Insights from Myra Deshmukh, founder of Montclair, NJ's Leadership Lab, on maximizing benefits before quitting your job. This edited essay shares her experience leaving Amazon after 10.5 years, offering actionable advice on 401(k) optimization, utilizing paid time off, and more. Learn how to leverage your departure for a smoother transition
Myra Deshmukh, founder of Leadership Lab, a Montclair, NJ leadership training and career coaching firm, brings over 10 years of Amazon experience to her work. Her career there spanned roles from Buying and Merchandising Manager at Diapers.com to Senior Manager of Learning and Development for Amazon's grocery business, providing invaluable insight into career transitions and maximizing employee benefits
My Amazon career spanned over 10 years, starting as Buying and Merchandising Manager for apparel at Diapers.com (an Amazon subsidiary) and culminating as Senior Manager of Learning and Development for Amazon's grocery sector. This experience significantly shaped my approach to career transitions and benefits maximization
Leaving your job? Don't overlook maximizing your employee benefits! Many focus on the financial impact of quitting, but often miss valuable opportunities. Learn how to leverage your 401(k), paid time off, and other benefits before your departure
Maximize Your Benefits Before Quitting Your Job: 5 Must-Do's
Leaving your job? Don't forget to take advantage of these five key benefits before you go. This includes strategies for your 401(k), unused vacation time, and more – lessons learned from a former Amazon senior manager
Leaving your job to start a business? Don't forget to maximize your 401(k) contributions before you go! If you have a 401(k) and aren't sure about your next employer, consider maxing out your contributions for the year. Adjusting your contribution percentage may be necessary depending on your departure date and income
Maximize your 401(k) before leaving your job. Adjusting your contribution percentage, based on your departure date and income, ensures you get the most from your employer's matching contributions
Maximize Your 401(k) Before Quitting Your Job: A Pro Tip
Leaving your job? Don't forget your 401(k)! I increased my contribution from 15% to 60% in my final two months (January and February) to maximize my employer match before leaving my position in March. This aggressive strategy allowed me to take full advantage of my 401(k) benefits before starting my own business
Leaving your job? Maximize your payout! Unlike personal time, unused vacation days are often paid out upon termination. In New Jersey, this is especially important; companies may not compensate for unused personal days. Understand your company's policy on paid time off (PTO) to ensure you receive all eligible compensation
Leaving a job? Don't forfeit valuable unused personal days! I strategically used all my accrued personal time before resigning from Amazon, maximizing my compensation. Learn how to avoid this common mistake and make the most of your employee benefits before moving on
Check your state's payout laws for accrued vacation time before resigning. Maximize your benefits by using your remaining paid time off (PTO) and vacation days to receive compensation for accrued time
Leaving your job? Don't forget your vested stock! Many employees receive stock-based compensation held in a restricted account. While technically yours upon vesting, these shares lack the flexibility to diversify, sell, or reinvest until transferred. Maximize your post-employment options by understanding your stock's limitations
To manage your company stock, transfer it to a brokerage account. This can be done through your existing financial institution or your personal bank. Once transferred, you can actively manage your investments according to your financial plan
Leaving your job? Don't forget your 401(k)! While your company may not automatically transfer it to a brokerage account, proactively managing your 401(k) rollover is crucial. Learn how to maximize your retirement savings before you quit
Unlocking Hidden Financial Perks: Transferring Assets for Better Rates
Moving assets from holding accounts can offer significant financial advantages. For example, transferring stocks to a brokerage account at a specific bank secured me a lower home mortgage interest rate. This strategic move demonstrates how optimizing your finances before a career change can lead to substantial savings
It’s important to use your medical benefits before you leave. You likely already contributed to your plan via your paycheck for the portion of the year you were employed. Before quitting, I made a plan to get on my husband’s insurance plan through his employer, but I still wish I had maxed out my own medical benefits before quitting.
With my vision insurance, I could’ve received a free pair of glasses, but I didn’t get them. After I quit, I thought to myself, I should’ve bought my glasses before I left.
For others, this might also include attending all of your doctor and dentist appointments or really anything covered by your existing insurance.
Although I knew about these things, I didn’t prioritize them, so I definitely left some money on the table.
At my old job, we had transit benefits, where pre-tax dollars could be used for commuting. I took the bus or train daily and paid for those with my commuter benefits. If I ever had to pay to park, I could use them for that as well.
I wish I had maxed those out and paid for a large MetroCard or transit pass in advance, but I’m not commuting regularly anymore, so I didn’t think of it. If I had, I could still be using it now when I go into the city.
Do you have a story to share about quitting a job? Contact this editor at lhaas@businessinsider.com.
Source: Original Article