July 3, 2009, 5:41 am

7 Things To Consider Before Quitting Your Job

by: The Financial Blogger    Category: Career
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quit-your-jobRegular readers might remember that I was under serious income raise negotiation for the past few weeks. The sage finally ended last week as I had my semi-annual meeting with my manager. I got my final answer: eat it. It wasn’t really how it was said (it was more like: I really want to keep you but HR said eat it)… Did I ever tell you that Human Resources was the evilest department of a company?

They would “reposition” me on the salary scale at the end of the year (yeah, yeah, I see the carrot in front of my but I am hungry now!). Well this is making me think that I might want to go shopping before X-mas!

So now I have to really sit down and think about quitting my job or not. There are a lot of things implicated when you quit your job (especially if your whole family depends on your income!). so here we go:

7 things to consider before quitting your job



1. The Pay check

Hey! I’m not a financial planner for nothing! This is the main reason why I am changing actually. I would not trade my job for 2K/year and I do not suggest you quit your job only for a better salary (unless there is a huge difference). Employers in general will see you coming and you won’t be able to hit the jackpot several times. Nobody wants to give a big salary (even if you are a superstar) to someone who will quit his job 2 years after for a higher bidder. Pay check is important, but it should not be the only criteria.

2. Work Conditions

This is probably one of the most important points to look at before quitting your job. What is your schedule? Is it flexible? Can you work 4 days a week? How many weeks of vacation do you have? Do you have sick days? Are you able to take them according to your vacation plan or you must ask permission to take a day off?

3. Location/environment

Cost of transportation, traffic and work environment could be determinant when you select a new job. Quitting your job because you get stuck in traffic for 1 hour every day and night is priceless. There are also some places where you are afraid to go out of your office at night. It is always nice to come in the office and have a smile when you look around.

4. Your Manager and co-workers

Your immediate managers and co-workers will definitely influence how your day goes at work. We long see interviews to hire new employees. I think that the interview could be used by the new employee in order to know more about his managers and his future co-workers. While it is hard to assess future relationship, you can always ask him a few questions:

– Why the last person left?

– What he would do in specific situations?

– What is the turnover rate inside his department?

– If I ask your employees, how would they describe you?

This will not only give you additional information on your future manager but will also show that you are clearly interested in the position and that you are able to ask clever questions during a job interview!

5. Insurance, pension plan and other non monetary advantages

There are several ways to get a pay check. You get the money deposited in your bank account and then, you have all the other non tangible advantages your job is giving you. When you are about to quit your job, you have to assess what you have and give it a money value. The best way is to compare each category one by one. If you need help, call you HR and they will tell you the approximate value of each of them.

6. Career opportunities

If you want to grow within a company, you must ask to know if they prefer getting new blood of they prefer to train their own people before giving them promotions. You should also ask your future employer if they have career plans for each employee. Ask him how he got here, that might give you an idea as well 😉

7. The company philosophy

The company philosophy will shape their managers and employees. If you don’t fit in the company culture, don’t bother quitting your job for this one. You are better off finding the right fit with an employer before quitting yours.

In order to make a good decision (the worst thing is to regret quitting your job!), I’ll try to make a grid with those factors and if it works out, I’ll share the “job quitting evaluation grid” with you 😉 Enjoy your weekend!

image source: IHP

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Comments

Hi FB,

I think you work with one of the big five as an FA? Did you ever think of going out on your own? It won’t be all rosy at first since you need to build up your cientele but no cap and your hard work is rewarded accordingly. I did it 8 years ago and don’t regret a thing. Ok my wife also works (so that help’s).

by: The Financial Blogger | July 4th, 2009 (6:36 am)

I thought of it but I found a better solution… for now.

I’ll have a post about this next week 😉

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