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Key points
- Not all risks have to be earth-shattering; you can take risks that gently push you past your boundaries.
- Responsible risk-taking can be a good strategy for advancing one's career.
- Risk-related stress can help employees be more productive and improve their chances for a positive outcome.
Doing well in your career requires a certain amount of risk-taking. That can mean asking for a promotion or volunteering to lead a project. Sometimes it entails more significant gambles like changing employers or moving to a new city. The job market has shifted significantly in the last couple of years to offer workers more control over their careers, but that still requires a leap of faith. How do you take more risks in such uncertain times?
Risk-taking is relative. Right now, some people will (rightly) feel uncomfortable making major changes in their professional lives. The financial landscape alone is troubling: Inflation is expected to continue at least into 2023. Those who invested in the markets have seen much of the boon of the last two years undercut by six months of stock price tumbles.
It’s natural to resist adding more uncertainty to our lives. But one can take different types of risks without upsetting their whole existence. For example, during the pandemic, some people changed jobs or even started their own ventures. That might be more change than some of us can stomach. On the other hand, asking for remote or hybrid work arrangements is a far less radical idea than it was in the past.
Know your own limits regarding your risk profile. An article from the Journal of Economic Psychology pointed out that people’s appetites for risk vary widely by gender, age, and environment. So, asking for a new work arrangement could be pushing boundaries for some. For others, it’s just another email. What’s important is making the right choice for you.
It's all about timing. All risks are inherently compromised with a chance of failure–that’s what makes them scary for most of us–but some elements of risks can be reduced. Timing is one of those factors. Ask yourself, what do you hope to get out of this? And is now the right time to do it? As we move toward a post-pandemic state of affairs, many of us have done this with things as simple as our socializing. Some people are comfortable with small gatherings but not yet ready for stadium audiences. It's the same with work.
Perhaps now is the time to ask for a promotion, but not a raise. If you like your employer and enjoy great benefits but want to advance your career, you can think about what makes sense right now. Perhaps in a year, the economy will be more stable after a strong performance in a new role. Right now, a raise might seem tone deaf and unnecessarily risky. Take chances that make sense for the moment.
Read the room. Think about the appetite for risk in your organization. Some of this is a matter of work culture. Certain industries like technology have historically been more comfortable taking chances than traditional organizations like utility companies. Start-ups tend to be more open to change than long-established businesses.
That means proposing an idea to revamp a product or change up the org chart should align with how open to change your company is. Sometimes it comes down to individuals: if your manager loves shaking up the status quo, your risk-taking will probably be rewarded, or at very least your efforts to do so. On the other hand, if you work for someone as predictable as the sunrise, you may need to “brand” a risky proposition in a way that minimizes trepidation. But many employers are more open to risk-taking than you might imagine; rewarding risk-takers can be good for business.
Using stress for success. Taking risks can undoubtedly pay off in greater success at work over time. But in the short-term, risk almost invariably leads to some stress and anxiety. However, you can manage that stress by anticipating it and leveraging it. If you know you will ask for a raise and that it will be stressful, you are more likely to be more productive at work in the weeks and months leading up to that moment, to prove your worth. If you decide to take more chances in meetings by speaking up more, you’re likely to arrive at those meetings better prepared so that your contributions are valued.
A study on the benefits of stress published in the Journal of Personality and Social Psychology pointed out that despite our widespread belief that stress is universally bad, “When the body encounters adversity...attention is narrowed, leading it to focus resources on dealing with the task at hand.”
In other words, the stress you feel by taking a risk can help you take the necessary actions for a successful outcome. So, sometimes preparation for the risk can be a reward itself–reason enough to take a chance.
