One of the first principles of recruiting is telling a job seeker not to quit a job without another guaranteed opportunity in hand. The job market has radically changed. Finding a new role is no longer easy, especially if you are a highly paid white-collar professional. Layoffs, hiring freezes and job offers being rescinded characterize this new normal. The downsizing will continue until the Federal Reserve Bank meets its promise of bringing down inflation, which could take up to a year or two.
It’s understandable that you are still in the mindset of the Great Resignation, quiet quitting and acting your wage. However, those days are over. You want to hold onto your current job even if you’re unhappy. Slacking through the day will get you on the layoff list. Up until recently, the boss knew you were coasting, but needed to keep you because it was challenging to find a replacement, and their salary would be higher. The tech sector has lost around 120,000 jobs recently. There are too many people searching for a job and the competition will be intense.
What Happens If You Quit Without Another Job
You may feel exhilarated telling your boss, “I quit,” then storming out the door. For a brief moment in time, you’ll tell everyone how you bravely told off your annoying boss and that you’re happy you’re finally free. After a few days, it hits you. You don’t have a job. There’s no money coming in, and it’s a challenging job market. Regret starts setting in.
If you quit without another job lined up, it will make interviewing uncomfortable. The human resources professional, hiring manager and other interviewees involved with the hiring process will ask, “Why did you leave your last company?” It sounds like an innocuous query, but there are severe implications.
When you say, “I didn’t like my boss. There was too much work and I wasn’t compensated fairly,” it could backfire. The interviewees will question your common sense. They’ll think about themselves and how much of a financial hit it would be to leave a company and not have a paycheck for three to six-plus months.
There will be concerns that other factors are at play. Instead of believing it’s your former company and supervisor’s fault, the hiring personnel will think that it’s you. Interviewers will be concerned over your “impetuous” decision to resign for a relatively innocuous reason. They’ll form a bias that you may be too rash and volatile.
With more applicants available, it’s too easy for the firm to pass on you and move on to the next applicant that won’t have any baggage.
If the new company decides to make you an offer, it will be a lowball one. Since you don’t have a job, there is no reason to offer a premium to what you previously earned. When you are actively employed, interviewees use your current job and compensation as leverage to negotiate a better package. The odds are high that you’ll reluctantly accept a lower salary than you wanted and a lesser corporate title, just so you can get back into the game. After a while, you’ll regret taking the new role and will start searching again. Now, the interviewers will ask about your reasons for leaving two consecutive positions. It becomes harder to spin your story. The frustration will show in the tone of your voice and body language. The HR person will feel uncomfortable and move on to someone else.
It’s Not Easy To Find Another Job
In a recent study from Harris Poll, more than 70% of people hunting for a new job self-reported that it’s more difficult than expected. The respondents said that companies ignore applications, neglect to schedule interviews and draw out the process, as if there is no real interest in hiring.
Regretting The Job Switch
The grass is not always greener when you switch jobs. About 30% of people who quit their jobs in pursuit of a better opportunity were disappointed with their decision. According to Harvard Business Review, citing the results of a survey from recruiting platform Jobvite, it only took about three months for people to regret their decision or resign.
The job hunt equivalent of buyer’s remorse is prevalent, says the Muse, a career advice site. Muse conducted a study about job changes, and found that more than 70% of respondents replied that they were disappointed in the new role and claimed that it was like a bait and switch, in which the opportunity wasn’t what was advertised.
Hang In There And Play The Game
Instead of making a rash decision to quit without another job secured, take a smarter approach. In tough job markets, you need to cultivate a coping mechanism to make it through the day. Rather than bemoan your fate, which isn’t helpful, change your mindset and game plan.
In the back of your mind, you know that one day you’ll leave. In the meantime, make the best out of a bad situation. You want to go about your business as if everything is fine. Be respectful to your boss, even if they are bullying micromanagers. Treat gossiping and backstabbing co-workers as if they’re the best people in the world. Since one day you’ll be gone, there’s no need to let yourself get annoyed or aggravated. Let everything roll off your back.
The interesting part is that people will start to notice your cool, calm and collected demeanor. Your supervisor and colleagues will be impressed with how well you carry yourself during stressful times. The nonchalant attitude may result in a promotion, raise or a higher bonus.
When you finally secure a new job, be respectful in your departure. In the exit interview, avoid burning any bridges by saying something negative about the company, management, your current boss or co-workers. The goal is to leave with dignity and gather references and recommendations for future job switches. The trend of boomerang hiring, soliciting a former employee to return to the company, is becoming widely accepted. Management may have changed over the intervening years, and someone could reach out to you for a big role at your former employer. Having been a consummate professional and burnishing a strong brand reputation, you can return to a significantly higher corporate level.
Source: Forbes
