. Experts recommend identifying the scope for a lateral move within the organization. Also, try volunteering to take on new projects or assignments within the same organization before making a drastic change or taking a big risk in your career.
It is crucial to maintain a reserve fund so as to create a safety net that can cover 8-9 months of expenses. This makes it easier to take risks and take chances that may seem difficult at first but could pay off in the long run. Apart from saving money, individuals can also generate a passive income stream and weather a mid-career job change with ease.
Moreover, the importance of attending networking events to build a strong network and stay up to date with industry trends cannot be overstated.Finally, creating a Plan B can prevent individuals from experiencing serious career setbacks, experts add.
Risks that led to success stories
Arora shares the example of a mid-career sales professional who was doing great work leading a sales team, but felt like he was stagnating. He had an opportunity to start a new business unit within the organization. But the move seemed risky because it would have required him to move from a stable position as sales director for a large business unit to director of a smaller, new business unit, she says.
But he decided to accept the opportunity, which he said would broaden his skill set, gain new capabilities and ultimately pave the way for him to lead a larger operation at another organization, she added.
