The first few months of the year are usually a hectic time when companies experience high periods of turnover. People are disappointed with their bonuses, or even lack of bonuses, and it can be a sensitive time for those who didn’t make it into the office wide promotions announcement. Emotions run high and you might find yourself fuming and ready to storm out the door screaming, “I QUIT!”
I gotta admit I’ve fantasized about yelling that exact phrase at several times in my career, but I’m really glad I didn’t let my emotions get the better of me. Although I’m sure it would feel exhilarating in the moment, quitting your job is not a decision you should make on the fly or in the heat of the moment! So before you quit your job or do anything crazy, I’d like you to ask yourself several important questions.
What are 8-10 triggers that are driving your desire to quit? Everybody wants more money, less hours, shorter commutes, and more vacation days so a list of only 3-5 reasons isn’t going to help you much in your decision. Get as specific as possible in identifying the things that you dislike about your current job.
How will you avoid those triggers in your next venture? Like it or not, there will always be issues of some sort in any job you take, even if you become your own boss and start your own business. Figure out which of those triggers you want to prevent the most in your next role and how you plan to achieve that before you quit your job.
Are YOU to blame for any of the reasons you want to quit? Everyone always wants to blame someone else when they’re unhappy at work, but in some cases they should be pointing the finger at themselves. If you’re suffering from boredom, have you taken enough initiative and asked for new assignments? If you’ve been passed up on a promotion for 3 years, have you discussed the reasons with your manager and asked for ways to improve your skills? Have you truly given your current position all its worth?
How many months of expenses do you have in savings? Before you quit your job, figure out how long you could survive on your own if suddenly you didn’t have any income coming in. This is a great personal finance exercise even if you’re not thinking about quitting. The key is not to guess how long – actually calculate it out! Real numbers matter.
What is the dollar value of your benefits package? We often forget how much our benefits actually cost, but the companies we work for don’t. If you quit today, what choices would you have for health insurance, life insurance, and disability? Do your research and be prepared. Remember that even if you find a new job tomorrow, full benefits usually don’t kick in until you pass a probationary period, so factor that into your budget as well.
How do you plan to find a new job? It’s certainly not as easy as it used to be. Even though we have a lot of great online resources now for job search, it’s still a very competitive market out there and not all industries are hiring. If you haven’t interviewed in a long time, plan on brushing up your skills because there are plenty of folks out there with a lot of practice who have that advantage over you.
Would you want your current job back if you failed at finding something new? It may sound silly, but it’s something to consider to help you determine if you’re really ready to quit or not. Build a better relationship with your manager and ask for new assignments to give yourself new challenges.
Do you really have to quit right now before finding a new job? Personally I suggest getting a signed offer on the table before you quit your job so you can keep your benefits and income while you apply and wait for interviews. Locking in a new job can take a long time, and hiring firms usually prefer to meet with candidates who are currently employed versus those who have been out of work for extended periods. If you’re thinking about changing industries, look into part time MBAs or night classes and use your day job money to pay for tuition.
Are you fully utilizing your free time? Sometimes people blame their jobs for their overall unhappiness when they’re really just in denial that they aren’t do anything rewarding with their free time outside the office. A healthy work life balance isn’t just about working less hours, it’s also about staying active in your personal life.
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In period from 2009 to 2013 I was laid off twice and fired once. With such a miserable background I still managed to find yet another job. Unfortunately I was so desperate I accepted lower than usual pay and here I am, 8 months into my new job, overworked ( including weekends), overwhelmed with a work load and feeling underpaid. My co-workers who do the same job make 10% more than me. I ‘m thinking about quitting and I know I’ll eventually find something else but I am so TIRED of been unemployed again, looking for a job again, rejection letters etc, I just have no mental capacity to look for a job, AGAIN…..
I may ask my boss for a raise. If not then 2015 should be ok to start looking..
Hi Alex. Sorry to hear about your current job situation. I know exactly how you feel. It’s not a good place to be in. It’s exhausting looking for a new job, but it’s worth it if your job situation isn’t going to get any better. Have you talked to your manager at all about your workload and asked if he/she can reallocate some of your responsibilities? Even if it isn’t possible right away, it’s worth a shot explaining that you are feeling overwhelmed and could use some help.
Set a goal each week to do something towards your job search – updating your linked in profile, updating your resume, pulling out old cover letters and re-personalizing them to reuse, etc. If you start at it in little bits it won’t feel so overwhelming and tiring. That’s what I’m doing right now in my own job search! It also makes it more bearable to do while still working so that you can keep the paychecks coming in. Unemployment is pretty tough to get if you voluntarily quit so keep that in mind too. And best of luck!!
My good friend just gave notice without having another job lined up. She wants my support, but I am gravely concerned. Do I voice my opinion or keep my comments to myself? I’m not sure she is aware of how very difficult securing another job is in this market. She’s been at her current company for 15 years. I have been unemployed for over a year and went back to school (I’m in my fifties!) as I found the competition is pretty tough out “there”. Thanks.
Maria, I don’t think anybody does things irrationally. Hence, she probably has lots of savings or something lined up already. Congratulate her!
If she’s already given notice then voicing your concerns now isn’t going to do much. Hopefully she has been building up her savings as Sam mentioned and is prepared for the transition. I’m sure this is a sensitive topic for you since you know first hand how hard it is to find a job right now. Hang in there.
