Thinking of Leaving Your Corporate Job? Avoid These Mistakes at All Costs
So you’re planning on ditching your corporate job for family, health, or other personal reasons? Or perhaps you want to explore opportunities beyond the four walls of your office workstation? If yes, then I’ll be your loudest and happiest cheerleader! Go for it and go for it hard!
You see, I was in the exact same situation a few years back, and I know how exciting AND scary it is to even think about leaving your stable income and jumping into a world filled with uncertainties. Still, I’d encourage you to at least consider it. Don’t ignore that voice inside you, because I promise you, it will never go away!
A word of caution, though. As you entertain these thoughts, be logical and rational about it. Do not, and I repeat, DO NOT let your emotions get the better of you. Be an adult about it and do it right. Having gone through this phase in my life, I can tell you that these are some of the biggest mistakes you should avoid before saying goodbye (and thank you) to your corporate job.
Not carefully planning for it
It goes without saying that something as life-changing as parting from the corporate world requires careful planning on different fronts. First step is to figure out if this is what you really want. Ask yourself difficult questions and answer them as honestly as you can to know where you’re at. If you’re at peace with your decision, then proceed to flesh out the details of your plan.
Next, determine your timeline and identify the target milestones leading up to the big day. Start involving your superiors and then your colleagues so they can begin their hiring process for your replacement. I formally informed my bosses about my decision around April or May, I think, and told them that I intend to leave by end of the year. After several sit-downs with them, we decided to push it back to April, so yes, the whole process took about a year. It’s best that they bring your replacement as soon as possible so you’ll have enough time for the transition. In my case, I was able to work with the new executive director for a month or so before I left my post.
Now that you’ve sorted that out already, it’s time to deep dive and finalize your plans for yourself. What will you do next? Open a small business, perhaps? Or try the freelancing world? Or maybe even rest for a few weeks? Whatever it is, your planning and learning journey should start BEFORE you leave your job, not when you’re already out of it.
You also need to be aware of the risks and opportunities that come with your decision. Being a freelancer and business owner is widely different from being a corporate employee, so don’t get the idea that you can simply transpose yourself to the freelancing and entrepreneurial world using only what you’ve learned from your previous job. Even if you were a brilliant employee, you might not have what it takes to be successful in a non-corporate setting.
Not discussing it with your partner
Perhaps the more crucial discussion to make is that with your life partner. Do not bring up the big news to him / her at the very last second and expect that he / she will just accept it openly. I told my husband about my plan at least a year prior to me talking to my bosses. Even with that lead time, it was difficult for us to even jump in to such a discussion, so get him / her on board as soon as possible. Your partner should be a part of every step of your plan because you both have a lot of important decisions to make concerning you as individuals, as a couple, and as a family.
For instance, you giving up your job will have a substantial effect on your family’s financial situation and your partner will be the one to absorb most of it, at least initially while you’re still in the transition period. Can your partner cover the budget deficit if ever? Is he / she expecting you to contribute financially again? If yes, how soon after you get away from your corporate life? How involved (or detached) will he / she be in your new undertakings? What are your contingency plans in case your post-corporate venture doesn’t pan out the way you intended it to?
From the very start of our relationship as a married couple, I told my husband that the endgame will be this: At a certain point, I will leave my job and stay home with our kids, and he will be the main provider for our family. We’ve always known this was our future scenario; we just didn’t quite know when exactly. So when I started having stronger thoughts about calling it quits on my corporate career, I made it a point to let him know first. Yes, he was the very first to know — not my parents, not my bosses, not my friends and colleagues — and I think that’s the way it should be done, you know, out of respect for him.
Not having enough savings to fund your transition period
When you quit your job, you also give up your regular paycheck. And in the next few weeks or months (or maybe even years?), you might not have a steady cash inflow as you’re still figuring out how to make it in the non-corporate world. That’s why it’s imperative that you stock up on cash and savings while you still have a regular income.
This is especially true when you have a family to support. Remember that your bills and other expenditures won’t stop just because you’re temporarily with zero income. And your kids’ education and health needs won’t go away just because you shun your corporate life.
It would also be a good idea to start spending for the next chapter in your life while you’re still employed. For example, if you’re planning to be a social media influencer, buy the necessary equipment and tools already. Or if you’re opening a small business, finance the development costs such as site visits and securing permits and licenses with your salary instead of withdrawing from your savings account.
Not preparing yourself mentally and emotionally for the transition period
One of the hardest things to do when you give up your corporate career is to prepare yourself mentally and emotionally for what’s about to come. For years, you’ve been used to the daily grind — wake up early, prepare for work, go to the office, work for 8–9 hours, grab some lunch and coffee breaks in between, then go home. You benefitted so much from the order and structure afforded to you by the corporate setup that everything seems to flow naturally. Then on your Day 1 post-corporate, you’re left with nothing much to do all of a sudden, and you’re unsure of how to go about the next steps. Worse, your actions are limited because you don’t want to use up all your savings in your first couple of weeks.
There will be days when you will question your decision or blame yourself for leaving behind a comfortable life. It is in these days that you have to be your strongest self. Go back to the reason you decided to quit your job. Remember your motivation for making this bold move. More importantly, allow yourself to struggle or even fail at times. The whole point of this “exercise” is to explore the vast world outside and see where you best fit in. It is not to impress or prove your worth to anyone.
Be ready, too, for the lifestyle adjustment you and your family have to make in the meantime. Talk to your kids about this. They will understand, for sure. Doing this is much better than letting them think that everything is status quo to shield them from the reality. Tell them there might be fewer family trips or hotel staycations for now, or that they might not get the latest gadgets as soon as they’re released, AND THAT’S OK.
Lastly, toughen yourself up for negative comments or insulting questions that will be thrown at you by some of your family and friends. There will be those who will laugh at you and think you’re crazy for ditching the corporate world. And there will be those who will question if you’re good enough to start a business or get clients as a freelancer. Ignore all the outside noise. Focus on yourself. Take all these as your motivation to be a better, stronger, and wiser version of yourself.
Not exiting professionally
In my 15-year corporate stint, I’ve seen a lot of employees slacking off and deliberately underperforming in their last few weeks at work. I mean I get it — they obviously can’t wait to get started with their new life, but come on, you have to be a professional through and through!
If you can, help out in the hiring of your replacement. Perhaps you have some names in mind? Also, be sure to organize your documents and files, and turn them over properly to the team. And if there are pending items on your deliverables list, do finish them before you vacate your post.
Don’t start badmouthing your bosses or your workmates just because you’re leaving soon. Do you really think that you won’t cross paths with them or their network ever again? What if you need them in the future for character reference? Even if you dislike them or hold grudges against them for whatever reason, show that you’re emotionally mature by thanking them for the opportunity to have worked with them.
Like they always say, don’t burn bridges. Keep the lines of communication as open as possible long after your last day at work with them. Keep in mind that whatever field you venture into after your corporate life, your BEST and FIRST contacts and prospects will always be your own network. Take my case, for example. When I opened my first business, a lot of my former colleagues frequented my fast food shop as customers. Some of them even helped me to advertise my job hiring and to promote my store on social media. Then when I started my online business, they also became my buyers and supporters.
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