Factors to Consider Before Quitting Your Job

Mr. Career Guide is a website about finding the right job, it’s not about quitting. But sometimes expectations differ from reality. That first job after graduating might not meet your expectations. Whether you are a millennial, baby boomer, generation Z or a veteran who has recently transitioned into corporate America, it is natural to want to do something new after a while. I’ve jumped jobs plenty of times and it has helped and hurt me along the path.

The days of having the same job for 30+ years and retiring with a fat pension are over. The majority of companies no longer offer pensions and it is up to you to fund your 401k and IRAs for retirement. Job loyalty is at an all-time low and sometimes it makes sense to jump ship for more money and opportunities.

With sites such as LinkedIn and Glassdoor we can review prospects that exist in our field of work. The internet has allowed us to consistently be on the hunt even if you are happy at your job.

One thing I’ve noticed with a lot of the young analysts we hire directly out of undergrad, is that they believe the grass is greener on the other side. I know I felt this way when I was in my twenties. But what I’ve learned is that the grass isn’t always greener when you jump ship. The grass is greener where you water it.

My intention of this blog post is to help you determine if quitting your job will make you happier. I hate that word “happy” when it comes to work. Let’s replace it with the word “content.” I’ve seen too many of my friends and colleagues chase happiness in the workplace. Happiness is a feeling that comes and goes, no matter how great the job, you are going to have some unhappy days. Striving for contentment in a job is key and will lead to a feeling of overall happiness.

12 Things to Consider Before Quitting Your Job

1. Why are you not content? Maybe it is the long hours, the commute, the mindless work, or lack of impact your job has on the greater good. But maybe those are only excuses for what is bothering you. Most people leave an organization because of the way they are treated by managers and supervisors. Perhaps it is a lack of recognition for the work you have completed. Or maybe you haven’t been promoted while your colleagues have. It’s important to recognize what is making you feel non content with the job. If there are inherent components of the job that are making you unhappy, then maybe it is time for a change. Maybe you feel you are being treated unfairly, you should have a one-on-one with your manager. Your manager cannot read your mind. Sit down with them and discuss your concerns but do not make it apparent that you are ready to leave. The first step is to identify what is making you want to quit.

2. Have you worked at the company long enough? Three to five years is a good amount of time to strive for at an organization. If you are three months into a job and already hate it, try to stick it out for at least a year. If you jump jobs before a year, recruiters will pass over your resume. I recommend anyone new to a job to stay there for at least three to five years. It’s an arbitrary number but you really do not figure out an organization until you’ve been there for at least two years. After three to five years you are cruising. Plus, that amount of time on your resume opens doors.

3. How large is your safety net? When you quit a job there may be some lag time between when the old job ends and the new job begins. Do you have enough money saved up to get you through the down time?

4. Does the new gig have a career ladder? People often quit jobs because there is a lack of career progression worked into the organization. Does the company you are targeting have a solid career track? Is their criteria and length of time at level for each role along the ladder? At my current firm, it is crystal clear the levels you need to hit to make Partner. Although making Partner is fairly political, there are steps laid out that will help you get there. If you are not performing at certain levels, management will let you know. You either won’t be promoted and you’ll have an individual development plan or you’ll be pressured to leave the firm. It’s an up or out policy in most consulting firms and to be honest I kind of love it. Not everyone will but what I love is that career progression is black and white. You either get it or you don’t. Does the organization you are looking to join have a well-defined career ladder?

5. Think about others. It is easier to quit a job if you are single. Maybe you are married and have dependents. Make sure that if you are leaving a job for another there is minimal impact to the day-to-day lives of the ones you love most. If you are single and living in your parent’s basement, go for it, you have nothing to lose besides making mom, who worked for one company for 30 years, disappointed.

6. Do you have skills? When you graduate college, you have a fancy piece of paper that tells the world you’ve earned a degree. Congratulations, you are now part of the majority. That piece of paper doesn’t signal that you have skills. It only tells the world that you have the discipline to earn a degree. Skills are a trade, and a trade is best learned on the job. The more skills you have the more marketable you will be. Before jumping ship, make sure you have transferable skills that have been honed through experience. There’s nothing better than real world training. Don’t confuse your degree with having skills.

7. Can you take an extended vacation? The longer you work at a company, the more paid time off (PTO) you accrue. In California you can accrue up to 240 hours of PTO that can be carried over from one year to the next. That’s nearly 6 weeks of vacation with a full-time salary. If you are feeling burned out and need some time to clear your head, think about taking an extended vacation. You can use this time to recharge, visit a part of the world you’ve never experienced, or maybe you can use the time to research new opportunities and skills. Some organizations even allow their employees to take an unpaid leave of absence. Will this do the trick?

8. Determine what you are chasing? Too often we go through our career journey without having an end goal in mind. You need to determine what you really want out of a career. Sure, this is what college is for but once you start working you figure out what you want out of life. Is it financial freedom through the highest possible salary? Is it the opportunity to become a CEO in twenty years with a Fortune 500 company? Do you aspire to do meaningful work that makes an impact on the globe? Whatever it is, you should take a long-term view on what you are chasing. Maybe your current job will help you get there faster than jumping ship. Mr. Career Guide plans on staying in consulting until he is 40 then will jump ship to teach International Relations/History, coach football, surf, and write more books. That’s my long-term goal. In the short term make as much money as possible. Save and invest then jump ship to do a job I’ve always wanted.

9. Are you willing to relocate? A new job may mean a new commute or new city. Are you willing to relocate to another part of the country? The nature of work is shifting and cities that were once starved for jobs now have robust opportunities (for example Nashville, Kansas City, Indianapolis, Austin, etc). If you are looking for a new job you may have to leave your parents and friends behind. Getting out of your comfort zone will help you grow leaps and bounds. Maybe your current job has offices in other parts of the country.

10. What time of year is it? Quitting before the holidays is a big risk. October, November, December are riskier than other months out of the year. You are walking away from a potential bonus if you work in the private sector. Very few companies hire in the first quarter or fourth quarter of their fiscal year. January through June are the best times to jump ship as organizations ramp up spending to prepare for summer. Most organizations do not want to blow their budgets leading up to Christmas break. Make sure you consider the time of year when jumping ship.

11. Take your time to quit. Leaving a job is a big deal. You need to take the long-term view. Will leaving the job impact you for years to come? Will it look bad on your resume? Are you digging yourself into a financial hole by leaving? I’ve jumped jobs a lot and each time it has set me back. My compensation and skills increased with each new job, but I had to rebuild my network and prove to management that I was a good investment. Don’t allow your day-to-day frustrations to build up inside. If you are unhappy talk about it with your manager. In our tight labor market, organizations do not want to lose good people. Maybe they will convince you to stay. If you are set on leaving, weigh the pros and cons and think it over strategically. Don’t rush.

12. Discuss quitting with people who have quit. The internet has given us access to a wide range of websites and forums on job jumping. Perhaps there are people out there who have worked for your current organization and left. Maybe you know someone personally. Reach out to them to gain perspective on quitting. It’s a good idea to know what you are getting yourself into.

Quitting is the easy way out. Leaving a job is not difficult. It’s much harder to tough it out in your current organization and put everything on the line while proving your worth. As you can tell from this article, I’m a fan of sticking it out for as long as possible. Once all options have been exhausted, then jump ship. Take the time to plan your departure.