Leaving a job, whether by choice or circumstance, marks a significant milestone in one’s career. For overemployed the transition requires meticulous planning and understanding of the offboarding process to ensure a smooth exit and to safeguard one’s professional future.
Timely Actions for a Seamless Transition
Update Your Personal Information: Before your last day, ensure that your personal email address, home address, and phone number are updated in the HR (like Workday) system. This is crucial for receiving separation agreements and ensuring you receive all pertinent post-employment communications.
Tie Up Financial Loose Ends: Submit any outstanding T&E expenses and wellbeing claims before your last working day. It’s essential to complete these tasks timely to avoid any financial discrepancies.
System Access and Communications: Note that your access to company systems will be deactivated on your last day. Prepare by writing down important information such as your employee identification number and setting up an appropriate out-of-office email response, I would avoid putting any specific dates.
Equity and Compliance
Stock Sales and Trading: Follow your company’s guidelines for stock sales, which may require pre-clearance. Notify your company’s compliance department if you intend to trade during your notice period.
Understanding Leave Policies and Benefits
Accrued Vacation Payouts: Depending on your state, unused vacation time may be paid out in your final paycheck. Check your company’s policy for specifics.
Benefits Continuation: Health, dental, and vision coverage typically ends on the last day of the month of your employment termination. Familiarize yourself with COBRA coverage options to continue these benefits.
Equipment Return
Company Property: Return all company equipment and property, such as laptops, cell phones, and parking passes, by your last physical day worked. If you’re a remote employee, the company should provide a means to return these items.
Financial Considerations
Retirement and Savings Plans: Understand the status and options for your 401(k) and any pension plans. Actions and decisions regarding these plans are crucial for maintaining your financial well-being post-employment.
Unemployment Insurance: If applicable (I hope not!), apply for unemployment insurance benefits following your state’s guidelines.
Commuter plans: Before your last day make sure that you withdraw your funds or they will be returned to your employer and not you!
Final Steps and Additional Resources
Legal and Document Preservation: Be aware of any legal holds or document preservation notices that may apply to you, ensuring compliance even after leaving the company.
Leaving a job, especially when managing multiple roles, demands careful attention to detail and adherence to the offboarding process. By following the outlined steps and utilizing available resources, you can ensure a smooth transition, maintain compliance, and set yourself up for continued professional success. Whether moving on to new ventures or simplifying your employment landscape, preparation and knowledge are key to a successful departure.