Most career advice revolves around moving up the career ladder. However, there are also those times when you must step down the corporate ladder.
 
If that is your current situation, chances are high you had not planned for the changes. Our economy is fluctuating and the pandemic is not fully over yet. Certain businesses or industries were hit harder than others. Despite having a great job at a successful company, you may still be considering a career change. Or, you may just wonder about what to do if you are in a declining industry.
 
In the end, you just may have to resize your career. Regardless of the reason, one thing is for sure. Making conscious choices and decisions will make it easier for you to move into your next role. Learn the modern rules for stepping down the career ladder with finesse.

• Re-evaluate your finances. If you must settle for lower pay, it’s important to first ensure that you can live on your new salary. A reduction in housing costs is often most effective. Eating out less often and cancelling unnecessary subscriptions may help as well.

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•  Know your strengths. Take a thorough assessment of your transferable skills. Make an actual list and you will be surprised how it will help you guide yourself to your new career.

• Know your WHY. You will have to practice explaining why you left a job to potential employers. Their concerns may have to do with your stability or your job satisfaction factor. Leverage cover letters and use interviews to explain why it may be time to change your job.

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• Edit and audit your resume. You may want to hire a professional who knows how to make your resume stand out. Consider editing and auditing your resume to make it more appealing to the hiring managers in the new industries you are targeting. If you think you can do this on your own, use a resume and cover letter checklist. Highlight your transferable skills and your relevant achievements. Avoid using the terminology and lingo that is only known to your old industry.

• Ask your boss. Your current manager may be a great resource. Once you have a plan in place on how to quit a job, make one last attempt to negotiate salary with your current manager. Perhaps you can stay with the company and work remotely or have a lighter schedule. Or perhaps you can still collaborate with the company as a consultant.

• Use your network. Your other contacts may be valuable too.  If you have been neglecting your network, learn how to revive your personal network. Chances are your contacts will have leads for you or they may be able to introduce you to others who need your services.

• Make it a trial run. To make a transition with less risk, take a trial run. Hold onto your day job while you do some consulting or part-time work or pro-bono services that will broaden your experience and contacts.

• Take small steps, but take action. Change can be overwhelming. Break your plans down into smaller steps. You might commit yourself to fill out multiple job applications a week or even going to industry-specific job fairs.

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• Don’t let frustration take over. As you will navigate through the change, you will have to interact with many new people along the way who are there to facilitate the process. Some people may feel frustration and may unconsciously become rude toward others. If you feel frustrated, remember to remain collected and kind.

​Downsizing your career may open the door to new opportunities and establish a new balance in your life. Be prepared to explore your alternatives and market yourself to new employers.
 
You may find that the outcome may be more fulfilling than what you left behind. Life has a way of often surprising us!

SOURCE: https://www.market-connections.net/blog/how-to-step-down-the-corporate-ladder