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If you are switching jobs:
"I'm leaving the company" is really a phrase that requires lots of courage. When pronounced at the wrong time or in the wrong manner, it can have a very negative effect on your career. You may get a job present with another corporation where the pay out is higher, but you are still not sure if that ongoing work place will be better then your current one. After all, it is not all about the money. What if you change your mind later? After all, this is not an easy decision. Needless to say your boss can forgive you and take you back, but it is not guaranteed.
