There are countless reasons to cut down your hours and make your full-time job a part-time job. Whether it be new personal responsibilities like taking care of a loved one, feeling burnt out at work, preparing to retire, or wanting to take more time to focus on your side hustle, there are a few things to consider before sending a memo to your boss with your new reduced schedule.
Make sure your role supports part-time work
This is an important first step to take before moving forward with your plan. Not all jobs have responsibilities that can be done by one person part-time. Additionally, not all companies are willing to hire someone to cover the duties you can no longer handle. It is important to start a clear dialogue with your employer to make sure your part-time goal is feasible. It can be helpful to have an idea of how much time you want to work, what responsibilities you want to keep, and which ones you want to pass off.
Check your benefits
Full-time jobs come with a number of benefits. It’s important to ensure you still have the coverage you need after going part-time. For example, if you need a certain level of health insurance, it would be wise to make sure that you will still have that if you become part-time. Some other benefits that can often be impacted by your switch are 401(k) plans, vacation days, sick leave, and life insurance options. If you see that there are some benefits you want to keep that are changing, you can also look into getting these independently. For example, an individual life insurance plan might offer more coverage than your employer.
Make sure your budget works out
To state the obvious, if you decide to work fewer hours, you will make less money. Once you know what your new income will be, it is important to slot it into your current or planned budget to make sure that you are still able to work toward your personal and financial goals.
Make a transition plan with boundaries
As you transition to part-time, it is a good idea to outline all your tasks and responsibilities. Clearly delineate what you will still be able to accomplish. Plus, understand what you will need to pass along to someone else. Also, define how many hours you plan to work. It is helpful to both you and your employer to be realistic and honest here. If your employer will have to hire someone to take over some of your original tasks, it may be important for you to train them.
Get it in writing
By making these preparations, everyone will have a clear understanding of what your new role will be. You’ll also have set boundaries and expectations for your level of involvement. It is also a good idea to follow up any in-person conversations about roles and responsibilities with a formal email, agreement, and timeline that can be confirmed. This is even if it’s just for your own peace of mind!
