1274: What to Consider Before Leaving Your Current Job by Amanda Kruse of Women Who Money

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[00:00:57] Get yours now at Samsung.com. This is Optimal Work Daily Episode 1274. What to consider before

[00:01:05] leaving your current job by Amanda Cruz of WomenWhoMoney.com. And I am Dan, I'm your host here and

[00:01:12] I'm with you every single day reading from these great blogs about all kinds of work related topics.

[00:01:18] So I'm gonna keep this intro nice and short for you and we'll get to our post now as we optimize

[00:01:23] your life. What to consider before leaving your current job by Amanda Cruz of WomenWhoMoney.com.

[00:01:34] Are you thinking about quitting your job? You're not alone. Most people feel like leaving their

[00:01:39] job sometimes because even in the ideal position bad work days happen. But if you're like the 73%

[00:01:46] of workers today, you might consider leaving your current employer searching for something better.

[00:01:51] Americans have recently been quitting jobs at a high rate, a trend called the Great Resignation.

[00:01:57] They're after higher pay, more flexibility and better growth opportunities.

[00:02:01] But before you turn in your letter of resignation it's wise to think it over and have a plan.

[00:02:06] So listen on for things to consider before quitting your job.

[00:02:10] Questions to ask yourself before leaving your current employer?

[00:02:14] We've all had work days when it's tempting to say, I quit and walk out the door.

[00:02:19] Yet usually it's better to think it through before making a sudden move.

[00:02:23] First, dig deeper and figure out why you want to leave your employer.

[00:02:28] Then if you still want to quit make a plan for what's next.

[00:02:32] One, why are you thinking about quitting your job?

[00:02:35] If you wake up each day with that familiar sense of work dread,

[00:02:39] figure out the reason for your trepidation. Be honest and uncover what specifically is causing

[00:02:44] your dissatisfaction. Perhaps the pandemic sparked a reordering of your priorities and you're

[00:02:49] evaluating what you want from your life, work and employer. It could be that you want a raise,

[00:02:54] a flexible schedule, better benefits or more growth opportunities. Or maybe you enjoy your work but

[00:03:00] are unhappy with your boss, your work setting or a specific incident. After you get to the source

[00:03:06] of your dissatisfaction, ask yourself is it something within your control and is it permanent

[00:03:12] or temporary? Then figure out what you can do about it. Will leaving your current employer

[00:03:17] solve the problem, or can you improve your current job conditions to be more satisfied?

[00:03:23] Two, what would it take for you to stay? If a colleague upsets you or your experiencing job burnout,

[00:03:30] it could be a temporary problem. It's usually best to avoid knee jerk reactions to potentially

[00:03:36] short-lived issues. Instead you might be able to work out a solution with your boss, co-workers

[00:03:42] or your employee assistance program, EAP. But if it's an ongoing problem decide what needs to

[00:03:48] change for you to be happier. First describe your ideal job and write down a list of things you want.

[00:03:54] Here are some considerations when formulating a job description. Compensation, benefits like health

[00:04:00] insurance, retirement, paid time off, etc. Flexible schedule, remote work, independence,

[00:04:08] and professional growth opportunities. Then, from your list, determine what would need to change

[00:04:13] at your current job to make you stay. Your ideal work conditions might be possible without

[00:04:18] changing jobs, especially if you've demonstrated quality work in the past. Don't forget about the

[00:04:23] benefits. If you leave your current employer, you leave behind the benefits. So before you quit,

[00:04:29] consider how much value they add. For example, a retirement account or childcare assistance can

[00:04:34] provide a ton of value. Some benefits may continue even if you quit. For instance, you can continue

[00:04:40] your group health insurance for up to 18 months through Cobra, but you pay the entire premium out

[00:04:45] of pocket. Also, you don't lose your 401k or health savings account, HSA funds. Instead, 401k and

[00:04:53] 403b funds get transferred to a new employer or rolled over to an individual retirement account,

[00:04:59] IRA, and HSA funds are yours to keep. 3. Do you have a plan for after you quit?

[00:05:06] Like what about money and health insurance? If you don't have another job lined up after you

[00:05:11] quit, and even if you do, you need a plan and a safety net. What will you do? It's helpful to

[00:05:18] research job openings in your field before you quit your job. Still, even if the job market is

[00:05:23] favorable, it could take longer than you expect. Maybe you decide to get more job training between jobs.

