CNBC Television published this video item, entitled “Suze Orman on what you should consider before resigning from your job” – below is their description.
Suze Orman, SecureSave.com co-founder and chief strategy officer, joins ‘Power Lunch’ to explore her own career path and what employees should consider before resigning from their job. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi
Working is not working out for a record number of us.
According to federal data, the number of people quitting has never been higher in the 20 years the Bureau of Labor Statistics has been tracking folks who walk away from a job.
For many, whether 30-something, or 60-something, the decision comes after a pandemic-induced rethink of life goals. For far too many women it has been a resignation made out of familial necessity, as many employers give far too little practical support to mothers juggling work with running the home front as well.
I totally get what is going on. I am not here to deliver a Suze smackdown that quitting your job is wrong. Or too risky. That is for you to decide. But I do hope you will make that choice after careful consideration.
Here’s a short list of questions to ask yourself.
Can you make the job you have work for you better? Take the time to think through what really isn’t working for you at your current job. If it’s a long list, or just too draining/toxic, then walking might be the smart move. I will never tell someone to stay where they aren’t valued. Or if they feel compelled to focus more on family.
But if it’s a job or a workplace you could stay happy at with a few tweaks, why wouldn’t you discuss those changes with your manager? If you have rocked work, and you know you are a valuable employee, it seems reasonable that a sane manager would be willing to discuss tweaks with you. It sure doesn’t hurt to ask.
It’s your manager who’s the problem? Gotcha. That’s neither fun nor easy to navigate. But I still wouldn’t just walk out. Are there different managers/groups you think would be a good fit for you? If you’re on the edge of quitting anyway, you don’t need to worry much about your current manager getting annoyed.
What’s your confidence level on an easy reentry more on your terms? If you’re quitting because your boss has ended work-from-home, and you are so not going back to that grind, I want you to do some advance planning on your next job. Hit up your LinkedIn network, or job boards in your field to get a sense of whether there really are employers out there who are comfortable with remote work.
Can you cover health insurance premiums and out-of-pocket costs? Okay, this is my one financial line in the sand: you must continue to have health insurance coverage. It is irresponsible to go without.
You may be able to stay on an ex-employer’s health plan for 18 months, but you will be responsible for the entire premium cost. You may find it makes more financial sense to purchase a plan directly through the federal insurance marketplace (healthcare.gov).
And I want you to focus on more than the monthly premium cost. Whatever policy you have, check what your potential annual maximum out-of-pocket cost can be. I sure hope you have at least that much set aside in an emergency savings fund.
Can your finances cover double the amount of time you intend to take off? For those of you who are not ready for full-on retirement, I imagine you have an idea of how much time you plan to take off once you resign. Whether that’s one months or six months, I want you to consider what would happen if you were not earning a paycheck for at least twice that long. For example, if you want to take off two months, what happens if you’re out of the market for four months? Can you still pay the bills?
And that’s me being conservative. If you quit your job next month and two months later we’re in a recession, you may not be able to land a new job for many months.
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