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 Layoffs, hiring freezes and job offers being rescinded characterize this new normal.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
There is a catch to be aware of when you switch jobs. According to Harvard Business Review, 30% of people who left their jobs for greener pastures didn't have a good outcome. Within only 90 days of employment, respondents to the survey said that they resigned due to “organizational culture and the mismanagement of workplace expectations.”
Many people who changed jobs during the Great Resignation regret quitting and have buyer’s remorse. The career site, the Muse, conducted a study about this matter and found that about 72% of respondents replied that they were disappointed in the new role and it was different from what they were led to believe during the interview process. Kathryn Minshew, the CEO of the Muse, described the trend as "shift shock.” Minshew said, "They'll join a new company thinking it's their dream job and then there's a reality check." It didn’t live up to the expectations and hype.
Play The Game
If you are tempted to quit in a pique of rage over something that happened, take a breath and don’t act. Here’s what you need to do instead of hate-quitting.
Smile and act as if everything is fine and dandy. Play the game until you can find the job you really want. Be extra polite and helpful so no one suspects that you are starting to plan your exit strategy. When you find a new job, be courteous in victory and don’t use the occasion to trash your former boss, co-workers or company. If you burn bridges behind you, it will be hard to get the necessary references when you move onto new jobs. Boomerang hiring is a big thing now. Several years later, you may consider returning to your old firm in a higher-level, corporate-officer capacity.
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November 15, 2022 at 07:45AM
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Don’t Follow The Herd: Never Quit A Job Without Another Job Securely Lined Up - Forbes
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