In the aftermath of COVID-19, the days of working 9-to-5 and commuting hours to an office are over—or at least the vast majority of workers are over it. In November 2021, more than 4 million people left the traditional workforce. But that’s just the stats from one month in a larger movement that’s been dubbed The Great Resignation.
Instead of tying themselves to a set schedule and strict rules, many have set out in search of opportunities that allow them to prioritize their well-being and maintain a balanced life. They wanted more than a bi-monthly paycheck that comes from sitting in a cubicle and punching an employer’s time clock.
Some people have traded in a corporate role for a remote work option with flexibility regarding where they live and work. Beyond that, The Great Resignation has culminated in a growing cohort of people pursuing entrepreneurial aspirations. But is jumping ship the right call for everyone? Not necessarily. If you’re on the fence, here are a few questions to reflect on before you hand in your two-week notice.
When people resign, they’re not usually leaving the job itself. Instead, they’re most likely to leave because of management. If that’s the case for you, start creating your exit strategy. Many unique skill sets are in high demand, and it’s likely that another company (hopefully with a more supportive leader) will have an open role that suits your experience.
Yes, there are endless open roles that need to be filled. But the hiring process doesn’t happen overnight. It’s recommended you have at least six months’ worth of savings stashed away before quitting a job without another lined up. If you need more time to prepare, can you develop a financial strategy that provides you with some passive income in case you have a large gap between roles?
If you’re financially ready to leave your current job, you’re fortunate enough to have a choice in where you land. Instead of going straight into another role, and if it calls to you, entrepreneurship may be an accessible route for you to take at these crossroads.
To be clear—entrepreneurship is not easier or more flexible than full-time work. In fact, it’s usually much more grueling and demanding of your time. But if you’re passionate and/or highly confident in your business plan, the potential payoffs here are astronomical.
Before you throw in the towel at your current company, consider what might actually compel you to stay. Some new terms and conditions that can be game-changers for employees include:
Can you talk with your supervisors and make any of these changes a reality, and, if so, does that shift the way you view your role and your willingness to stay on? If it does, these negotiations are certainly worth exploring.
You don’t have to have everything figured out. However, to eventually fill in the blanks, you do need to have a vestige of a plan.
If you’re aiming to move to a new corporate role, start mapping out advancement opportunities and the companies you’d like to target. You can refine this list over time, but some post-resignation structure will keep you on course (and off the couch).
If you’re considering entrepreneurship, create a list of fields or investment areas that might suit you, as well as of advisors you can trust to share their experience, from the good to the bad and the ugly.
After decades of low job satisfaction and lopsided work-life balance within the American workforce, loyal workers and top-tier talent have finally begun to question the system as a whole. Some are even calling it a revolution. We’re calling it a catalyst for bigger and better things—whatever that may look like for you.
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Nic has honed his focus on the Real Estate and debt markets with Saint Investment Group and pursues large-scale Distressed Asset purchases with his partners and syndications.