[00:05:29] For example, you could take the time to brush up on your skills, get a new certification,

[00:05:33] or take a class or two. That leads to the next question. Do you have enough savings?

[00:05:39] If you quit your job, savings are more important than ever since you have to rely on them to get by.

[00:05:44] You'll want enough emergency savings to pay your bills, including health insurance. And if you plan

[00:05:49] to take an extended leave for training, make sure you have enough money to do so. What about

[00:05:54] health insurance? If your employer provides health insurance, you'll need coverage when you quit.

[00:06:00] Here are a few options to consider. If you're married and your spouse has health insurance,

[00:06:05] find out if you can get on their health insurance plan. Federal Cobra benefits let you continue

[00:06:09] your current group coverage for up to 18 months, but your employer won't continue to pay any of

[00:06:14] the premium so you pay the entire cost plus administrative fees. The Affordable Care Act Marketplace

[00:06:21] offers health insurance coverage to qualifying individuals, and health care sharing ministries

[00:06:26] are alternatives to health insurance, but they're not health insurance. Instead, they are non-profit,

[00:06:31] religion-based memberships, and monthly fees help cover members' medical costs.

[00:06:37] And four, what's your next step? Quoting your job can be a tough decision,

[00:06:42] but if you've tried to make it work and it doesn't, it might be time to move on.

[00:06:46] Sometimes staying in a job that makes you miserable is worse than facing fears and moving on.

[00:06:52] Leave your current job on good terms. Leaving on good terms gives you more options,

[00:06:57] for one, you're more likely to get good references for future work,

[00:07:01] and you never know, you might get offered a promotion or future job with your current employer.

[00:07:06] Most companies require an official, written letter of resignation, but before you make it official,

[00:07:11] it's best to speak with your manager one-on-one and give at least two weeks notice before you quit.

[00:07:16] Be kind, and express gratitude in your verbal and written communication,

[00:07:20] and prepare to answer questions about your plans. Employers might offer you a raise to get

[00:07:25] you to stay. Figure out your benefit decisions. Speak with your human resources department or

[00:07:31] manager before you leave the job. Here are a few items to address. Your 401k or 403b,

[00:07:38] you can transfer it to your new employer's plan or roll it over into an IRA.

[00:07:43] Health insurance. If you use Cobra benefits, you must set it up with HR. Remember,

[00:07:48] you're responsible for the entire premium. Remaining paid time off, PTO. Some states require

[00:07:55] employers to reimburse you for unused PTO, vacation time and sick time. And health savings accounts.

[00:08:02] If you have an HSA, the funds in your account are yours to keep. Do you have a flexible spending

[00:08:08] account? FSA. You lose any money left in your account when you quit. Yet there are sometimes

[00:08:13] exceptions if you opt for Cobra coverage. Finding a new job. If you devised your ideal job

[00:08:20] description when deciding whether to stay or quit, use it to search for new jobs. Also,

[00:08:25] determine if you need training or skills to get the job you want or if you're leaving your field

[00:08:30] altogether. If jobs are plentiful in your field, negotiate what you want like higher pay

[00:08:35] or a flexible schedule. If you don't find the right job immediately, you might consider contacting

[00:08:40] a recruiter to help you. Either way, be persistent and don't give up. Final thoughts.

[00:08:47] There's a lot to consider before leaving your current employer. You might ask for what you want

[00:08:51] at your current job, get it and be happy to stay. But other times, it's in your best interest to

[00:08:57] quit and move on. Whatever your decision, the best thing to do is ask yourself some critical

[00:09:02] questions and make a plan to move forward. You just listen to the post titled What to Consider

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[00:11:31] a team writer with Women Who Money and thanks to Amy and Vicki, the co-founders of the site.

[00:11:36] Women Who Money is a website that provides helpful information on personal finance,

[00:11:41] career and entrepreneurial topics so you can confidently manage your money,

[00:11:45] grow your net worth, improve your overall financial health, and eventually achieve financial

[00:11:50] independence. To check out more of their content visit them online at womenwhomone.com.

[00:11:56] They've got great articles of course like this one, but also links to directories,

[00:12:00] recommendations, a glossary and more. Again you can find all of that at womenwhomone.com.

[00:12:06] But that will do it for this edition of Optimal Work. Daily hope you enjoyed the post,

[00:12:10] 10 that you're having a great day out there. And I'll see you right back here tomorrow

[00:12:14] where your Optimal life awaits.