Resigning From Your Job With Grace
Introduction
As an actuary, your role is critical to your organisation, and in our small, close-knit community, how you handle your departure can impact your professional reputation and future opportunities. A well-managed resignation ensures a smooth transition for both you and your employer while maintaining positive relationships within the actuarial community.
The average actuary will likely change jobs multiple times throughout their career – in fact, based on data that we collected as part of our 2024 Salary Survey, we found that the average Fellow Actuary with 15 years of experience would have worked at three different employers over the course of that time.
Whether it is your first time resigning or not, we know that it can often feel like a daunting, but significant step in your career, one that requires careful planning, tact and professionalism. Like most things in life, there are better and worse ways of approaching the situation.
In this article, we share our advice on the best practices to keep in mind when you have decided to resign from your current role.
(1) Finalise Your New Job
There is nothing worse than handing in your letter of resignation only for a job offer to fall through. If you are leaving for another job, it is best to hand in your notice after you have received a signed written offer first.
It is always a wiser decision to leave a job with another one lined up; however, every situation is unique and personal. If you are financially prepared to take some time off, it can be a good idea to step back to focus on your next move.
(2) Review Your Employment Contract
Go through your employment contract and the company policies to understand notice periods, restrictive covenants and any financial implications with regards to leaving.
- If you are moving to a competitor, be mindful of any non-compete clauses in your contract.
- Many companies will require actuaries to repay study costs if they leave within a certain timeframe after writing exams.
(3) Tell Your Manager First
Your manager should always be the first person to hear about your departure. You should avoid letting them hear about it through the grapevine: schedule an (ideally) in-person or virtual meeting with your direct manager to briefly communicate your decision in a courteous and professional manner, before notifying your coworkers and clients, and before submitting a formal resignation letter.
If you have been a great employee and a strong contributor to your team, it is likely that your manager may become upset or express disappointment at the news that you are moving on. Try to put yourself in your manager’s position – they may be worried about how they will replace you, who will step in to do your work in the meantime, and how it will look to others that you are resigning.
The best way to handle this is to avoid engaging in an emotional discussion, and to not inflame the situation by responding with anger or defensiveness. Remember these two important truths: you do not want to say anything at this juncture that will burn a bridge for you; and also, you have every right to pursue a new role at a different organisation that presents you with a great growth opportunity.
Remain respectful, courteous and controlled in your departing words and demeanour. Try to be tactful when speaking about your reason(s) for leaving your current position. And lastly, take the time to express your appreciation for the opportunities that they have afforded you and take the opportunity to collaborate on a plan for handovers and for wrapping up final projects before you leave.
(4) Submit Your Formal Resignation Letter
A formal resignation letter is essential. Keep it concise and professional, stating the important elements of your resignation, such as your decision, the reason(s) why you are leaving and your intended last working day based on your contractual notice period. Express gratitude for the opportunities you had and avoid making any negative remarks about the company or your colleagues.
We have included a generic example of a resignation letter at the end of this article.
(5) Give Proper Notice
Providing sufficient notice allows your employer to plan for your transition and gives them time to find a replacement. In most actuarial roles, one to three months’ notice is standard, but always follow the terms in your contract. If you wish to leave earlier, discuss this with your employer and seek a mutual agreement.
(6) Prepare For Situations That May Arise During Your Resignation
- You may be escorted out after giving your notice
Note that your employer may terminate your employment immediately, especially if you have a new role with a competing organisation. If this occurs, return your company-issued equipment and leave your workplace immediately after submitting your resignation notice. If this happens, remember that it is not personal – the chances are good that your manager is simply following the corporate policy.
- You may be given a counteroffer
You may be surprised if your manager comes back to you shortly after you have resigned and make you a counteroffer. It is a delicate balancing act; you want to show respect and hear your manager out, but you also might not want to accept the offer blindly or give your manager false hope that you would accept the offer.
It is important to remind yourself why you actively looked for a new position, went through the interview process / multiple interview processes, were ready to accept an offer in the first place, and what attracted you to this specific new position. Will accepting the counteroffer change the reasons that drove you to look for a new job in the first place?
Often, counteroffers provide short-term fixes to endemic challenges, and in many instances, it is not in your best interest to consider a counteroffer. The new firm is excited for you to join their team, they have likely offered you a position that addresses many of the reasons why you first decided to consider opportunities elsewhere, and they have invested a lot of time and energy in getting you onboard.
And if you have previously been proactive and had a candid and transparent conversation with your manager, and this did not lead to meaningful change, then you may be inclined to ask why your manager suddenly realises your value now.
You may feel good about the increase in your current compensation and the promises that have been made, but keep the bigger picture in mind, including the potential consequences of accepting a counteroffer.
(7) Ensure A Smooth Handover
As an actuary, you may be working on complex models, reports or risk assessments. Document ongoing projects, key contacts and important deadlines to facilitate knowledge transfer. Offer to assist in training your replacement if time permits.
Try to resolve your part in any projects or ongoing work, organise your files, document your typical processes and provide progress reports on any projects so that your successor can easily resume your work.
(8) Maintain Confidentiality And Ethics
Actuaries adhere to professional codes of conduct. Make sure that you understand what constitutes company intellectual property and what you can or cannot take with you, for example, avoid sharing proprietary information or taking client data with you.
If you are joining a competitor, be cautious about potential conflicts of interest and ensure compliance with professional and contractual obligations.
Be proactive about returning any property that you have used during your employment that does not belong to you, and if possible, return all items in the condition that you received them. Remember to delete your personal files and contact information from electronic devices before returning them.
(9) Stay Professional Until Your Last Day
It can be tempting to disengage after resigning, but maintaining a strong work ethic until your final day reflects positively on you and can leave a lasting positive impression. Continue fulfilling your responsibilities diligently and remain supportive of your team.
On your last day of employment, take all personal items home, take notes of contact details for colleagues you want to stay in touch with, and make sure that you leave your workspace clean for the next employee.
(9) Share Your Gratitude For The Opportunity
The actuarial profession is a small and interconnected community. Leaving on good terms ensures that you preserve valuable connections, which can be beneficial for future job opportunities, networking or potential collaborations.
As actuaries, our jobs often mean more to us than simply a method of earning money. Depending on how long you have been with an organisation, you may have developed strong bonds with your colleagues and leaders, developed new skills, advanced to a high-level position, sought greater responsibilities and improved as an employee. Your experiences from your current job likely helped you earn your new opportunity, so it is important to show your gratitude.
Take time during your notice period to thank managers, colleagues and leaders personally if you worked with them closely. Not only is this proper etiquette, but it can also help you grow your network. You may have future opportunities to help former colleagues, and they may do the same for you.
Conclusion:
Resigning from a job as an actuary is a process that should be handled with care and professionalism. By following these best practices, you increase the chances of a respectful and smooth transition while safeguarding your professional reputation. Leaving on a positive note helps to pave the way for future career growth and continued success in the actuarial field.
At SA3, we know that the process of finding a new role can be daunting and we really want to help you. We want you to remember us for making your life easier. We invite you to reach out to The SA3 Team if we can be of assistance.
Resignation Letter Template:
Dear [Manager’s First Name],
It is with regret that I inform you of my resignation from my position as [Job Title]. My final working day will be [Date].
Thank you for the support and experiences that you have provided in my time here. I appreciate the opportunities you have given me to learn and grow, and I value all the professional relationships I have developed here.
During this period, I will be happy to help in any way possible with the handover process, as well as provide any support during this transition.
I wish you and the team all the best for the future – I hope we can stay in touch.
Sincerely
[Your Name]
