We’ve all seen statistics about “The Great Resignation:” A record number of people are quitting their jobs, and even more are considering it due to fears of contracting COVID-19, poor working conditions, reluctance to return to in-person work, a need to stay home to take care of dependents, burnout, general discontent, and more. If you or your partner are considering quitting your job, here are a few things to keep in mind as you make your decision:
Is it just a bad day? It’s easy (and even kind of fun) to fantasize about “rage quitting” — in other words, walking off the job in anger, while giving your employer little to no notice. The news about the great resignation may heighten this desire. You may think, “Other people are quitting, why can’t I?” Remember, while you may see people quitting in a “blaze of glory,” you’re likely not seeing the aftereffects: an angry/disappointed partner, the exhausting process of applying for jobs, scrimping to get by without a regular salary, using credit cards to stay afloat, a burned bridge at your former employer (and any negative references that may come with it), and maybe even regretting the decision to quit in a rage.
Tip: Instead of letting one bad day rule your decision making, take the time to chart your feelings over the course of a few weeks or even a few months. Is it really as intolerable as you thought? Is it your job responsibilities, the company culture, the lack of advancement opportunities, or something else entirely that’s keeping you down? Getting to the root of your discontent can help you find a next job that doesn’t fall into the same trap.
Do you have other job prospects? The best-case scenario is to quit when you have another job offer in hand. I get it — it can be incredibly challenging to wait until all of the details are worked out, but be patient and let the process unfold. The last thing you want to do is quit before the ink is dry and be left without any options. If you can’t wait until you have a job in hand, consider what prospects you might have. Do you have interviews on the calendar? Do you have connections who are looking to hire someone? Are there currently a lot of openings in your field?
Tip: One of the best benefits of a side hustle is that you have income that you can fall back on if you lose your primary job. Could you take on additional side hustle work to help fill in the gap while you apply for other jobs?
Where will you get health insurance? If you currently have coverage through your spouse’s employer, feel free to skip this section. If not, might this be a possibility? Bear in mind, there might be additional cost to receiving this coverage, and there may be a waiting period. If you don’t have this option, know that while you can buy your own insurance coverage through your state, it’s likely to be much more expensive and less extensive than the coverage you receive through an employer. And, again, there might be a waiting period. And even if funds are tight, don’t forget about long- and short-term disability coverage. Like health insurance, you can purchase this independently — and if something were to happen, being without coverage could be fiscally devastating.
Tip: This topic is something to research and think through before leaving your job. Particularly in the midst of a global health pandemic, this isn’t a good time to be without health coverage. Ideally, there should be no gap in coverage.What income do you have at your disposal? If you need to leave your job in a hurry, for whatever reason, are you prepared to get by without a paycheck? I’ve already mentioned side hustle income; might that be enough to carry you until you get another job? Do you have any emergency savings that could help you cover necessary expenses? While building up emergency savings isn’t the sexiest financial goal, it can give you a lot of financial freedom.
Tip: According to the U.S. Bureau of Labor Statistics in November 2021, 29% of unemployed people were unemployed for five weeks or less, 26% for 5-14 weeks, 12.9% for 15-26 weeks, and a staggering 32.1% for 26+ weeks. While it’s certainly possible you’ll be in another job in less than 3 months, keep in mind that wasn’t the case for roughly half of those surveyed last November. It’s important to consider how you might handle this loss of income over both the short- and the long-term.