1300: Is a Work Sabbatical Right for You? by Laura Gariepy of Women Who Money on Productivity & Career Success

[00:00:00] This is Optimal Work Daily, Episode 1300.

[00:00:03] Is a Work Sabbatical Right for You by Laura Garepi of womenwhomoney.com.

[00:00:08] And I'm Dan, I'm your host and I'm with you every single day bringing you these great

[00:00:12] daily tips on work, work-life balance, entrepreneurship and a whole lot more.

[00:00:18] So I'm going to get right to it now as we keep this Monday intro short for you

[00:00:21] and we're going to optimize your life.

[00:00:28] Is a Work Sabbatical Right for You by Laura Garepi of womenwhomoney.com.

[00:00:34] According to Harvard Business Review, a work sabbatical could be the best thing for you,

[00:00:38] your career and possibly your current company.

[00:00:41] But what exactly is a work sabbatical?

[00:00:43] Quite simply it's an extended period away from your career.

[00:00:47] The desired and research backed outcome is that you'll return to work refreshed

[00:00:51] and inspired.

[00:00:52] Your new lease on your career will result in increased productivity therefore benefiting

[00:00:56] your employer.

[00:00:58] A sabbatical isn't supposed to be some lazy holiday.

[00:01:01] While one element of a work sabbatical is to rest and rejuvenate, the primary focus

[00:01:05] should be on improving yourself and your life.

[00:01:08] When might a work sabbatical be appropriate?

[00:01:11] There are a number of common reasons to consider taking a sabbatical including return to

[00:01:16] school, to take advantage of a promising business opportunity or start your own

[00:01:20] business which could lead to a permanent break from your job, embarking on the

[00:01:24] travel adventure of a lifetime, spending time with or caring for loved ones,

[00:01:29] exploring new careers and pet projects or staving off burnout or regrouping after

[00:01:34] a layoff, the not so voluntary push into a sabbatical period.

[00:01:39] Before you get excited and declare a sabbatical to be your solution or

[00:01:43] before you write this off as impossible, there are many considerations

[00:01:46] to evaluate.

[00:01:48] What to consider before taking a work sabbatical?

[00:01:51] Number one, purpose.

[00:01:53] You should be able to define your need for a leave and articulate what you want to

[00:01:57] accomplish during that time.

[00:01:59] The purpose of your sabbatical will drive every other consideration for this

[00:02:02] period.

[00:02:03] Thinking about your purpose will answer questions like, how long of a sabbatical

[00:02:06] do I need?

[00:02:07] When should the sabbatical start?

[00:02:09] How would a sabbatical benefit my family if applicable?

[00:02:12] And how would a sabbatical make me more effective or happier in my

[00:02:16] career if I return to it?

[00:02:18] It's essential to keep your purpose at the forefront of your mind throughout

[00:02:21] the sabbatical process.

[00:02:23] It will guide your decision making, drive motivation and help you assess

[00:02:26] your progress towards your goals.

[00:02:28] Two, family.

[00:02:31] If you're single, this item is less of a consideration, but if others count

[00:02:34] on you, you need to be sure that your taking a work sabbatical does not

[00:02:38] negatively impact them.

[00:02:39] Ideally they can reap the benefits of having a happier you around more.

[00:02:43] Thinking about your family situation will answer questions like, what

[00:02:47] alternate care arrangements may be needed for my children or elderly

[00:02:50] parents, particularly if I will be traveling without them?

[00:02:53] If I plan to travel with them, what will they need to ensure that everyone

[00:02:57] has a relaxed, safe, healthy and happy trip?

[00:03:00] Do my plans involve spending more time with my spouse?

[00:03:03] What does that look like if they work?

[00:03:05] If they work from home, will my increased presence impact their

[00:03:08] ability to get things done?

[00:03:10] Will my plans interrupt schooling or extracurricular activities for my

[00:03:14] children?

[00:03:15] And how will I broach this idea to those family members who may be

[00:03:18] skeptical?

[00:03:19] How will I assuage their fears that this won't impact my long term

[00:03:22] ability to contribute to the household?

[00:03:24] It's critical to have the buy-in and support of those closest to you.

[00:03:27] It'll be one less point of stress for you, setting up everyone to

[00:03:30] enjoy the sabbatical period together.

[00:03:33] Three, finances.

