Before you decide to leave your job, it’s crucial to weigh your options carefully. Quitting without a backup plan can leave you without severance, ineligible for unemployment benefits, and might even burn some bridges.
Here are a few things you should consider before making the leap:
1. Negotiate a Severance: Unlike those who quit outright, negotiating a severance can give you a financial cushion and make your transition smoother.
2. Consider Your Financial Cushion: Ensure you have enough savings to cover your expenses for an extended period. My friend Paul, for example, saved meticulously over the years, aiming for financial security to enable a career change or early retirement.
3. Career Progression and Satisfaction: Paul’s journey through the ranks at a software company shows that job satisfaction can wane even if the compensation is good. His story illustrates the common dilemma of staying in a lucrative role that no longer brings fulfillment.
4. Income Considerations: If you’re earning significantly high bonuses and your salary keeps growing, consider if it’s worth giving up. Sometimes taking a sabbatical instead of quitting might offer the break you need without losing financial ground.
5. Think About What You Really Want to Do: Before quitting, have a clear idea of what you want to do next. Whether it’s another job, starting your own business, or a complete career change, knowing what you want can guide your decision.
6. Understand the Financial Impact: Be aware of what you’re giving up. For Paul, quitting meant losing a significant amount of deferred compensation and potentially lucrative bonuses. It’s essential to understand these financial stakes fully.
7. Plan for Health Care and Other Benefits: Ensure you have a plan for healthcare and other benefits that your job provides. Paul didn’t have to worry about healthcare since he could use his wife’s plan, but not everyone has this option.
8. Evaluate Your Current Job’s Benefits Beyond Money: Sometimes, the job’s non-monetary benefits, such as professional fulfillment, networking opportunities, or even enjoying your work environment, can significantly contribute to your overall satisfaction.
Remember, it’s not just about the money. The right time to leave a job can depend heavily on your personal satisfaction, your career goals, and your financial security. Each situation is unique, so consider all aspects before making such a significant decision.
