So, when should you actually move away from monoliths and switch to microservices?

ive been working with a growing application that's starting to feel the pains of a monolith. Development cycles are slowing down, deployments are becoming riskier, and its harder for new engineers to get up to speed. Were considering a move to microservices, but Im curious about when this transition is truly justified. What are the key indicators or tipping points you look for that signal its time to break apart a monolith?