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Things To Consider Before You Quit/Leave Your Job
John Arnold, a speaker on wealth
and career management and author of Fallback Position,
recently cited a rule of thumb that for every $10,000 of
salary you make, you'll need to allow one-month of job search.
So, if you left a job with a $40,000 salary, allow at least
four months of job
search to replace that salary.
Before you decide to make a career transition and leave one position, keep the following things in mind.
Be sure that if the leaving is your choice that you have looked at all other options and that the present situation is intolerable. You could find that once you're on the circuit and job hunting, other companies may have the same problems you'll have to contend with...or worse. Maybe what you thought was so bad may look a little better from afar.
Save as much money as you can to get you through the job-search period. It may take longer than you expect to find just the right job. Don't leave until your bank account is in the "safe zone."
Line up your support networks and references before you leave. If you don't have them, stay aboard and develop them and leave at a later time.
Use corporate benefits to your advantage before you resign. Take those college courses, enroll in training programs, beef up your applications knowledge, learn from peers. Don't quit, then find that your skills are lacking and have to spend money and time getting them up to speed before you can be competitive.
Look to see if you can transfer within your company and get what you want rather than leaving. You have built up tenure and credibility where you are. Many companies prefer to hire from within to stop knowledge loss.
Talk to others who have been job hunting before you quit. See what the marketplace is like and if the timing is right for you to get a new job. If others are finding it hard to get employed, you can expect that you will too.
Get your ducks in a row before you make the big announcement. Know what you expect from your employer, understand your insurance coverage, pension package, etc. After you resign is not the time to negotiate in your favor.
Be prepared to have a second job while you search. You may need the money and references to tied you over. It will also help your self-esteem.
Be sure that you can afford to make the change. If you can't make it six months on your savings, go back to the drawing board or start cutting expenses before you leave your present job. Don't put financial pressures on yourself - you'll have plenty of other pressures to work through. Be prepared to cut the frills and live lean during the search months. You can make up for it later.
Make your escape plans before you leave and know
what you are in for. When you are unemployed and stressed out is
not the time to discover the disadvantages of being in the job
market. Take control, do your homework, and show your best side.
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