Getting the Most From Your Job

As the majority of your waking hours are spent on the job -- an average of 42 hours a week according to a recent Gallup poll -- ideally, work should be satisfying. Given the weakened state of the job market over the past few years, however, most people have been happy to simply have a job and have not paid particular attention to their satisfaction meters. Specifically, the U.S. economy lost 2.4 million jobs between 2001 and 2003. Last year, though, signaled a change for the better with the creation of 2.23 million jobs. That said, in a recent survey by the Society for Human Resource Management and CareerJournal.com, approximately 47 percent of respondents who were currently employed said they plan to begin or ramp up a job search this year due to the improving job market.

Moving On

If you have tried to make the best of your job situation and it is still making you miserable, it may be time to say goodbye. However, you should not make any rash decisions when it comes to quitting and you should definitely avoid leaving a job when you are angry (often a cooler head can prevail). Ideally, you should have another job lined up before you resign from your current job, and it is especially important that this new job not mirror the same environment you are trying to escape.

Keep in Mind Benefits, Savings and Retirement

It is essential to carefully plan for your departure because time off, as well as searching for a new job, can be expensive endeavors. As such, you should build up as much of a savings cushion as possible -- at minimum, three to six months of living expenses. Additionally, consider taking out a home equity line of credit before you leave your current position, as this can be a financial lifeline that is very difficult to obtain without employment.

Regarding your benefits, do a complete review of everything you currently have, are entitled to and will leave behind when you leave your firm. Specifically, you should inquire about:

Continuation health coverage (COBRA): The Consolidated Omnibus Budget Reconciliation Act of 1986 provides certain former employees, retirees, spouses, former spouses and dependent children with the right to temporary -- a maximum of 36 months -- continuation of health care coverage at group rates. This extended coverage is generally available through health plans maintained by private-sector employers with 20 or more employees, employee organizations and state or local governments. Coverage under COBRA can be extended due to certain qualifying events, such as voluntary or involuntary termination of employment for reasons other than gross misconduct; reduction in employment hours; the covered employee becoming eligible for Medicare; divorce or legal separation from the covered employee; death of the covered employee; and loss of dependent child status. Although group health coverage for COBRA participants is usually more expensive than it is for active employees, it is generally less expensive than individual health coverage, so it is worth your while to look into it.

Unused vacation days: Your company's employee handbook should delineate a policy regarding how unused vacation days are handled when an employee departs the organization due to termination, voluntary resignation or layoffs. While these policies will vary, you may be eligible to be paid for any unused days, so be sure to understand the ins and outs of the policy before you walk out the door.

Retirement savings plans: Although your former employer may allow you to keep your retirement savings invested in the company's 401(k) plan, this may not be the best choice. Instead, you may want to consider rolling over your retirement savings into a Rollover IRA. Similar to a 401(k) plan, the interest, dividends and capital gains earned in a Rollover IRA are not taxable until you make withdrawals. You can start making withdrawals without any penalty at age 59 ½. Alternatively, if you have another job lined up, you should inquire about how to roll over the money from your former employer to your new employer's plan, eligibility permitting.