Conventional career wisdom was once to stick with one job as long as possible. If you had a history of job hopping or gaps of unemployment on your resume, the thinking went, potential employers would consider you a risky investment.

Fast forward to today, and people are quitting their jobs at a notably rapid pace. In May 2023 alone, 2.6% of Americans (4 million people) quit their jobs, according to the U.S. Bureau of Labor Statistics (BLS). That percentage has fallen, but only slightly, from its August 2021 peak of 2.9%—the highest quits rate since the BLS started tracking the data in 2000. 

The Great Talent Migration

More than a blip on the radar, the surge of job-quitting that began in 2021 became known as the Great Resignation. Economists and organizational psychologists suspect the pandemic caused many people in the workforce to reevaluate their careers and the role that work plays in their lives.

While the number of job quitters has decreased, departures persist, and employers have been challenged to fill vacant positions. It’s a phenomenon expected to continue as workers feel empowered to kick employers out of the driver’s seat. In short, employees still ask themselves: “Should I quit my job?” While that’s only a question you can answer for yourself, here are six warning signs you need to think about looking for new job:

1. Your salary has been stagnant 

If you think the raise you deserve is overdue, it could be time to switch jobs. You can refer to recent studies on salary increases to know how your pay is keeping up with inflation and your industry. Research has shown that people who leave their jobs for new roles tend to enjoy larger pay increases than those who stay put.

When times are good and jobs are plentiful, it can pay to quit a job that isn’t fulfilling your earnings potential and move on to a more lucrative opportunity. But when the economy slumps, jobs might not be as easy to come by. So before quitting your job during an economic downturn in search of a higher salary, ensure you first know how to find a job in a recession.

2. Your employer is having money problems

One surefire warning sign that you need a new job? “If your paycheck suddenly starts becoming irregular,” says Sandy Smith, a senior certified human resources professional working in corporate human resources. This trend clearly indicates cash flow issues within the company, she adds.

Smith, who also founded a personal finance education site, says this is one of the major signs it’s time to change jobs.

“Saving money by not paying employees is the death knell of a company on its last legs,” she says, “and you should immediately jump ship.”

If your employer is starting to cut benefits or lay people off, Smith suggests it might be time to brush up your resume. It may also be time to financially prepare for a job transition. While one layoff or cut may not be a definite sign it’s time to change jobs, Smith says it’s something to monitor.

“Layoff after layoff indicates a serious issue, and you should never take for granted that your job is safe,” she says.

3. Your career is not advancing

If you feel like you’ve gone as far as you can go with your current company, it could make sense to start exploring how and when to quit your job.

“If you are upwardly mobile but have no opportunity for advancement within the company, it might just be time to move,” Smith says.

And because you alone control your career, it’s essential to be proactive, Smith says. That means you can’t wait for your manager to tell you to move on to advance in your career. When is it time to leave a job? Only you know the answer.

4. You’re not busy

A slow day here and there can be nice, but not having enough to do at your job could be an indication that it’s time to move on, Smith says. She knows from experience. Not only has she seen people let go due to inactivity, but she’s also been laid off when her position was no longer needed.

“Every job has cycles, but if you find yourself twiddling your thumbs day in and out for months, your position might just not be needed,” she says. “It’s only a matter of time before your manager realizes it and your head count is cut.”

Her advice: If you experience this warning sign, you should first try to take action in your current role. Find ways to become useful by volunteering for projects or helping your co-workers with their workload. If that doesn’t help you feel more productive, take it as one of the ways you know it’s time to look elsewhere for a new opportunity.

After all, with so many people still making job transitions, there’s an excellent chance that a company would love to hire you. 

5. You aren’t fulfilled in your current job

Sometimes, deciding if you should leave your job has more to do with satisfaction than salary. According to a 2021 McKinsey study, 70% of employees say their work defines their sense of purpose. If that need for purpose isn’t being met, it may be one of the ways you know it’s time to exit.

Take the story of Tara Falcone, who spent four years working as an investment analyst on Wall Street. She enjoyed what she did, but she wasn’t exactly feeling fulfilled by it. She spent her days helping high net worth clients manage their money, but more and more she wanted to help people who came from backgrounds similar to her own grow their wealth.

This realization helped her realize it was time to quit her job—and ultimately motivated her to start her own investment firm. “Coming from a humble, blue-collar background, I yearned to find a way to use the skill set I had acquired on Wall Street to help people like my friends and family,” Falcone says.

Even if you identify a lack of fulfillment as a sign that it’s time to change jobs, leaving the security of a regular paycheck is difficult. Deciding to quit your job can be even more difficult when, like Falcone, you’re making a hefty salary. Yet, money was not the biggest factor in her decision to leave her job. Ultimately, other things, such as helping an underserved community and having more personal time, contributed more significantly to her fulfillment than her paycheck did.

“The money was good, but not good enough to tie me down, nor more than I thought I could ever make doing something else,” Falcone says. “I grew up without money, so I wasn’t chasing it. And I knew that a big shiny paycheck would never fulfill me on its own.”

6. Your job is negatively affecting you

A final way you know it’s time to quit your job: It’s negatively affecting your life. Of course, this may look differently to different people. Health problems—mental and physical—can be warning signs you need a new job. In Falcone’s case, the job started impacting her personal life.

“My work started negatively affecting the limited time I spent with family,” she says. “As an investment analyst, you don’t really get true vacation time when the market is open.” Falcone recalled going home for Christmas and still needing to be available for work via phone and email. Eventually, she felt like it became too intrusive, and that was when she knew it was time to quit her job for something more balanced and fulfilling.

It’s time to find a new job

Still asking yourself, “Should I quit my job?” If any of these warning signs sound familiar, it might be time to dust off that resume and start reaching out to your contacts. The Great Resignation eliminated the stigma that once came with switching jobs, so you have far less to worry about, should you quit your job and find a new one.

If you think you should quit your job and pursue a new line of work, check out these tips to prepare for a career change first.

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