Ex-Credit Suisse Exec Reveals the Ultimate Job Exit Strategy—But It’s Not for Everyone
In today’s fast-paced world, job dissatisfaction is at an all-time high. Whether it’s the relentless grind, a boss who never gives you the recognition you deserve, or the feeling that your career has hit a dead end, many Americans are looking for the exit. The concept of “quiet quitting,” where employees do the bare minimum without officially resigning, has taken the workforce by storm. But what if we told you there’s a better way to leave that job you hate, and it’s not just about walking out the door?
Sam Dogen, a former executive director at Credit Suisse, suggests a different approach. After leaving the corporate world at just 34, Dogen negotiated a severance package that allowed him to retire early, with enough money to cover six years of living expenses. He now spends his time teaching others how to do the same, but his advice doesn’t come without a price.
The Art of Negotiation: Dogen’s Five-Step Plan
Before you rush to resign, Dogen advises taking a strategic approach. In his book, which will set you back $97, he outlines a five-step plan for negotiating a severance package. This isn’t your run-of-the-mill career advice; it’s a masterclass in maximizing your exit strategy.
- Know Your Worth: Understanding your value to the company is crucial. High-performing employees have the leverage to negotiate better terms.
- Set Clear Expectations: Communicate your goals with your superiors. This sets the stage for a smoother negotiation process.
- Get to a Point of No Regret: Be prepared to walk away from the table without any regrets. If you’re willing to leave it all behind, you hold the power.
- Stand Firm on Your Demands: Don’t be afraid to ask for what you deserve, whether it’s a cash payout, extended health insurance, or cashed-in vacation time.
- Propose a Win-Win Solution: Frame your request in a way that benefits both you and the company. This increases the chances of your demands being met.
Dogen’s method isn’t just about leaving a job; it’s about leaving on your terms. But, as with anything, timing is everything.
The Economy’s Impact on Your Exit Strategy
While Dogen’s approach might sound appealing, it’s essential to consider the current economic climate. The U.S. job market has taken a hit, with the Bureau of Labor Statistics (BLS) reporting that the economy created 818,000 fewer jobs than initially thought between March 2023 and March 2024. Job quit rates are also down, sitting at 2.1% nationwide as of June, compared to 2.4% a year ago.
The job market’s downturn means fewer opportunities and less leverage for employees looking to negotiate a severance. However, in some states, employees are still quitting in high numbers. States like Alaska, Florida, Idaho, Montana, South Carolina, and Wyoming have quit rates above 3%, indicating that some workers are still willing to take the risk.
But it’s not just about the numbers. The reasons people quit remain the same—lack of advancement opportunities and the infamous “Bad Boss” syndrome. Yet, not everyone is in a position to negotiate a golden parachute.
Dogen’s Strategy Isn’t for Everyone
Dogen’s advice, while sound, isn’t applicable to everyone. It’s tailored for those in positions of privilege—those who have the leverage to negotiate. Imagine a star barista at your local coffee shop asking for a severance package. The idea is laughable.
Even in the corporate world, Dogen’s approach could backfire. In a company with a toxic culture, any attempt to negotiate might result in a swift termination rather than a generous severance. According to a 2023 survey by the American Psychological Association, 19% of workers described their workplace as “very or somewhat toxic.” In such environments, employees should tread carefully.
Furthermore, many employees overestimate their value to the company. They might think they’re indispensable, only to find themselves replaced without so much as a second thought. That’s why Dogen emphasizes the importance of doing your homework. Understand the company’s financial health, talk to others who have left, and make sure you have a solid case for why you deserve a severance.
The Bottom Line: Ask and You Might Receive
At the end of the day, Dogen’s strategy boils down to one simple principle: if you don’t ask, you don’t get. Quoting romance novelist Nora Roberts, Dogen reminds us, “If you don’t ask, the answer is always no.”
So, before you hand in that resignation letter, take a step back. Consider your options, weigh the risks, and if you’re in a position to do so, negotiate. You might just walk away with more than you ever expected. But remember, this strategy isn’t for everyone, and it’s certainly not a guaranteed win. Proceed with caution, and you might just come out on top.
