This.
And I say this as a tank.
Seriously, don't waste your spike damage on a mob with a sliver of health left. Let the tank finish it off.
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Because every time a Caster DPS uses an LB3 on a single target boss, I vow to switch targets when one is nearly dead.
That's one of the specific reasons why I switch targets: so that I don't kill it while the caster is mid-spell and waste their time.
Also mentioned are things like using stronger abilities where they won't be wasted... I'm not going to use a Finish on a trash mob that's at 5% HP, that's just wasteful and slowing us down.
It's about efficiency.
Unless the tank is in immediate danger of dying there's no reason to stress what will die anyway in a couple more GCDs of AoE.
I'll usually switch to a higher health target for heavy hitters like Midare and then switch back if the low health target didn't already die. No point in over killing one mob when a Hakaze will do the job 2 seconds later. This only happens when there's two targets, though. 3 or more means AoE.