To Leave Or To Wait: What Future For Bankers?
To Leave Or To Wait: What Future For Bankers? By Thierry Krief – Founder and CEO of NegoAndCo
Banking was my first job. I started my career as a banker 20 years ago. Back then, this industry was flourishing and offered many professional opportunities.
Today, however, in the face of falling interest rates, new Internet tools and constantly increasing regulation, profit margins keep shrinking and banking is becoming a less prosperous sector with much fewer opportunities.
Banks are currently going through rounds of layoffs and RIF (Reduction In Workforce). The future is clearly not about finding a job in the banking sector. At least that's what I tell my children.
The problem is that today for bankers who have spent most of their careers in the banking industry, the possibility of finding a job in another bank is almost none.
So what can you do? Stay put and wait passively for the next round of layoffs? Wait for a burn-out or a bore-out? Keep believing in your management or your HR who praises your outstanding profile and promises a better position? But you have been waiting for too long already! Or you can choose to take control of your destiny and leave!
Yes, but to do what?
In fact, with a little hindsight, you can uncover many professional options beyond banking. Admittedly, it depends on your age, your financial conditions and the energy you still have in you.
However, around age 50, the following choices are available to almost all, despite what one might think:
. start a business,
. find a job in a company in another industry, perhaps after further training,
. join or start a franchise,
. become an Equity partner in small companies and/or start-ups and be an activist investor,
. take advantage of the strong USD and the fast-growing digital economy and move somewhere where the cost of living is much lower,
With a well prepared plan and by taking control of your destiny, there are many possibilities. Negotiating a good exit helps make these professional projects a reality. No matter what, doing nothing will lead to a poor career end. In the US, where employees can be ousted in a matter of minutes and without warning, it is absolutely key to be proactive and implement an optimal exit strategy ahead of time.
Do not hesitate. Choose to leave. Today, banks are setting money aside to manage executives’ departures.
I will help you to succeed in your negotiations, negotiations that will allow you to rebound professionally and in the best conditions.
So, leave or wait? The choice is yours!
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