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Progressing Along the Career Ladder: How to Cope with Transitions in Employment

If the early indications are to be believed, 2014 is set to witness to continuation of economic growth in the UK. This is certainly true in relation to the employment market, where recruitment giant Hays have just recorded a 10% rise in quarterly revenues and sustained its best level of performance since the start of the Great Recession.

Not only does this have the potential to translate into a lower unemployment rate, however, but it also provides opportunities for those who wish to change jobs or pursue an alternative career path. Given the relatively precarious nature of economic growth, now may be the ideal time to make your move if you are hoping to progress along the career ladder.

Coping with Transitions in Employment: Alleviating the Stress of a Career Change

While changing jobs or careers may be beneficial in the long-term, however, the processes involved can be extremely stressful and place a considerable burden on your shoulders. The financial strain can be particularly difficult to bear, especially if you have already reached your threshold in terms of monthly outgoings and repayment. In this instance, a change in your circumstances or payment date can have a significant impact, so it is crucial that you take proactive steps towards managing your finances. Consider the following: –

Budget for a Change in your Circumstances

Budgeting is a key financial management tool, especially for households with a minimal amount of disposable income. While your calculations must be accurate and carefully thought out, however, it is also important that you adopt a conservative approach and plan for any potential changes in your circumstances. If you are entering the job market and applying for alternative roles of employment, for example, you must anticipate being successful while gaining as much information as possible in terms of potential start dates and remuneration schedules. With a broader base of knowledge, you can alter your budget and make savings to help bridge the transition period.

Consider the Merits of Short-term Lending

While the rise of short-term lending remains a relatively controversial subject in modern Britain, it is simply a reflection of the way in which the financial sector has changed since the turn of the century. Short-term personal loans are in fact genuinely viable financial solutions in the current economic climate, so long as they are fully understood by applicants and used in a correct and responsible manner. Their main purpose is to help you cope with an unexpected cost or a short-term cash-flow issue, and therefore ideal for individuals who have accepted a new job and are subsequently faced with a break in payment. If you do follow this course, be sure to prioritise reputable lenders such as 1st Stop, as this will enable you to deal with fair-minded firms that offer a relatively low rate of interest.

Re-evaluate Short-term Travel Plans and Costs

Whenever you change job, it is more than likely that you will be required to work in a different office and geographical location. This provides you with an opportunity to review and re-evaluate your daily travel plans and costs, as there may well be a more affordable way of commuting to your new workplace every morning. If you are fortunate enough to have secured a job that is closer to your home, you can even consider investing cycling to work each day rather than spending money on public transport or fuel. Even if the savings that you make are minimal, they will at least contribute and ease the financial strain while you wait for your first payment at the new job.

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