Before You Quit Your Job Make Sure To Consider The Following Points
Talk To HR
If you have negative vacation/education time then they will need to deduct that from your last paycheck, find out where you stand.
HR usually has helpful and friendly staff who can do an ‘exit interview’ with you to make sure that you transition out of the company with ease.
If you are planning on collecting unemployment then you have to do your research. Leaving on your own terms isn’t a valid reason to collect unemployment but leaving because of hardship could be.
Figure out your ‘resignation notice’ timeline. With my last job I gave a notice to my boss but the medical group didn’t think it was official enough so they shorted me $3,000. So, if you need to give a 90 day notice then find out how and whom to address it to.
Get Your Health Care Squared Away
I have great dental insurance and since I need some expensive dental work I will get that out of the way before my insurance gets cancelled.
If you have online access to your medical records then this is a good time to print out any important stuff that you will need for your next job. Immunization status and TB etc.
If you have meds you take then be sure to stock up on them. With all the chaos going on you may forget to refill that stuff.
Talk To The Financial People
If you have a 401k which you haven’t maxed out yet be sure to do that as long as you don’t need access to that money. It will decrease the size of your last few paychecks but it will lower your tax burden for the year.
On the flip side if you want as much money as possible then be sure to contact whoever at your company to stop contributions to HSA, 401k or other retirement accounts. I can do this through my HR website but if a paycheck is coming up it usually doesn’t go into effect right away – this is a good time to call HR and take care of it over the phone.
Have you vested in all your accounts? Be sure you know where you stand. Dealing with this once you leave is a big headache. If you haven’t vested in your cash balance plan then that money isn’t yours to take – same with your pension.
I am leaving my medical group with about 3 years left until vesting in my pension. The good news is that my vesting schedule picks up right where I left off should I return to the company in the future.
Figure out how to mobilize your retirement accounts. Some 401k accounts can be held at the brokerage company even after your leave. I have my 401k and 401a at Fidelity with this medical group – I could leave it there but I will likely roll it over into an IRA, less of a headache for me.
Figure Out Your Electronics
If you have a work laptop or work phone then see what their policy is with that stuff. You would be amazed what you can negotiate. My last job let me keep my cell phone – without service of course.
At the very least be sure to erase everything that needs erasing, save everything that needs saving.
Talk to the phone carrier rep and see if they will let you hop on a plan or at least port your number. I have always used Ting and will switch to that once I’m officially done with this job. I still have my Galaxy S2 cell phone and it works great.
Be Prepared For Counteroffers
If you’re a shitty doctor then your group will likely be happy to see you go. But most likely you are dedicated, hardworking and will create a hole which isn’t easy for your group to fill.
Be prepared to hear all sorts of offers in order to keep you on. You will be amazed the things your boss will come up with. For that matter, if you are leaving because you’re just unhappy then throw out some ideas, you never know what your boss is willing to do in order to keep you on.
The reason I say to be prepared is because it’s a very awkward situation if your boss throws you something really appealing while you’re sitting there moping about being burnt out. Either you will accept the offer and regret it later or you will be put into an even worse situation accepting the alternative. Know what you want but don’t make promises.
Update Medical Credentialing/Licensing
If your medical group is paying for medical licensing then make sure to renew before you leave. Even if you don’t think you will continue to work it’s good to have those licenses up to date.
If you need PALS/ACLS/BLS certifications for any new jobs then be sure to get those completed at your current employer because they will likely pay for it.
If you were thinking of getting a mortgage, getting a loan or a credit card be sure to get that done before you stop having paychecks coming in. No bank likes to see “Unemployed” when you’re applying for their financial products. Getting approved for loans without recent pay-stubs is pretty much impossible.
Now, I’m not telling you to get a credit card or line of credit but there are definitely good times to do this. Leaving your job, especially if done suddenly, without having had enough time to save cash is just such a good example.
I am applying for a HELOC before I leave my job. The nice thing about a HELOC is that I don’t have to access the money if I don’t need it. However, in order to qualify for it I will definitely need an income.
Are you up for your annual bonus? Of course if you are leaving because you are burnt out then it doesn’t matter, waiting longer will only create more misery. However, you might be able to hang out just long enough to benefit from a bonus.
Sick Leave And Attendance
Many medical groups are aware that you might be using your sick leave right before quitting in order to maximize income and absence. The problem is that many of the larger medical groups have rules in place – “any sick leave used in the last 90 days before termination will be considered unpaid leave. If it has already been paid then that money will be owed to the medical group with interest.”
Another rare one is having to work your last shift. In our medical group if you are a no-call, no-show on your last day (or even a sick call) then you don’t get your last paycheck. Yea, it’s a weird one, I confirmed it with HR.
2 replies on “Things To Do Before Quitting Your Job”
Great post! Also, If someone received a sign on bonus and is leaving before the terms of contract require repayment will have to be negotiated as well. although repayment terms are usually spelled out in the contract I have found most medical groups are willing to negotiate a timing and a payment schedule. Also, if when the bonus was received it was treated as taxable income then the taxes can be recouped in the year it was paid back (not an issue if it was received as a “forgivable loan”). Best of luck to you in your upcoming adventures!
Great point. Sign-on bonuses and retention bonuses as well as loan payback programs all fall under the golden chains. The golden handcuffs is the fluffy retirement and benefits packages.