Things to consider BEFORE you quit your job

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After deciding to quit your job but before going through with it there are a few things to consider.

1. Financial Obligations

  • Are you able to maintain current lifestyle for as much as 6 months without a job?
  • Can you make significant cuts to your lifestyle to quit your job?
  • Do you have a big enough savings or have a new employer lined up?
  • Could you go back to your employer if you had to do so to make ends meet?

 

2. Health Insurance

 

  • Most employers give you until the end of the month that you quit before your health insurance is cut off. This is because the premium is already paid for the month. Your best time to quit is in the 1st week of the month and not the last for this reason.
  • This may vary by employer so make sure you know before.
  • Did you know who your employer’s COBRA (continuation of health coverage) provider is?

 

3. Exit Strategy

 

  • Its never a good idea to burn a bridge.
  • Its also good to know the type of work environment you are in. For instance some employers upon hearing or seeing your letter of resignation will ask for more than two weeks, others will simply walk you out the same day
  • If you have been a a company long enough to see employees quit, you should have a good idea of the quitting culture.
  • If you are going to get walked out on the day you quit then don’t put in a notice until the day you fully intend to be done.
  • Did you sign a non-compete clause when you started with your employer and will this hinder your goals after quitting?
  • Do your homework and find out if a non-compete is enforcable in your state if you intend to work for a direct competitor. Not all states and non-compete agreements are created equal.
  • On a related note some companies have anti-poaching clauses that relate to taking your old colleagues with you to a new company, or especially a competitor. If this is the case you may want to not tell your peers where you are going to. You may even want to pause on updating your LinkedIn profile.

 

4. Your Goals

 

  • Once you quit are you going to be taking a break if financially able to?
  • Do you already have something lined up or are you leaving your current employer with no plans for the future?
  • Do you plan on staying in the same field of work or starting a new career?

 

Everyone has a different situation so answers will vary but all of these questions should be considered.