Six Things you should consider before quitting your Job

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Ok! Finally you have decided to call it quits and move on to a new job. Congratulations! Below are the Six crucial steps you should consider before moving on to a new job.

3 months backup

You must have at least 3 months back up of your expense. Include all expenses and also consider the annual recurring expense that might fall due during this period, like insurance premium, property tax, school fees, etc.,

Leave benefits

PL (Privilege Leave) alone is eligible for encashment; CL (Casual Leave) cannot be encashed and lapses. If you have accumulated CL, this is the right time (before submitting resignation) to liquidate it. Why not spend that time off wisely? like spending more time with friends and family? Or even taking up a crash course in your area of interest?

Insurance benefits

Most of the organizations in India provide group medical insurance to their employees. This polices cover pre existing diseases and pregnancy. But such benefits are terminated on the last day of service. So, either you take a policy personally or ensure you join the new organization immediately.

Claims

If your work involves travel, you would have more likely accumulated bills. Ensure all these are cleared and no dues are pending. Check the other claimable items like Mobile Bills, Medical Bills, Petrol/Diesel Bills & vehicle allowance bills

Notice period

Check the duration of notice period. You might be asked to pay for serving a shorter notice period. Your new employer would be more than willing to buy out your notice period or furnish you with a joining bonus.

Networking

Get to know more people before you quit, especially the “movers and shakers”. Add them to your social network, get their contact details. Knowing the top brass of your organization would help you score more points with the new employer.

More than anything get to know the person who would be handling your PF, claims and settlement related matters, could save enormous time in follow up.

Feel free to comment me if you think any more points are relevant.

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