Career Cushioning for Public Sector Bank Employees: Enhancing Opportunities Beyond Job Security
In the ever-evolving and volatile world of work, career cushioning has emerged as a proactive strategy for individuals to navigate their professional journeys and enhance their career prospects. While the concept of career cushioning is not entirely new, it has gained significant traction in recent years, particularly in the dynamic banking landscape. There are recent news reports in media citing Reserve Bank of India caution of high attrition rates, as high as 50 percent, especially in the private sector banks.#1 While the reasons behind were primarily pointing towards enormous work load, it is the career cushioning which would have otherwise helped such employees navigate through the tough phases.
Career cushioning, commonly referred to as “creating a backup plan,” is the practice of taking proactive steps to prepare for potential career swaps or challenges. It involves identifying potential vulnerabilities in one’s current employment situation and taking steps to mitigate those risks. The relevance of career cushioning in the banking industry is particularly evident due to the dynamic nature of the sector. Technological advancements, regulatory changes, and economic shifts are leading organizational restructuring, job transitions, and new skill requirements at a much faster pace than ever before. Career cushioning empowers banking professionals to navigate these changes effectively and remain competitive in their job roles.
Career cushioning is not about only about being prepared for any eventualities but also about activelyshaping one’s career trajectory. It provides a sense of control and security, allowing public sector banking professionals to pursue their career aspirations with confidence. This article delves into this varied perspective of career cushioning as a concept which supports professional growth and well-being of public sector bank employees rather than restricting to common notion of career cushioning as creating a backup plan.
Unique aspects of Career Cushioning for Indian Public Sector Bank Employees:
Career cushioning for Indian public sector bank employees offers unique advantages and considerations due to their distinctive employment setup and job security provisions. While public sector bank employees enjoy stability and protection from job loss, career cushioning can still play a significant role in enhancing their professional development, adaptability, and career prospects.It encourages exploration of new opportunities and can complement job security in numerous ways.
Staying relevant and competitive in the ever-evolving financial industry is of paramount importance, even for public sector bank employees. Despite the stability provided by their employment status, the public sector bank employees must continuously adapt and enhance their skills to remain valuable assets for their banks. The employees who stay abreast of these developments and acquire in-demand skills are better equipped to thrive amidst any changes. Staying up-to-date with industry trends, and acquiring new skillsenhance competitiveness of the employees within the organization and beyond.This enhanced competitiveness can lead to promotions, and new opportunities, while maintaining job security.
Employees demonstrating engagement, and a commitment to professional growth gain a competitive edge, and earn recognition within the organization. They establish themselves as valuable contributors, which opens doors to a wider range of career options, and alternative roles, expanding their opportunities and career flexibility.
Apart from being competitive, career cushioning helps employees develop resilience and adaptability in the face of unforeseen circumstances. While public sector jobs offer stability, the financial sector itself is rapidly evolving and hence facing restructuring within the organization quite often. New technologies are introduced quite frequently which ensuestransitions,andcreate new roles within the bank. By maintaining relevance, public sector bank employees become more adaptable to such transitions. They can confidently navigate changes, acquire new skills, and fit into evolving roles and seize new opportunities. Further, career cushioning helps the employees anticipate organizational changes, acquire relevant skills required for new roles.
Job security often provides comfort and stability, but it can also lead to complacency or a sense of stagnation. To overcome this, a pursuit of professional and personal growth is required to enhance job satisfaction, and fosters a mindset of continuous learning. Continuous learning persuades employees to explore their areas of interest, and pursue certifications and courses. Such a continuously learning process of acquiring new skills, and staying up-to-date with industry trends fosters personal fulfillment as well. The public sector bank employees practicing career cushioning can gain confidence, enhance their problem-solving abilities, and become more versatile professionals.
In addition to these key aspects, career cushioning can also help public sector bank employees to:
- Increase their earning potential: By developing in-demand skills, public sector bank employees can increase their earning potential through promotions, incentives/ rewards and recognitions.
- Enhance their work-life balance: By having more confidence in their career prospects, public sector bank employees may be able to better manage their work-life balance because of the reduced stress in their work environment.
Overall, career cushioning is a valuable tool for public sector bank employees that can help them to achieve their professional goals and also enhance their overall well-being.
