Changing careers is exciting, especially when you decide it’s time for a change. The idea is sexy – a fresh start and a chance to reimagine who you are and what you do. But what happens when you get fired from your job and PIVOT is he obligated to you? He will probably feel embarrassed, deflated and full of anxiety. After the shock of being let go, it’s time to put a strategy in place and focus on capital pillars.

Many people rush to apply for every possible job; it is based on the law of probability that the more resumes you send, the more chance you have of getting something new. However, acting quickly without a strategy can actually hinder your chances of advancing your career. When you’re forced to pivot, the best thing to do is to step back and make sure you have all the capital pillars in place. By doing so, you set yourself up for a faster response.

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4 pillars of capital when changing careers

Monetary capital

While monetary capital is essential to career change, relying solely on financial resources is insufficient to ensure a successful transition. Career changes require more than the ability to cover living expenses while retraining or looking for a job. Allocation money to personal development programs are a valuable asset during career transition.

Many companies offer personal and professional development programs. Some of the top choices include:

• Coursera Personal Development Courses—Coursera offers a wide range of personal development courses from leading universities, covering essential skills such as leadership, communication and career success.
• Capital One Career Development Programs—Capital One offers several internal programs to support career transitions, including Career development coaching for professional life and the Catalyst rotation schedule.
• Skill Success Personal Development Courses—Skill Success offers a variety of personal development courses designed to help individuals achieve their professional goals.

Human capital

This pillar refers to the skills, knowledge, experience and collective attributes that individuals accumulate throughout their lives, contributing to their productivity and value in the workforce. It encompasses formal education and practical expertise gained through work experience, training, volunteering and continuous learning. Human capital is essential because it directly influences an individual’s ability to perform effectively in different roles, adapt to new challenges and take advantage of career opportunities.

Human capital becomes a critical asset that can elevate professionals over their peers. The more developed a person’s human capital, the better positioned they are to successfully navigate career changes and increase their earning potential over time.

Key components for building human capital:

• Education and Training—Priorities include formal education, professional certifications, and industry-specific training. These programs provide specialized knowledge and skills directly applicable to new career opportunities, making individuals more competitive in the job market.
• Gaining work experience — On-the-job training, internships, volunteering and apprenticeships allow people to gain practical skills and hands-on experience. These opportunities should be seized early in a new position.
• Developing soft skills — Communication, leadership, teamwork and emotional intelligence are essential components of human capital. These interpersonal skills improve collaboration and encourage innovation, and are highly valued by employers in all industries.

Social capital

A strong but often overlooked the component of successful pivoting is social capital. It provides access to valuable networks, relationships and opportunities. If you have developed relationships, now you can take advantage of those connections. These relationships often open doors to the hidden job market, where many positions are filled through word of mouth or personal referrals rather than public postings.

There are several key strategies to foster and develop meaningful connections:

• Active Listening—Meaningful relationships require active listening, where you show a genuine interest in the other person’s thoughts and feelings. This involves hearing their words, understanding their emotions and responding thoughtfully. Active listening helps develop empathy and mutual respect.
• Invest time and effort — Relationships take time to develop, so your efforts must be patient and consistent. Whether it’s through regular communication or offering support when needed, investing time shows that you value the relationship and are committed to growing it.
• Give and Receive — Meaningful relationships are built on mutual benefit. It’s essential to provide value to others – whether through advice, introductions or support – without expecting immediate returns.

Reclaim capital

Resume equity refers to the value and strength of your resume. as a tool in career transition or job search. It encompasses how your CV reflects your skills, experiences and achievements in a way that aligns with the requirements of the roles you perform and the value you bring to a company.

Just as financial capital can be used to make investments, recovery capital is the investment you make Presenting yourself effectively to potential employers. To create an effective career change resume, key elements include:

• Use a combined resume format that highlights relevant skills and experience
• Include a strong goal or summary statement that explains your transition. in the career
• Emphasize transferable skills relevant to the new field
• Focus on relevant achievements and projects, even if not from paid work experience
• Include any new education, certifications, or training for the new field

Career pivoting can be daunting; however, it should not paralyze your efforts. If you feel overwhelmed, take a step back and analyze whether the four pillars of your capital are abundant. If not, work on increasing the depleted ones. It will all be worth it.