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The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company have become one company – The Canada Life Assurance Company. Discover the new Canada Life

The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company have become one company – The Canada Life Assurance Company. Discover the new Canada Life

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Freedom 55 Financial is a division of The Canada Life Assurance Company and the information you requested can be found here.

March 2021 – 15 min read

If you’re considering a career change, remember there are other financial implications like:

People end up searching for a new job or career for several reasons:

  • Better pay
  • Reduced stress/burnout
  • Better work-life balance
  • Lack of promotion opportunities
  • Feeling unappreciated
  • Negative work environment

Changing your work situation every few years can provide several benefits:

  • More room for advancement
  • New challenges can help you grow new skills
  • A new job can renew your passion for what you do
  • Searching, applying and interviewing for a new job is a valuable learning experience

If you’re wondering whether you should start searching for a new job or career, look for these signs:

  • You’re too comfortable and feel you can achieve more
  • Your personality doesn’t match your workplace corporate culture
  • Your job doesn’t match your areas of interest
  • The job doesn’t allow you to live the lifestyle you desire
  • The job doesn’t make you happy
The days when people spent their entire working lives with the same company are long gone. 
 
According to the jobs-site Monster, workers aged 25 to 34 switch jobs every 2.8 years, while workers aged 55 to 64 change jobs every 10.1 years. The average time workers spend at the same job is 4.2 years.

Changing industries

If you’re moving from an industry that’s in decline to one that’s on the rise, it may lead to better pay and career growth. 

However, switching industries may also mean starting as a newbie again, which could mean earning less for a while and take longer to get a promotion. 

Changing jobs in the same company

There are lots of reasons to look for a new position in the company you’re with now:

  • You won’t have to figure out a new organization
  • You’ll grow your network in the company
  • You may accumulate more paid vacation or other benefit perks

Job security and income often increase with more education. Because they know that more education can impact your job performance, some employers may allow a leave of absence or flexible work schedule to accommodate you going back to school. 

The drawbacks of going back to school is the loss of income, a possible gap in your resume, and possibly have to look for a new job in a different job market, once your education is complete.

Now that you understand more what to consider when changing your job or career, you may also want to:

The information provided is based on current laws, regulations and other rules applicable to Canadian residents. It is accurate to the best of our knowledge as of the date of publication. Rules and their interpretation may change, affecting the accuracy of the information. The information provided is general in nature, and should not be relied upon as a substitute for advice in any specific situation. For specific situations, advice should be obtained from the appropriate legal, accounting, tax or other professional advisors.

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