Before you quit your job, consider securing your bag

Have you heard about the Great Resignation? Also known as the Big Quit, the ongoing trend where employees are voluntarily leaving their jobs, primarily in the United States. According to the U.S. Bureau of Labor Statistics, 4 million Americans quit their jobs in July 2021.

While there's no solid evidence for Canada yet, an informal poll shows that about half of all managers are thinking about quitting, retiring, or just moving to another job. 

Some of the reasons include burnout, job dissatisfaction, continuing your education, entrepreneurship, seeking more money, more flexibility and better working conditions, changing professions, or taking a break.

Ultimately, we've all had the time to reconsider what work means to us and how we spend our time.

But before you go and hand in that resignation, here are a few things to consider. 

Do you have enough money saved up? 

If the answer is no...start putting money aside now for any unforeseen circumstances. Having a well-stocked emergency fund will not only help you avoid debt while you're unemployed, but it will also relieve some financial stress and anxiety by providing a cushion.

Experts recommend putting 3-6 months of your living expenses into high-interest savings account for emergencies to cover expenses that may arise while you are unemployed.

Can you start a side hustle?

If your day job is not feeling all that fulfilling, you might want to start a business while you're at your job.

Whether you’re tapping into your existing skills to earn some extra cash, selling products, hosting on Airbnb, or offering consulting services, you don't have to quit your job to start.

Matter of fact you can leverage your 9 to 5 to pay for your passion projects while you save enough money to leave. 

Negotiate, negotiate, negotiate

Given the current climate, it's a great time to be an employee.

"You have unprecedented leverage to reasonably discuss pay, flexibility, working conditions, benefits, and growth opportunities," says Lianne Hannaway, founder of Wealthnuvo. 

If you're anxious about negotiating, remember that you learn to negotiate by negotiating. Do your research, ask other people how much they're getting paid (yes, ask your co-workers, especially Chad) and practice your negotiation skills. 

And we're not just talking about a new job. Although it's the best time, it's entirely legal to ask for a raise at your performance review or to reach out to your manager to discuss pay at any time. 

Maybe you need a break?

Anxiety. Stress. Insomnia. Exhaustion. Headaches. Feeling disconnected. These are just some of the symptoms of burnout. First of all, this is your cue to show yourself some grace and slow down.

Recognizing the early signs is one of the most effective ways to avoid severe burnout, so talk to a doctor and mental health professional to talk through how you're feeling.

Once you've done this, you can approach HR and discuss your options. Can you take medical leave? Can you take your vacation days, personal days, and/or mental health days? 

Depending on your company and experience, you may have the opportunity to take a sabbatical (stay at your job but take a couple of months off).

Look, quitting your job may be the best thing that will ever happen to you. But we have to consider the risks and make an informed decision that will benefit our mental and financial health. 

If you've made your decision, don't burn those bridges just yet. Here are some emotional and financial ways to prepare.