The coronavirus pandemic has seriously damaged the global economy and we’re most likely heading for a recession. But is it a good idea to quit your job right now? You know you should be grateful that you even have a job at a time when millions of people have been made unemployed, BUT try as you might, that gratitude doesn’t seem to make you feel differently about your soul-sucking job. So, is it ever OK to quit your job in a recession or is it best to wait things out?
Should you quit your job in a recession?
The answer to this question really depends on your several things.
- Your current financial situation
- Your plans after you quit
- Your skillset
What’s your financial situation?
We all work for money, so the key thing you need to consider before deciding if you should quit your job in a recession is how much money you need to live and if you have another source of money to meet those expenses for at least the next year. The reason for this is simple. No one knows how long a recession will last. You may feel confident that you can find another job, but you should make sure you’re prepared for the worst – it could take you a year (or longer) to find a new job.
So, do you have enough savings or another income source that will cover your living expenses for the next year? If so, it may not be a bad idea to walk away from a job you hate – especially if it’s seriously affecting your physical or mental health.
If you don’t have this money saved up, it’s worth exploring our articles on what to do when you hate your job but can’t quit or side hustle ideas to fund your escape from your job.
We all work for money, so the key thing you need to consider before deciding if you should quit your job in a recession is how much money you need to live and if you have another source of money to meet those expenses for at least the next year.
What do you plan to do after you quit your job?
Some scenarios lend themselves well to quitting your job during a recession and landing on your feet.
Maybe you’ve got a thriving business that’s continued to bring in money despite the pandemic and you’re ready to focus on it full time?
Perhaps you’ve already got a job offer in a recession-proof industry. Health professionals, corporate lawyers, teachers, IT workers, emergency service providers and delivery service providers are among the many job roles that are expected to survive a recession right now.
Or maybe you’ve got skills and experience in a highly sought-after area that allows you to offer your expertise as a consultant after quitting your job and still make a good income.
What special skills do you have to offer?
As mentioned above, some industries are expected to not only survive, but thrive, in a recession. If you have skills in an area that’s highly sought-after, quitting your job could be the best thing for you.
Anyone with highly desirable skills is likely to find it easier to get a new job than a person with very common skills. And if you don’t want to work for someone else again, you can use your skills to work as a freelance consultant or set up a business in your area of expertise.
And don’t buy into the myth that it’s a bad idea to start a business during a recession – it’s not. Events like the coronavirus pandemic trigger great behavioural change, and this presents a perfect opportunity for any business providing a service that assists our new way of living.
Zoom’s share price is said to have doubled since the coronavirus pandemic struck and Amazon has forecasted a 28% rise in revenue because of a surge in online shopping during lockdown. Netflix is said to have gained 16 million new subscribers since the outbreak began. These companies all demonstrate that if you’re selling something people want and need, you can make money – recession or no recession.
So, should you quit your job?
If you came to this article because you’re seriously considering quitting your job right now, take a few minutes to answer the three questions posed in this article:
- What’s your current financial situation?
- What do you plan to do after you quit?
- What special skills do you have to offer?
Your answers will tell you what you need to do.
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