Thinking About Calling It Quits?

Posted by FGP Intl. on 10/07/10 -

If you're like most others out there, the economy has taken its toll on your business. So I'd be willing to bet that work has been pretty hectic for you. You're probably carrying the workload of 2 or 3 people since someone has been laid off and their position hasn't been replaced. And maybe this week, the stress levels have been particularly high and you're ready to call it quits. As a consultant who has worked with many displaced workers over the past few years, first let me say that I understand. An extremely high workload results in strain on your health, personal relationships and even psychological state.

But as a consultant who has worked with many displaced workers over the past few years, my first piece of advice to anyone considering quitting his or her job is to slow down. Think through some of the following questions (I actually recommend writing down the answers so you can see the pros and cons in black and white).

Round 1 Considerations: Are you sure you want to make a move?

It is critical that you really analyze your motivation to leave your current employer so that you know what is most important to you in your new search. These elements would then become “non-negotiable” for your new job.

1. Why do you want to leave?

Is the environment such that you HAVE to get out ASAP (legal concerns, ethical issues, harassment or hostile work environment etc.)
If the above is not the case, what are your main driving factors? (Examples: Better commute? More respect? More money? Better work/life balance? Better benefits? More challenging role? Better career path?)

2. Have you already talked to your employer (face-to-face) about the above issues and concerns . . . and I mean really talked?

Round 2 Considerations: Timing--should you look for a new job while you are employed or just go for it?

   1. Do you have the finances available to voluntarily leave your job before you have another job? Do you have about a year’s worth of living expenses saved up and ready to use? It may take 9-12 months (or more) to find another job in this market.
   2. Is there a chance your spouse or partner could lose income while you are searching? The answer to this question is almost ALWAYS “YES”. So plan for the worst case scenario while you are determining the timing of your job search.
   3. Can you afford COBRA, or do you have medical insurance covered through another plan?
   4.   Is your resume ready to go right now? It takes time to build a quality resume, so you may decide that you want to continue to earn a paycheck while you are tweaking your resume at night and preparing for the search to come. Also, building your resume now (before you quit) is also useful so you can research and compare your skills and qualifications to current job openings in the market.
   5.   Have you started casually building up your network? It is much harder to build a network when you are panicked to find a job. The pressure is off a bit when you are gainfully employed and your contacts don’t feel like you are asking for a job.
   6. Have you reached out to a recruiter? Recruiters are excellent sources of information as they have their pulse on the job market. Reaching out to recruiters is especially useful for industry specific searches. Again, it is always easier to find a new job when you are employed than when you are out of work. Especially in this economy, someone who is still employed and has made it through all of these “tough times” is perceived to be a strong asset.
   7.   Research what is out there. Is the grass really greener?Are there opportunities that you have recently learned of that you wish you had jumped on? Are you prepared to start out in a lower level position just to be in a new company or industry? If this suits your overall long term career goals and strategy, then it may be worth the move.

Round 3 Considerations:Have you thought about how hard this will be mentally and physically?

If you are still considering quitting BEFORE you have another job:

1. Do you have the support of your family? I have seen that it is hard enough to go through a job search in a down economy when you have been involuntary laid off. Family dynamics are often strained during these tough times, so be sure that you are ready to embark on these additional struggles voluntarily. Be realistic with the ones you love. Let them know it could be a year or more before you are back on your feet. Can they support you emotionally and financially for that long?

If you have decided to take a couple of months to prepare your resume, research, and get back into the interviewing and networking game, then what else is there to consider?

1. Are you prepared to use your non-work time to really prepare adequately for your job search? Are you willing to work diligently on a resume and research companies and industries during your off time and then practice interview questions on your ride home? Are you willing to start networking and reaching out to recruiters as appropriate?
2. Are you prepared to save up and use your vacation or PTO days for interviews?

So big picture, the questions are:

Do you really want this career change?

Can you wait a few months so that you can adequately prepare for your search and then search while employed?

Do you have what it takes to work hard during the day and SEARCH hard after hours?

Remember, there are jobs available, and although times are tough, sometimes a move is truly the right decision. I encourage you take the time to analyze your decision carefully before you take steps towards walking away from a paycheck. Best of luck!