Things to Consider Before Quitting Your Job

According to a study by consulting firm McKinsey published in July 2023, 40% of American workers have considered quitting their jobs in the next 3-6 months. The number of people wanting to change jobs is so high that it has been called a "great labor crisis".

Still, changing jobs is a difficult decision. Before you leave, you should ask yourself some important questions to make sure you're doing the right thing.

Salary and income

If you think you’re not being paid what you’re worth, try asking your boss for a raise or benefits before you think about leaving. Don’t forget to research salaries at companies in your industry. You might be surprised by the salaries in your field, whether they’re higher or lower. This information will be useful if you decide to leave anyway.

Cover personal expenses

When you quit your job, you not only lose your regular monthly income, but you may also lose other benefits such as lunch and gas allowances. In addition, you need to review your savings and emergency fund. If you have no choice but to quit, ask yourself if your emergency fund will be enough to cover the time it takes you to find a new job.

What to do if you quit your job?

You feel like you’re in a rut at your current job, but what’s next and what will you do? For some, it’s staying in the same profession but at a new company. Others want to start over, trying something completely different. Either way, think about what you want to do before you quit your job.

Are you too stressed?

Stress is a big factor when deciding whether to stay at your job or move on. Think about ways to manage your stress or suggest ways to reduce it to your boss. You should also consider how stressful the move will be. For example, if the nature of your job is stressful, changing jobs will not help you feel better.

How long has this condition lasted?

If you’ve been thinking about quitting for a long time, it’s probably affecting your work. This could be a sign that you really need a change. But if the thought is just starting to creep in, there’s always something you can do to salvage things before it’s too late. For example, talk to your boss about ways to make your current position more satisfying.

Are your expectations realistic?

When you change jobs, you may expect to double or triple your salary, but is that realistic? Changing jobs does not necessarily mean an increase in income. Look at the average salary in your industry and your experience and skills. You need to adjust your expectations before thinking about quitting your current job.

What will you lose?

There are both financial and non-financial consequences to leaving your job. Maybe it’s a great health insurance package that’s not available anywhere else, or your emergency fund won’t be replenished for a while. From a non-financial perspective, you’ll lose valuable relationships with colleagues or clients.

Is now the right time to quit your job?

Look for other factors, such as whether your industry is experiencing layoffs or a recession, making it difficult to find a new job if you quit. You should also consider your personal life. If you are expecting a baby or going through a divorce, changing jobs can add stress and negatively impact your work life.

Work from home

More people are working from home since the Covid-19 pandemic began. In fact, more than 60% of Americans say they would consider quitting their jobs if they couldn’t work from home. Still, companies are implementing policies to return to the office three times a week or full-time. If the distance and commute mean better pay and benefits, it might be worth it.

Should we continue?

After asking yourself all these questions, you may be surprised to find that your current job is actually quite good. Consider all your options and remember that sometimes it’s easier to find ways to improve what you’re doing than to change jobs.