Cost of Quitting Job Calculator

The cost of quitting a job is the total financial impact of leaving your current role, especially when you don't have another job lined up. It includes the immediate loss of income, the potential loss of benefits like employer super contributions, and the one-off costs you might incur while searching for a new role.

The calculator quantifies your lost income by multiplying your regular take-home pay by the number of weeks you expect to be unemployed. It then adds the value of lost benefits, primarily the employer's Superannuation Guarantee contributions. Finally, it sums up your estimated job search expenses (like networking, training, or travel) to arrive at a total estimated cost of the transition period.

• The 'opportunity cost' can be even greater than the direct financial cost. Being out of the workforce for an extended period can lead to skills becoming outdated or a perceived loss of momentum on your resume.
• It's almost always financially better to search for a new job while you are still employed. You maintain your income, benefits, and professional network, and you negotiate from a position of strength.
• Don't forget about your notice period. In Australia, you are typically required to give 2-4 weeks' notice. This period can provide a valuable financial buffer while you start your job search.

• Before you quit, build up an 'unemployment emergency fund' of at least 3-6 months' worth of living expenses. This will reduce the financial pressure during your job search.
• Check your final pay entitlements. You should be paid out for any unused annual leave. In some cases, depending on your award and state, you may also be paid out for long service leave.
• Use the time between jobs productively. Update your resume and LinkedIn profile, network with contacts in your field, and consider short courses to upskill in high-demand areas.