when do you actually want to switch from a monolith to microservices?

hey all, ive been working with a large, monolithic application and we're starting to feel the pains of its scale. We're discussing potentially breaking it down into microservices. Curious to hear from others who have gone down this path: at what point did you decide a monolith was holding you back too much, and what were the key indicators that microservices were the right move for your organization and the application itself? Looking for real-world experiences and decision-making criteria.