When to Stay in Your job

There’s a lot of aspirational stuff on career sites like this. How to find a job, how to get promotion, how to pivot in your career, how to build a LinkedIn profile and so on.

But what if you want (and are able) to stay in your role for a really long time? For decades? What if you are happy to keep your head down and stay where you are? What if you want to stay in your job?

I was thinking about this in the context of how my career has evolved in comparison to that of a few peers. Back in the day, I worked in a banking division in London with a couple of guys. We worked in a three-man team and essentially did the same kind of investment-related stuff at the firm. But through a combination of circumstances and good luck, I got the opportunity to work abroad. First, I went to the US for just over a year. I subsequently moved to Asia, where I ultimately set up home.

I try to catch up with my former workmates whenever I visit the UK. We chat about the old times and what’s going on in the world. At the same time, I try not to go too far down the path of life abroad. It can come across as one big boast. Tropical holidays here and there. Warm weather most of the year. Plenty of socializing. You know the tone.

And the more I think about my life, the more I’m grateful for the opportunities my career has afforded me – simply because I was in the right place at the right time. And over a few pints there’s no point in throwing in the fact I flew to Miami for a wedding, headed to Bangkok for the weekend, and spent Christmas driving around the South Island of New Zealand. I’m not going to deny that these experiences were great. Fantastic memories, though I does sound a bit showy. But I can guarantee my former colleagues would only be mildly impressed by my stories. It’s the reality of different paths that have their own pros and cons.

The expat life may sound exciting to many. But on another level, I also feel I’ve missed out on the boring but powerful effect of compounding. By not staying in one place (that is, country or business unit), I’ve missed out on the benefits of…time. For one thing, I’ve not been in a position to buy and trade up property in my home country. Salary spent on rent in this context isn’t a great long-term investment. As such, I’ve lost out on the equity my colleagues have built up during property booms.

My ex-colleagues also managed to hold onto some very healthy work perks and benefits, some of which will roll nicely into retirement. There’s no way, for example, a company will be throwing around final salary pension schemes in this day and age. These guys are still holding onto those.

In terms of how they are viewed within the firm, their professional standing couldn’t be higher. Respected for their longevity, and possibly for their loyalty. And then there’s family and friends. The people I’ve known longest in my life. Relationships you build abroad can be fantastic. They become surrogate families. But you miss out on the development of some of your deepest (and generally longest-standing) connections.

Now, I’m not saying in the slightest that the “staying in your role” career path is without risk. Technology obsoletes positions. There will also always be someone younger, smarter and cheaper than you. Let’s face it, the old guard is always vulnerable to the new broom. In fact, I often preach about the need to remain nimble, the risk of VUCA, and the fact that things change rapidly. At the very least, look to pivot within your firm in order to stay relevant.

But the way these colleagues navigated the world of banking in the last decade or two has been impressive. In their cases, the rewards have outweighed the risks of not moving on. And for all the seeming appeal of bouncing around the globe (it’s certainly not that glamorous), there’s more than one way to build a successful career. If it works, stay in your job.