Why Clinging to the Past Can Hinder Your Career—and How to Embrace Change for Future Success
When Grit Isn’t Enough: Knowing When to Walk Away
As I revisited the content from The 3 Minute Mentor sites, I realized the importance of updating our knowledge. Starting with episode one, which focused on career planning, I found myself re-evaluating some of the ideas I once held. Some of this comes from the post-pandemic shift in the business world, and some from recent learning and growth—particularly from my readings of Range by David Epstein.
So here is the question for the day: How long should you stick with a career that doesn't fulfill you?
Grit vs. Change
In her book Grit: The Power of Passion and Perseverance, Angela Duckworth argues that the secret to outstanding achievement is a unique blend of talent, passion, and persistence. That may be true in some cases, but it’s not universal. Sometimes, as any gambler knows, it’s better to "walk away."
Take, for instance, this chap. Can you name him based on all the jobs he had?
- Art Dealer for Goupil & Cie in The Hague, London, and Paris.
- Teacher at a school in Ramsgate, England.
- Clerk in a bookstore in Dordrecht, Netherlands.
- Preacher in Borinage, a coal-mining region in Belgium.
Few would know his name if Vincent Van Gogh had died at 34. Yet between the age of 34 and when he died at 37 (three years less than the average life expectancy at that time), he created some of the most famous and popular artwork of all time. If he had stuck with grit, he could have been a great art dealer, teacher, or preacher, and we would all have been the poorer for it.
My intention is not to dismiss the concept of grit but to encourage critical thinking. I want to explore why people often persist when they should consider stopping and delving into the Sunk Cost Fallacy.
Sunk Cost Fallacy
The Sunk Cost Fallacy is a cognitive bias that occurs when individuals continue an endeavor or commit additional resources to a decision based on prior investments (sunk costs) rather than on current and future benefits or costs. This fallacy arises because people are reluctant to abandon a project or decision in which they have already invested time, money, or effort, even when cutting their losses and moving on would be more rational.
Applying the concept of the Sunk Cost Fallacy to careers involves recognizing how past investments in education, experience, and time in a particular job or industry can unduly influence decisions about one's future career path, even when those past investments are no longer serving the individual's best interests.
Staying in a Job Despite Unhappiness: Many people stay in jobs they dislike or find unfulfilling because they've invested years in their current role or industry. They might think, "I've spent so much time building my career here; it would be a waste to leave now." This thinking can trap them in a situation that isn't aligned with their current goals or happiness.
Reluctance to Change Industries: Professionals often resist switching industries or pursuing a different career path, even when they feel burned out or no longer passionate about their field. They might justify staying by saying, "I've spent so much money and time getting the education and experience needed for this industry; it would be foolish to change now."
Pursuing a Dead-End Career Path: Sometimes, individuals continue to climb the ladder in a particular career path, even when the opportunities for advancement or growth are limited. They feel compelled to stick with it because of all the prior effort, despite recognizing that other paths may offer better prospects.
The modern career landscape is increasingly dynamic, and staying adaptable is critical. Avoiding the Sunk Cost Fallacy means being open to acquiring new skills or even pursuing a different line of work that aligns better with where you see yourself in the future. This way, individuals can make career decisions based on current prospects rather than past investments. Of course, this might mean leaving a secure but stagnant job for a role that offers more growth, even if it means starting over in some respects.
Careers should also evolve with personal goals and values. If what mattered to you five or ten years ago is no longer critical, continuing in a job solely because of past investments can lead to long-term dissatisfaction.
Overcoming the Sunk Cost Fallacy in Your Career
Here are four tools to consider when evaluating your career or any long-term commitment:
1. Evaluate Current Satisfaction: Regularly assess your career satisfaction and whether your current role aligns with your long-term goals. If not, consider whether staying on your current path is in your best interest.
2. Focus on Future Potential: When making career decisions, prioritize potential for future growth, learning, and fulfillment over past investments.
3. Seek External Perspectives: Sometimes it's hard to see the Sunk Cost Fallacy in your own decisions. Talking to mentors, career coaches, or trusted colleagues can provide a fresh perspective and help you make more objective decisions.
4. Be Willing to Pivot: Embrace the idea that changing direction is not a failure but a strategic move toward a more fulfilling career. The willingness to pivot can open up new opportunities that better match your evolving skills and interests.
One of the benefits of going to a buffet is the opportunity to try small amounts of different foods (though, of course, most people just eat what they know and too much of it). The same is true for careers—unless you try sushi, how will you know if you like it?
By overcoming the Sunk Cost Fallacy, you can make career decisions that are genuinely aligned with your present and future aspirations, leading to greater satisfaction and success in the long run. You may also find it more convenient to stay where you are, but that could be a story you’re telling yourself.