[00:03:36] If you're going to take time away from work, most likely unpaid,

[00:03:39] you'll need to make sure your finances are in order so you don't

[00:03:41] find yourself in a deep money hole post-sabbatical.

[00:03:45] Thinking about your money situation will answer questions like, how

[00:03:48] much money will I need to fund my sabbatical activities?

[00:03:51] Where will I get that money?

[00:03:53] What are my usual monthly expenses?

[00:03:55] How will I continue to cover those expenses?

[00:03:57] Do I have enough cash on hand?

[00:03:59] Will I rent out my house, sell things, work a side hustle to

[00:04:02] earn the funds needed?

[00:04:04] Will I have to put my long-term financial goals like

[00:04:06] paying down debt, saving for retirement, et cetera, on hold?

[00:04:10] If so, how does that make me feel?

[00:04:13] And will I retain my health insurance during this period?

[00:04:16] And if not, how can I secure other health coverage and what

[00:04:19] will that cost?

[00:04:20] And four, career.

[00:04:23] While the focus of a work sabbatical is to grow into a

[00:04:25] better you, it's important to keep your career in mind even

[00:04:29] as you plan to put it on hold.

[00:04:31] Thinking about your career situation will answer questions

[00:04:33] like, does my company offer a sabbatical benefit?

[00:04:36] If so, how do I utilize it?

[00:04:38] If there is no sabbatical benefit, am I prepared to

[00:04:41] quit my job?

[00:04:42] How much notice would I give?

[00:04:44] How do I effectively transition out of the company, whether

[00:04:46] temporarily or permanently?

[00:04:49] If applicable, what will my transition back into the

[00:04:51] company look like?

[00:04:52] What has to be done to prepare and set me up for success?

[00:04:56] And if I won't be returning to the same company, how long

[00:04:59] will it take me to land another job in that field?

[00:05:01] Would I even want to stay in the same field?

[00:05:04] How does the need to secure other employment impact my

[00:05:06] time away from work?

[00:05:08] Note, most companies don't offer a work sabbatical

[00:05:11] option.

[00:05:11] However, it's worth speaking with your HR department to

[00:05:14] check.

[00:05:15] According to a Society for Human Resource Management, SHRM

[00:05:18] study, in 2017, 17% of companies offered a sabbatical

[00:05:23] option to employees.

[00:05:24] While most are unpaid, it could still bring tremendous

[00:05:27] peace of mind to know you have a job waiting for you once

[00:05:29] the sabbatical is over.

[00:05:31] Weighing out the facts.

[00:05:33] This is not an exhaustive list of everything that should go

[00:05:36] into sabbatical planning.

[00:05:38] You'll need to consider your unique needs and situation

[00:05:40] fully before committing to this idea.

[00:05:43] The point is really to highlight that while taking a

[00:05:45] sabbatical can be positively life changing, it also needs to

[00:05:48] be backed by sound planning to truly take full advantage of

[00:05:51] it.

[00:05:52] Assessing your situation may have led you to conclude

[00:05:54] that you can take a sabbatical.

[00:05:56] Or the facts as they stand now may indicate that X,

[00:05:59] Y, and Z need to be addressed beforehand.

[00:06:02] Either way is great.

[00:06:03] You're about to embark on what can be an incredible

[00:06:06] personal journey.

[00:06:07] Or you know exactly what needs to happen to get

[00:06:09] there.

[00:06:10] Many folks don't ever take the time to consider there are

[00:06:13] alternate paths from the norm, working full time until

[00:06:16] traditional retirement.

[00:06:18] By thinking through this process, you've opened your

[00:06:20] mind to the idea that there are other ways of

[00:06:22] integrating all of the important bits in your life.

[00:06:25] If the work sabbatical option isn't right for you,

[00:06:28] fear not.

[00:06:28] There is a creative solution out there that meets

[00:06:31] your needs.

[00:06:35] You just listened to the post titled, Is a work

[00:06:38] sabbatical right for you by Laura Garepi of

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[00:08:59] And big thanks to Laura who is a team writer

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[00:09:06] a website that provides helpful information

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[00:09:32] So again, you can find all of that at womenwhomoney.com.

[00:09:36] That's it for this Monday edition of Optimal Work Daily.

[00:09:38] I hope you enjoyed it

[00:09:39] and that you'll be back again with me tomorrow

[00:09:41] where your optimal life awaits.