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- The mass layoffs may have subsided, but workers are still quitting their jobs left and right.
- Recruiter Niani Tolbert says three financial habits can help you prepare to leave your job.
- To get started: List your current benefits so you can save to get away, or find comparable packages elsewhere.
The Great Resignation, a movement that prompted workers in all sectors to voluntarily quit their jobs and demand better wages, grew during the pandemic. In November 2021, 4.5 million Americans left their jobs, the highest unemployment rate recorded in the last 20 years.
With a looming recession and high inflation, economists report that the Great Resignation has slowed, but 4.2 million Americans still left their jobs in August.
Niani Tolbert, founder and CEO of #HIREBLACK, knows firsthand how these workers feel. The 29-year-old started #HIREBLACK in June 2020 shortly after the killing of George Floyd. At the time, Tolbert himself was fired from a tech recruiting job. When Tolbert was later asked to return with a pay cut of 25% of his pre-pandemic salary, Tolbert decided to quit, leaving his home in New York City, moving in with his grandmother, and started building her own company that helps black women rise to the top. -paying for work in their field.
Instead of taking another job out of financial desperation or leaving without a plan in place, Tolbert often asks her clients, “What support do you need to get off the hamster wheel, off the a culture of hustle, so you can focus on yourself when you leave your job?”
With your health in mind, here are three habits to start if you’re considering quitting your job.
1. Reevaluate your monthly expenses
Tolbert says the first step to preparing your finances for a voluntary layoff or job change is to know exactly where your finances are going each month. “A lot of people are used to automatic expenses, automatic bill payments, and digital accounts. A lot of people I meet don’t even know how much they’re paying each month,” he told Insider. .
Tolbert recommends knowing exactly what your expenses are in each category, “including your subscriptions, even the tests you might forget, because we all do.” By knowing a basic budget, you’ll be better prepared to make decisions about how much to keep in your emergency fund to prepare for your next big move.
2. Know the value of your benefits package
Tolbert recommends getting clarification from your HR about your benefits.
“Can your PTO get paid? Because it’s really helpful when you’re thinking about leaving. Understanding your stock options, when to put them in, and understanding your health care can be really helpful. Because it can be overlooked. “They will value it,” he said.
It’s important to know how much your health insurance will cost each month without your company’s benefits so you can factor it into your emergency savings plan. If you’re planning to move to a new job, you can compare the benefits package between your old job and your new offer to see if there’s room to negotiate.
3. Use all the benefits you have before leaving
When taking stock of your benefits, Tolbert recommends using all the benefits you have, such as your variable spending account or commuter benefit.
“If you’re in the New York area, I recommend using your commuter card,” Tolbert said. “Sometimes people have a commuter card, and they don’t know if the commuter card is transferable or what happens to the commuter card when you leave. But it’s money out of your own pocket. Try it first.” your going. or figure out how to transfer it to your name so you don’t lose that money.”