Financial pressures impacting employees' options to switch careers
More than half of employees in New Zealand regret their career choice, but only six per cent are actively looking for ways to change paths, according to a new report.
SEEK's Evolving Working Life Report found that 54% of employees in New Zealand are experiencing career regret, with their reasons being:
Not earning enough (50%)
Changing interests and passions (36%)
Work being unfulfilling (24%)
Rob Clark, SEEK's Country Manager, noted that having doubts about career choices is a "very common experience."
"However, it's important to recognise that a career change is possible at any stage of the working life, and it doesn't have to be overwhelming," Clark said in a statement.
Only 41% of employees said they feel comfortable making a career change, with a lesser six per cent actively looking at ways to switch careers.
Financial concerns emerged as the top reason (50%) why employees are hesitant to change careers. Other reasons include:
Feeling it's too late to change careers (40%)
Lack of relevant qualifications (33%)
Don't know what they want to do instead (25%)
Where to start with their career switch (24%)
"What stands out from this report is that money is weighing heavily on the minds of New Zealand workers as the key driver of career regret, and as the top concern when looking forward to the future," Clark said.
"With the right support and resources, New Zealanders can make informed decisions, whether they're exploring a complete career shift or just looking to adjust their current path."
New Zealanders' financial concerns aren't just affecting their plans to switch careers, according to the report.
Clark noted that the persistent living pressures may also be a factor in why workers feel pessimistic about their future working life. In fact, the report noted 38% of Kiwis are concerned about slow or no salary growth. They are also concerned about:
Burning out (33%)
Poor work-life balance (23%)
A quarter of the respondents are also worried that they need to work for a long time to make financial ends meet, according to the report.
It found that 58% already agree they will remain in the workforce longer out of necessity, rather than by choice.
Despite this, more than half of employees still feel positive about their future careers (52%), and that these roles will still exist in 10 years (55%).
Leah Lambart, SEEK's career coach, advised employees to be open to changing careers especially if they believe they will be working longer.
"Whether it's a drastic change in industry or even simpler switch-ups in how you work in your current role - if you're going to be working for longer, it’s even more important to keep an open mind about evolving your career journey throughout your life to make sure it’s right for you," Lambart said in a statement.