Strategies for Effective Career Cushioning:
A survey#2was conducted by LinkedIn, the world’s largest professional network, during May 2023 as a part of research to explore the shift in the attitudes of Indian professionals towards their careers over the last 20 years. It revealed an interestingfact about career cushioning apart from studying the attitudinal shift. According to the survey, 76% of professionals in India believe there is less importance now on degrees being a prerequisite for jobs as compared to two decades ago. Itindicates that professionals are relying upon skills over degrees as a way to chart new career paths and the need for continuous upskilling is significantly higher.
While continuous upskilling ensures that the employees are abreast of the advancements of today, it has to be supplemented with workable strategies to cushion their career. Some of the effective strategies for career cushioning for employees of public sector bank are discussed ahead.
First of all,theprime strategy to cushion one’s career is through developing skillsets and embracing continuous learning. Expertise can be enhanced and knowledge of the latest trends in respective domain area can be maintained by taking advantage of training programs, online courses, or industry certifications. Conferences, role specific seminars, or workshops can be leveraged to generate new ideas which can eventually benefit the organization by adopting the industry standards.
Secondly, strong networking by building professional relationships with mentors and superiors is a key strategy for career cushioning. Following measures can be taken to harness the potential of networking with colleagues.
- Strong networks within organizations can be built through active participation in official events, and trainings. Social gatherings, both official and unofficial can also form good platforms to build lasting networks in banks. These networks provide valuable insights into career opportunities, potential mentors, and the industry trends.
- Guidance, and support for advancement can be gained by cultivating meaningful relationships with mentors, managers, and knowledgeable individuals within the organization.
Third strategy required for career cushioning follows the development of skillsets. It is to actively seeking internal opportunities and promotions. Proactive seeking of internal opportunities demonstrates interest in advancement and can lead to promotion.Expressing interest in career advancements to supervisors during performance reviews or informal conversations showcase willingness to take on additional responsibilities to position such employees as strong candidates for promotions. By communicating aspirations, they can get valuable feedback and be considered for future opportunities.
Furthermore, volunteering for challenging projects or assignments allowsthe employees to step outside their comfort zones. It proves their ability to handle more responsibilities and their versatility. Active engagement in cross-functional projects or volunteeringfor new initiatives, also command better visibility besides exhibiting leadership potential of such employees.
Another strategy that is very effective in building a successful career path is seeking regular feedback and getting right mentorship. It is necessary to regularly seek feedback from managers, mentors, and also from peer colleagues. The feedback received gives a 360ounderstanding about self and help to identify areas for improvement. In addressing the weakness identified, skills can be refined and employees can position them to achieve their goals.
Also, mentors offer valuable advice and help employees navigate their career path. Hence, it is required to seek mentorship from experienced professionals within the bank who can provide guidance, support, and insights into career advancement opportunities. Active participation in mentorship programs or coaching initiatives offered by the respective bank are great forums to gain valuable insights and accelerate career growth. Besides, these programsprovide structured approach to career development apart from guidance from experienced mentors.
Lastly, an indispensable strategy to further one’s career is demonstrating value and contribution. Consistently exceeding expectations in current role by delivering high-quality work, and meeting deadlines, will differentiate the employees as ones who are working on cushioning their career. Proactively identifying areas and exceeding performance targets make them strong contenders for new opportunities which results in career advancements.
Moreover, sharing knowledge and expertise with colleagues through presentations, workshops, or internal training sessions establish the employees as thought leaders in their respective fields. It enhancestheir reputation and position them as valuable resources within the organization.
By implementing these strategies, public sector bank employees can effectively navigate their career path within their organizations, thereby increasing their chances of promotions, gaining recognition, and achieving their long-term career goals. Thus, career cushioning, even with job security, empowers employees to take control of their professional development, and pursue fulfilling career aspirations.
Complement Career with Career Cushioning:
Career cushioning is not an indication of dissatisfaction with a public sector job; rather, it’s a proactive approach to maximizing career potential, enhancing personal fulfilment, and preparing for a successful future in the dynamic world of finance.By proactively preparing for potential career transitions, enhancing their skills, and expanding their networks, banking professionals can navigate changes with confidence, and seize new opportunities. Public sector bank employees who inculcate this mindset can thrive and achieve their long-term career goals.
Career cushioning is an empowering tool that can help individuals take control of their professional destinies, not just in times of uncertainty but throughout their careers. It instills a sense of proactive engagement, continuous learning, and adaptability, preparing them to thrive in the ever-changing banking sector.It is worth noticing that career cushioning is not a one-time endeavor; it’s an ongoing process that empowers the employees to continuously enhance professional growth, andtake control of the career trajectory. It is pertinent to embark on the professional growth journey by embracing career cushioning today, rather not just by relying on job security.