top of page
Aug 54 min read

How to Successfully Pivot in Your Career, Business, or Life




In today's professional world, change is constant. Data shows that careers are evolving faster than ever. According to a study by the Bureau of Labor Statistics in the United States, a worker changes jobs an average of 12 times over their working life.


The ability to pivot has become a crucial skill. Whether you are an individual seeking a career change, a business rethinking its strategy, or a project requiring a redirection, successfully pivoting can transform your path.






Definition of a Pivot


A professional pivot is a significant change in the direction of your career or business. This can range from a job change within the same industry to a complete sector switch.





Labor Market Trends


  1. Increase in career pivots: A survey by Indeed shows that 49% of employees have made a major career change.

  2. Impact of technology: The World Economic Forum predicts that by 2025, 85 million jobs could be displaced by automation, but 97 million new roles may emerge.


Common Reasons for Pivots


  • Technological evolution: 54% of employees feel they need new skills since 2022.

  • Search for meaning: 65% of millennials prioritize personal development over salary.

  • Economic changes: Recessions can force up to 3% of the workforce to change sectors.





Understanding the Need for Change


The first step in any pivot is recognizing why this change is necessary. This understanding often stems from dissatisfaction, market evolutions, or the desire for new challenges. Ask yourself the following questions:


  • What is not working?

  • What are my strengths and weaknesses?

  • Where do I see myself in 5 to 10 years?


Research and Self-Evaluation


Before making major changes, take time to assess your current situation and explore new possibilities. This involves both introspection and external research. Internally, consider your strengths, passions, and long-term goals. Externally, research market trends, new industries, or potential career paths.


Developing a Plan


Once you have identified potential directions, develop a detailed plan. This plan should include:


  • Skills assessment: Identify skill gaps and how to fill them.

  • Financial planning: Ensure you have the financial stability to support the transition.

  • Networking: Connect with professionals in the desired field.


Testing the Waters


Before fully committing to a new path, test the waters. This could involve freelance work, part-time jobs, or side projects. Such experiences allow you to evaluate your interest and aptitude in the new field without taking the risk of full commitment.


Acquiring New Skills


Education and training are often key components of a successful pivot. Enroll in relevant courses, attend workshops, and seek learning opportunities. For example, if you are moving from journalism to the wine industry, take courses in viticulture and oenology.





Strategies for a Successful Pivot


  • Skills evaluation: Use tools like the RIASEC test or Gallup CliftonStrengths to identify your strengths and interests.

  • Continuous learning: According to LinkedIn, 94% of employees would stay longer in a company that invests in their learning.

  • Networking: 80% of jobs are filled through networking.

  • Experimentation: Try new responsibilities in your current role or volunteer to gain experience.


Relevant Statistics


Did you know that 70% of companies that pivoted to digital models saw an increase in revenue? Additionally, 65% of professionals who changed careers report being more fulfilled in their new field. These figures highlight the importance and potential of a well-planned pivot.


"The key to success is meticulous planning and being ready to adapt. Do not underestimate the importance of networking."


Challenges and Solutions


  • Financial concerns:

    • Solution: Create an emergency fund covering 3 to 6 months of expenses before pivoting. Plan your finances carefully and seek external funding if necessary.

  • Lack of confidence:

    • Solution: Find a mentor. 97% of people with a mentor find it valuable.

  • Skills gaps:

    • Solution: Invest in training or hire new talent to fill these gaps.

  • Fear of the unknown:

    • Solution: Combat this by breaking the pivot into smaller, manageable steps.


Examples of Successful Pivots


These examples show that bold pivots can lead to great success, though they are not representative of all pivots.


  • Sara Blakely: From fax machine salesperson to founder of Spanx, now a billionaire.

  • Jeff Bezos: From Wall Street analyst to founder of Amazon.

  • Stéphanie Gicquel: From lawyer to polar explorer and speaker.

  • Pierre Kosciusko-Morizet: From financial analyst to co-founder of PriceMinister.



Current Industry Trends


Current trends show high demand for skills in technology, project management, and digital marketing. Adapting to these trends can offer new career and growth opportunities for businesses.


Practical Tips


  • Set clear goals: Define what success looks like.

  • Allocate resources: Determine the financial, human, and time resources needed.

  • Manage risks: Identify potential risks and develop mitigation strategies.


Conclusion


Pivoting is not just about changing direction but doing so with purpose and planning. Embrace the journey of change with confidence and clarity, knowing that each step forward brings you closer to your goals.



Ready to pivot?


Start today by following our advice and transform your career, business, or project towards new horizons! Contact us  ; Subscribe to the XPROJEX newsletter today and receive the latest insights.


 

Sources for this article:




42 views0 comments

Comments

Rated 0 out of 5 stars.
No ratings yet
Add a rating
bottom of page