Ive re-read this post and a couple things pop out:
* I don’t have to quit right now. Having a job is still a blessing, as there are people without jobs.
* I could probably do more, to do better at my job. However, can’t we all? After a while, it’s hard to maintain, which is why a sabbatical seems like a healthy idea.
* Real numbers matter. Folks have to do the math! I’ve got to do the math. Does 15 years saved up with no downsizing involved sound OK?! 🙂
* Take a leap of faith after analyzing everything thoroughly. Sometimes we just need a sign to do it!
Best,
Sam
I’ve been guilty a couple of times in my younger years of giving in to anger, and storming off in a huff. “FINE! I quit!” may be OK when you’re young and single, not so much when you’ve got a family depending on you. A well-thought out plan (with contingency plans B and C for good measure) is the responsible thing to do. Good post!
Thanks 101C! Yes having contingency plans is a good call and storming out is best kept to the movies. 🙂 People love to gossip and like it or not, things always leak out to competing firms. The last thing a job seeker wants is for their potential new employer to get wind of their lack of professionalism in the way they quit their last job or other pitfalls.
Another important consideration is retirement and health insurance. I had a company match (I was contributing 8% and the company matched it); when I left my job I took my retirement with me, but I lost that free money, so to speak. Still, I am glad I left.
Yes, leaving before getting fully vested isn’t a good feeling and is actually one of the reasons why I chose to stay at one of my jobs for longer than I wanted initially. And health insurance is a big one. The cost of prescriptions and doctors visits without insurance is ridiculous now.
I like this post, nice checklist and steps to take. It’s important to think through such actions, and really look at oneself introspectively. Also, it’s important to do your due diligence and find out what options are available to you later, and more importantly – how you’ll be able to reach your long-term goals after quitting.
You’d think everyone would have the common sense to thoroughly think things through before quitting their job, but that isn’t always the case, especially when emotions run high and they blind the person from their financial situation and other consequences. In a patchy job market and economy like we’re dealing with now, it can be quite nerve wracking to be the last one in at a company, because when things get rough those are the spots that are usually the first ones out.
Make it a rule: Don’t quit a job until you have accepted another one. This forces you to gauge the job market before you decide take the dive. Many companies are posting jobs that they intend to only fill internally, so the market is tougher than it may appear. You could find yourself unemployed or underemployed for a long, long time.
I agree that emotions are a dangerous, dangerous thing. We should really think deeply about the way things are before making rash decisions.
Ideally, I would like to just work for myself and make my own decisions. To do so is to simply match my income and develop a warchest of savings that’s big enough to last me a decade plus.
I’ve chosen an age goal to retire by, b/c I recognize mortality more than money. I don’t need much money to survive. For some reason, I find making money relatively straightforward. Perhaps I am just lucky.
The problems we have at our current jobs I’m sure will pop up at our new jobs as well. Being an entrepreneur is brutally TOUGH! You got to do everything, especially the first several years. Respect to all who’ve made it.
Best,
Sam
I like your note about building a “warchest of savings” 🙂 Being a full time entrepreneur definitely isn’t for the faint hearted and procrastinator types.
“They” say you shouldn’t change your occupation, location, and relationship all together. If you’re in a stable relationship Jeffrey, you could probably turn the other two variables on their head and still come out a winner.
I’m about a 5 out of 10 on job satisfaction right now. I can live with it, I’m comfortable and not miserable, but I still want out. I’m quitting in the near future because I’m not happy with the city I’m in and I want to be working on something more interesting while having more flexibility.
I haven’t changed jobs yet (I’m still sorta young), but just being happy with my job is what’s most important to me, and the financial stuff all comes after.
Coping with both job and location dissatisfaction is not an easy situation. You should consider finding a recruitig agency in the area you want to relocate and have them help you get some interviews. Relocating takes a lot of time and money so do your research before you pack up your things. Relocating and finding a new job can be done though so best of luck!
JEff, what are you going to do after you quit? What makes you unhappy about your job now?
That is a good checklist. I have been guilty of hastily quitting jobs in the past and sometimes that proved to be a mistake. I’d like to think I’m older and wiser now.
I’m sure you learned a lot from each of those expeiences and that’s good you are now all the wiser!
Not interested in quitting my day job, but let me toss these out there:
1) Are there any bonuses coming up? Might be better to leave right after.
2) When does your next set of options or restricted stock vest?
3) How does vesting in retirement accounts work?
At many jobs you’ll leave some deferred compensation on the table, but you might be able to hold on for a month and at least maximize the amount you’ll extract.
Thanks! Yes exactly. Not everyone has the perks of stock options but many have retirement vesting restrictions and bonus cycles. It’s always a good idea to avoid leaving money on the table if it can be avoided. I’m glad you are enjoying your day job and not thinking of quitting. Some people have a metal block that all corporate jobs are evil and boring but it’s simply not true!
Very nice checklist Sydney! It is easy to get emotional and decide to quit your job. But never do that unless you have something lined up.
Quitting a job without another offer usually hurts you more than your employer.
Thanks MC! Spot on. Our emotions tell us when we’re not happy but they are also clever at getting us to point the finger at everyone else and forget to evaluate what we have/haven’t done. They can also make us do things on the spot that we regret and can’t undue later. My dad had a really bad habit of suddenly quitting based primarily off of angry emotions without a new job lined up and it really impacted our family when he was out of work in between jobs.