What to Know Before You Go

A New Year is upon us and with the holiday season drawing to a close, professionals are picking up their job searches again. In 2021, over 47 million workers quit their jobs.

While it’s true that the Great Resignation may not be as prevalent as it was last year, with some employers backpedaling and attempting to revert their business practices to pre-COVID-19 standards, employees across the profession are still seeking — or, are open to — greener pastures. And, while it might make some more senior-level professionals balk, job hopping is still becoming increasingly common in today’s market. 

The PR profession is projected to grow 8% from 2021 to 2031, which is faster than the average for all occupations, according to the U.S. Bureau of Labor Statistics. In our ever-growing profession, the opportunities are out there, and highly desired specialists are paying attention. 

If you have identified the next great career opportunity for yourself and are preparing to resign at the top of the New Year, then there are several important questions that you should pause and ask yourself: 

Are you giving up your annual performance bonus? 

A lot of companies pay employees their annual performance bonuses in March. Be sure to check your company’s policy around bonus payout, as well as your written employment contract, especially if you’re counting on that income! You may be losing your eligibility to receive the bonus after tendering your resignation. Just because you worked through the end of the previous year doesn’t necessarily mean the company legally has to pay you, especially if bonuses are discretionary. The same probably goes for 401(k) matching, unused paid time off and other forms of compensation.

If it’s not possible to wait until after your bonus hits to resign, and it seems like you will definitely be giving up that additional income based on company policy, then you could try negotiating with your new employer to see if they will pay all or part of the bonus that you had expected as a signing bonus. 

If it comes down to it, then remember that you might be walking away from a bonus now; but if you’re leaving for an offer with increased base compensation, better benefits and more long-term potential, then it might be worth it. 

Will you be eligible for insurance benefits right away? 

Many employers have a waiting period before a new hire becomes eligible for insurance coverage. If this is the case for you, then look into health insurance continuation. Under the federal law COBRA (the Consolidated Omnibus Budget Reconciliation Act), you may be legally allowed to stay on with the health care you had through your employer during the transition between jobs, but you may be responsible for the full cost of the premiums for continued coverage. Look into your state’s health care continuation laws, as well.

This is another area where you might be able to negotiate with a new prospective employer during the offer stage. Perhaps they might be willing to cover the costs of your health insurance continuation until you qualify for their plan. 

Furthermore, if you have a Flexible Spending Account, then make sure to use up those funds before they are lost to you, and remember to research how to roll over your retirement account. 

Have you written up a plan of transition? 

You always want to avoid burning a bridge with past employers. If you are leaving a company on good terms, then go the extra mile and make sure you put together a thorough transition plan well before your last day. This will ensure that you’ve done your part to not leave your past colleagues in a bind, and it will leave a positive impression on your former employer. 

A solid transition plan should lay out all of your regular duties, process lists, active projects, pending deadlines, important contacts, file locations and log-in details. If there are special projects that you handle outside of your job description, then highlight those things, too. You want to include all the tasks you plan to complete before your departure, as well as recommendations on who will own the day-to-day pieces of work that you were responsible for once you are gone and getting settled in your new role. 

In a world where so much of our identity is baked into what we do professionally, this document is proof both of your contributions to the team and that your good work truly mattered. Good luck!