You have ultimately decided to leave your current job. Maybe it’s because you have a new opportunity with a different company. Some people decide it’s time to leave a current role because of a toxic or unproductive environment. Others determine they are ready to start something on their own. Whatever your reason, you know it’s time. But before you tender your resignation or even think about contacting your supervisor, there are a few things you’ll want to have in order. Here are a few critical steps to take now in preparing to quit your job.
Lining Up Your Next Career Step
If you can, try not to leave your current role without at least having a next step plan. You don’t want to face an extended period of time without a paycheck.
Finding a New Position
Most experts suggest that people should have another job offer on the table or even a start date for a new role on the books before quitting the current job. At the very least, if you’re planning to leave, you should be updating your resume and applying for new positions. It can be difficult to interview for a new role while you’re currently working. But many employers are empathetic to existing schedules and may offer to be flexible around your availability.
Venturing Out on Your Own
You may presume you can embark on a start-up or entrepreneurial journey upon quitting your current job. Many do find success in pursuing their own businesses. But it’s imperative not to assume you’ll have paying clients right away, and there could be challenges that prevent you from generating revenue upon launch. If you plan to venture out on your own, consider developing a realistic business plan accordingly and get advice from industry experts to guide you before sending in that resignation letter. It is also important to verify that any new endeavor doesn’t violate any existing non-disclosure or non-compete agreement you have in place.
Going Back to School
Some individuals decide their current job doesn’t offer growth and promotional opportunities. As a result, they decide it’s best to improve their educational credentials. If you have plans to go back to school or to enroll in an industry-related certification course, preparing before you quit is key. Pursuing an education will certainly improve your employability down the road, but it won’t help you pay the bills due today. Before you leave your current role, make sure you can afford to financially. And consider requesting your performance reviews or letters of recommendation from current managers. These can sometimes qualify as on-the-job experience that satisfies educational requirements.
Preparing Financially Before You Tender Your Resignation
You may feel like you’re ready to head to the Human Resources Manager’s office to walk away from your job. But preparing to quit also means realistically protecting yourself financially ahead of time.
Paying the Bills Between Paychecks
Even if you have a new job opportunity lined up, it may be a few weeks or longer before you actually receive your first paycheck. Worse yet, what if you begin with your new company and realize it’s not at all what you imagined it would be and feel it’s not a good fit? There are career horror stories out there about employees who, upon their first few weeks of employment, found themselves being laid off due to corporate acquisition or management transition. Anything can happen, so making sure you have enough funds in savings to cover your expenses for a few months is best.
Calculate Final Pay Before Leaving
Before you officially resign, you’ll want to do the math on your final pay and know how much you can expect to collect before leaving. If you’re able to submit to a two-weeks notice, regardless of the company’s willingness to let you work those weeks, you’re entitled to pay. Some companies have internal policies about paying out for unused vacation time or PTO. Take time to review your existing employee handbook to calculate your totals.
Calculate Added Expenses Upon Resignation
In preparing to quit and ensuring you have the finances to sustain in transition, you’ll want to be mindful of any new expenses that arise because of your resignation. For example, your current role may be providing a company vehicle, computer, or cell phone. All of these perks will become financial responsibilities of yours after you quit.
Exploring Your Insurance Options
Before you quit your job, you’ll want to plan ahead for yourself and your family with regard to insurance coverage. Even if you already have a new career planned, there are oftentimes waiting periods for benefits to begin. You don’t want to face 30-60-90 days without a health and wellness safety net.
Your Options in the Marketplace
If you haven’t been without a company-sponsored insurance plan before, the Marketplace may be completely foreign to you. You will want to explore your options and investigate potential plans before leaving your current role. It can be helpful to know what your premiums will be upon purchase. And you can browse for programs that offer similar benefits to what you enjoy now, and identify those that consider your current health providers as in-network providers.
The Importance of Securing Coverage
Some people might assume they can take the risk of allowing insurance to lapse between jobs. However, the experts highly advise against it. Especially during today’s pandemic conditions, facing an unexpected illness or hospital stay can be financially devastating without insurance coverage. For those who have family members to consider, even minor trips to the family physician can be expensive. Because there are so many unknowns, whether it be health risks or future job security, it’s not a good idea to leave your present role until you have an insurance plan identified.
Where to Start Your Insurance Shopping
Most people understand insurance coverage in general but struggle with where to start in their shopping process. You can browse the Marketplace directly and introduce yourself to the available options, plans, and costs. You can also browse with W3LL, a trusted partner dedicated to helping those ready to explore the Marketplace. With tools and professional guidance, insurance shopping is simplified, and finding the best coverage for your needs and budget is easy.
Preparing to quit your job means logically and methodically, creating a series of tasks on your to-do list. Before submitting your resignation, you’ll want to ensure you are ready to sustain your finances and health insurance. Set yourself up for career transition success by building a safety net of savings and having a game plan. When you’re ready to browse for your new insurance plan, explore with our experts.