So many of us dream of taking the plunge – quitting our 9-5 jobs and living our dream life. That’s what the Leaving Work Behind community is all about.
But while we all understand that a viable, profitable business is a prerequisite for permanent self-employment, there is much more to it than that. Until I started seriously considering quitting my job for good I had no idea of all the things you need to consider.
Though saving up money to meet obligations and bills before you quit naturally comes to us as a responsible and smart thing to do, there are many more things that should make the list of considerations when it comes to saying goodbye to your job.
The Practical Side of Leaving Work Behind
What is everything else you need to think about? What about things such as vacation time and pension considerations?
Here at Leaving Work Behind we want you to quit your job the ‘right’ way and not miss any important steps. With that in mind, we have put together a quick list of things to consider when you’re ready to leave work behind.
Not every item will be applicable to you, but there are definitely steps here you don’t want to miss. Enjoy planning your exit strategy and check our list to make sure you have not missed anything!
- Timesheets: Make sure that you have completed all of your timesheets and submitted them.
- Vacation: Do you have any options regarding remaining vacation or will it be paid out as a lump sum? Make sure you consider your best options.
- Pension: Look at all your pension options and take care of them. (Most can be transferred to RRSPs).
- Life Insurance: Were you enrolled in a group life insurance plan and do you now have conversion options? (Most companies have a “within 30” days policy so mark your calendar so you don’t miss any important dates!)
- Benefits: Were you part of a group benefit plan? Coverage will typically stop on your last day so contact the benefit provider directly if you wish to continue coverage privately. Otherwise, explore your options!
- Work Spending Accounts: Did your work have any type of employee spending account (e.g. Health Spending account, Learning & Wellness Account) that you need to claim before you leave? (some have a “within 30 days” policy). Look closely at your options so you don’t miss any extra spending money!
- Employment Insurance: See if you qualify for employment insurance. Make sure that you fill out and provide all relevant paperwork. It’s important if you go this route to determine if your Record of Employment (ROE) will be sent automatically.
- Identification & Keys: Turn in all relevant identification and keys that belong to your employer, as well as any other work property (uniforms).
- Personal Items: Clean out your work space of all your personal items. Don’t forget any relevant course certificates, binders, paperwork or pictures that are yours. If you wish to have copies of your HR documents, now would be an easier time to get them than down the road!
- Contact Information: Leave relevant contact information in case your employer needs to contact you. Also, ensure you have contact information for co-workers/employers/contact that you want or need.
- Courses: If you have some time left in your job, check out free educational opportunities within your company and take advantage of opportunities you will not have in the future!
- Notifications: Notify clients or other people in your network that you are leaving and identify any future opportunities to work together if relevant.
There may be things that we’ve missed on this list or things specific to your job, so make sure that when you are planning your exit strategy you take the time to consider all the relevant factors. As rewarding as it is to save up money to make a speedy exit, you don’t want to miss out on windows of opportunity only available to you before you leave your job.
Have some more things to add? We want this resource to help identify items for everyone, so please add your comments below or join the conversation in the community forums!
Image Credit: Open Clipart