Using the word dynamic to describe an industry or business sector, has never been more accurately applied, than when discussing the iGaming/Online Gaming market. A glance through any of the many specialist publications and news feeds dedicated to the industry is awash with recent quarterly reports on listed companies. Almost all of whom are delivering truly outstanding financial results, the kind of results that has investors rubbing their hands together with joy. Everywhere you look there are mergers and acquisitions, I.P.O’s and second, third and even fourth round funding processes taking place. It’s veritable jamboree of corporate finance loveliness.
Of course it isn’t all a bed of roses. We’ve all watched the much publicized struggle Mybet is going through as they wrestle with insolvency, many industry observers claim they saw this coming. Superbet are downsizing, there are restructures taking place everywhere as organization’s reduce overheads; divest elements of their operations to third parties. But, there is absolutely no doubt that good news, significantly outweighs the bad, I’ve worked across international markets from Financial Services, Corporate Finance, Professional Services, Retail Technology and many other sectors in the last 20 years as a headhunter and talent acquisition professional. I’ve never worked in a sector so bold, so outward looking, diverse and energetic as the iGaming industry. It is without a doubt the place to be right now. Long may it last.
As the industry and those who work in it, matures rapidly, those who were in it at the beginning are growing up, the once hippie, bohemian, extrovert entrepreneurs are becoming statesman like, those crazy developers and designers are now family people; married with children. For many, making the right career choices is no longer about who has the best pool parties, a slide in the office or some insane perk. For those who have made this industry their life’s work, deciding to change jobs, looking for that next step up the career ladder is now a matter of the utmost importance. When you’re young, single and happy go lucky you can make a mistake or two, the odd blemish on your CV isn’t a big deal. But many of you have now reached a point where things like security in your role, knowing that your organization is run well and can support and deliver the things that: keep it growing; maintains their market presence; keeps them in the running of this crazy race to be the best are vital to you. Your family and your future career depends upon it. Looking for a new position, one that meets all of your aspirations professionally and offers personal and professional development can be time consuming. It can also be risky.
If you are middle management, approaching or at C-suite level, changing jobs needs to considered and approached cautiously , consider some of the following:
Market Evaluation – Risk versus Reward
Before you even think about registering with a raft of mediocre recruitment agencies (always a bad idea regardless), reworking your CV, brushing up on your interview skills and planning what to spend your new salary enhancement on, stop. It is about more than just the money. Most people only have one career; bad decisions which can be perceived as poor judgement, can have long lasting implications. It is critical that you make the right move the first time every time.
Many people move for the wrong reasons, often it is just a hiatus in their current role or department. Sometimes they find themselves in an adversarial situation, especially following a merger and/or acquisition. Things can get tough very quickly, communication issues prevail, a lack of transparency from the top down often results in swathes of employees becoming unsettled. Think long and hard about why you want to move. Ask yourself:
What would I gain compared to what I have already?
What do I want that my current employer can’t offer? Consider development opportunities, challenges and promotion. But also take a long hard look at your status within the organization, the culture and the organizational dynamic; where do you fit into it. Ideally take an hour on a Sunday morning and complete a S.W.O.T analysis, this should give you a really clear idea as to whether a career move is the right thing for you right now.
How would a move enhance my skill-sets and experience?
Is exposure to new technology, processes and solutions important, will this increase your future career options? Is your current organization leading from the front when it comes to product development? Do your competitors gaze at your organization in awe?
Ask yourself the question “Would my competitors, employees, rather work for my company if they had the opportunity?” Answer this honestly. If the answer is a resounding YES! Then maybe a career move externally is not the answer, it is probably more likely that you need to refocus on where you are now and how to enhance that position internally.
What are my possible options and what limitations are there?
What options do I have? How important would things like location, status (big cog in a small wheel versus small cog in a big wheel), culture and similar be in your next role. Consider the market potential where you live, contemplate the potential for relocation and what that would offer in terms of opportunity, and what challenges it could present. Believe it or not, over the years I’ve lost count of the times I’ve spoken to a senior level professional candidate about moving overseas and they’ve never even sought the opinion of their partner and family? Yeah, I know, imagine going home after work and telling your partner “Hi Honey, I’m home, oh, by the way, we’re moving to Malta next month…”
We are especially adept at building a narrative that suits the moment and crafting it into something that fits the here and now. It’s easy to get drawn into the excitement of a new opportunity, and then very often kidology takes over. When considering your options, making a decision about a possible new opportunity, scrutinize your current and the new opportunity carefully, side by side before leaping.
The Money Question, what am I worth, what might I have to sacrifice?
Of all the reasons to make a career move, I sincerely think that this should be at the lowest end of the list of priorities. If you look for the right move having considered everything else of importance first, then the remuneration should just fall into place.
But it requires a reality check. A move may require you to sacrifice some benefits, such as Preferred Share Purchase schemes, even the shares already purchased. You can’t guarantee that you will get these in your next organization. Even if you can, it may take time to accrue them. It’s better to consider these things now, than when you get to an offer stage with a company and realize that you are going to have to relinquish the share options that have taken 4 years to accrue. A 20% salary increase always sounds attractive, but evaluate it after tax, hammer it with financial logic and gain a real of understanding of how much it really will or will not improve your life. You might be surprised at how insignificant the real gain is.
However, some of the best advice I ever had was this. If you are moving for short term financial gain, then you are moving for the wrong reasons. Your motivation and validation should have a 3-5 year view. You may not always realize some instant financial gratification when you change jobs. But you should never have to take cheaper holidays, reduce the education spend for your kids and stop saving up for that new boat.
Where can I get some impartial advice and insight?
A career move can have far reaching implications, not just on your professional life but also on your personal life. If you leave the bosom of your current employer, the one who likes you and rewards you, there is a new pressure. The pressure to learn quickly, the productivity curve is under review, the pressure to ‘hit the ground running’ and if you are like me, you always want to prove quickly that you’re worth every cent.
Therefore, the first thing you should do is seek out some sound, objective and impartial advice. Make friends with a really great recruiter, someone like me possibly (blatant self- plug, you knew it was coming). Any good recruiter will welcome a call, will be willing to offer advice. Choose an industry specialist recruiter, someone who knows who is hiring, what opportunities are potentially out there and how best to access them. Someone who actually understands what is happening in your industry and has a commercial perspective. Trust me. There aren’t many recruiters around who really understand how organization’s work, most just send reams and reams of electronic CV’s, hoping the odd one sticks. Find an executive search specialist, they may not be handling the right assignment for you at that very moment, but they’ll advise and counsel you.
A good recruiter will present you with sound advice on your market value, what you can potentially achieve by making a move. Critically they should also be able to give you a frank and honest answer as to whether a career move at this point in time is the right thing for you to do. More importantly, they often have insight into vacancies that are not even advertised, or that are on the drawing board in a board room somewhere waiting for a green light. What’s to lose, you have both created a relationship that may pay mutual dividends later.
Remember, great recruiters represent great candidates!
Contact us for impartial professional careers advise at info@igamingelite.com