5 things to do before you hand in your resignation
Updated: Jun 10
‘This was the third time this month that I was bypassed for an important business assignment. ‘
‘Did my manager not find me worthy enough or did the new employee who just joined the team manage to convince her that he was the best person for the job? ’
Has this ever happened to you? Or have you reached a breaking point where the never-ending deadlines are eating away at your time and patience and, more importantly, your mental peace? Does the constant humiliation make you want to just hand in your resignation?
Whatever the reason, before you actually hand in your resignation, stop. Sleep on it. Discuss with the HR department. Have a direct conversation with your boss. Maybe things are not as bad as they seem. However, after exhausting all internal channels you still want to resign, think about the pros and cons of your decision. Being jobless, with no action plan can bring up a host of more difficult challenges that those that made you want to quit in the first place. Here are five things you must consider before you click “send” on your resignation email.
Tiding over the break period
As millennial working women, we are used to a certain lifestyle that is in tune with ways to fulfil not only our family’s day-to-day necessities but also pamper them (and ourselves). To avoid having to compromise on your lifestyle, plan to have enough ready cash to tide you over the next 6 months at least. Calculate your average monthly expenditure over the last 6 to 12 months, and multiply this by 6 to help you arrive at the figure you need. Money in your bank, FDs, shares and stocks can all come into play. It helps if you have already created an emergency fund for such exigencies. Platforms such as Basis can guide you in creating one.
Timing it right There may be pressing concerns such as being faced with a veiled sexual threat or being compelled to do something illegal, where you may have to take decisive action – either to report or to quit. If there is no urgency for you to resign, it is better to wait it out till you have a new job in hand with all the paperwork in place. After all, you don’t want to increase stress because of the decreased cash flow. The fourth quarter of the year is the worst time to leave as you may miss out on a potential bonus or promotion that you deserve. New employers also freeze hiring in the last few months as budgets are already set, making it difficult to get a new job at that time of the year.
Planning for your family
Discuss the emotional and financial implications of your resignation with your family. Your children may feel strange to see their mother at home instead of going to work. You may initially feel isolated, even if the decision is yours. Tap into your support system at this time – your family, friends, or even your family doctor, to keep up your confidence. Discuss with your partner, sibling or close friend and evaluate how far you can go without a steady income. Take the help of online tools if too many figures boggle you!
A calculation of your current net worth – your assets (your house and car if you own one, your savings, short and long-term investments, other personal property such as jewellery, art, furniture), minus your liabilities (loans, mortgage, credit card bills) – will tell you how much buffer you have. Try not to touch savings or investments made for your kids. Also remember to track and update any life or medical insurance policies you have as you will no longer be covered by those provided by your organisation.
Don’t give in to the temptation of venting out your frustrations in the exit interview. You may want to rejoin work after a break, start a new venture of your own, or explore work-from-home opportunities. In any instance, your connections will always be useful. Fix a meeting with your boss to tell him in person about your decision. Make the transition as smooth as possible – organise your files, create detailed notes on unfinished projects, draw up a list of important contacts for your replacement – employers will be most likely to hire you back if you don’t treat your notice period as vacation time. Before you leave, touch base with all who helped you grow in the organisation – a simple thank you note will do. You may very well end up meeting a manager or colleague from your existing organisation in your new organisation or venture a few months down the line.
Choosing the right path
Last, but not-the-least, reconsider your decision once more. If possible, take a short break from work or even a longer sabbatical. Nothing like a bit of introspection to understand if leaving your current job will actually help you move towards your life goals. Sometimes the issues you have a problem with maybe your own that follow you into your new job. Evaluate this keeping in mind your financial goal for life. You may end up realising that the grass on your side of the fence is actually greener than you thought! And if that is not the case, then make the move smartly by being as prepared as you can.