If you want to move forward in your career, you essentially have two options: seek a promotion where you currently work or transition into a new job. It can be a tricky call to make, as each has its own set of risks and rewards.
In both cases, having the right qualifications and skills is essential. Thanks to online education, you can learn new skills from home, on your own schedule, and often at a more affordable cost compared to on-campus learning. This can let you prepare for your next career move without taking time off from work.
We’ll begin by discussing the pros and cons of moving up within your company, before looking at those associated with switching to a new job. Of course, it’s important to keep in mind that not all companies are the same and not everyone is working in ideal conditions — so make sure to first consider your current company environment and the job at hand before making a decision.
Advantages of Vertical Growth with your Current Employer
You Know Your Current Company Inside and Out
There’s something to be said for working in the same environment, with familiar faces. From this comfort zone, it’s easier to take on new responsibilities and challenges, and handle difficult situations. Moving up within your company means you’ll largely stay in the same environment, so you’ll already know the internal politics, even if you take on a new role.
It Shows Loyalty
Just about every organisation values loyalty. By staying with your company, you’ll demonstrate how loyal, dependable, and reliable you are. Not only will this make you valuable to your current employer, but it will make for an impressive CV when you do eventually decide to move on.
You Have Established Relationships with Your Colleagues
Relationships are essential to any team’s productivity, efficiency, and effectiveness. Having the trust and respect of your colleagues makes it so much easier to be successful in any role. Staying within the same company means you won’t have to start from scratch to build these relationships.
Disadvantages of Vertical Growth with your Current Employer
You May Need to Wait Longer for a Pay Rise
Sure, if you move up within your existing company, this should come with a pay rise. Even if you remain in the same role, you can expect at least a modest salary increase in return for your hard work and loyalty. However, transitioning to a new job, especially in a different industry, is more likely to come with a significant pay rise.
You Could Pigeonhole Yourself
Although sticking with the same company for years shows loyalty, you also risk pigeonholing yourself. If you don’t have the opportunity of diversifying your skillset and growing your network at your current employer, you could end up limiting your opportunities.
Pros of Transitioning into a New Job
You’ll Build a More Diverse Resume
On the other hand, moving from one employer to another gives you the opportunity to develop a more diverse range of skills and experience. Your resume will demonstrate your experience across a range of areas, and you’ll be able to learn from your new environment.
It Helps to Build your Network
Moving around allows you to build more connections that could be highly beneficial in the future. Sticking with the same company may allow you to strengthen your existing connections, but at the expense of diversity. A strong, diverse network will help you to build your career — and you never know when your connections could come in handy!
Chance to Follow Your Passions
By transitioning to a new company or even a new industry, you open up a world of possibility. This could be your opportunity to do something you’ve always been passionate about and pursue your dream job.
Drawbacks of Transitioning into a New Job
You’ll Need to Start Over
Transitioning to a new job always involves some degree of starting over. The tasks may or may not be what you’re used to, but regardless you’ll need to learn new company policies, procedures, and build new relationships. You’ll need to prove yourself once more.
Make the Right Move for You
There’s no single right choice for everyone: it depends on your own preferences, and where you’re currently at in your career. At some career junctures, it can make more sense to move up with your existing employer, while at other times it’s better to move on. While each choice has its advantages and disadvantages, sometimes you can turn cons into pros with horizontal growth.
Whether you want to move up within your company or transition into a new job, having the right skills and qualifications can make all the difference in helping you land your dream role.