Serious Question
Lets say (hypothetically) that your company is tanking. The sales are off, oh about 65% from the year prior and you are pretty sure there are going to be layoffs, woops I mean displacements of up to 35% of the total staff.
The question:
Would you jump ship now if you get a job offer?
or
Wait until the slaughter happens, see if you get a package and try to double dip?
I resemble this remark! 🙂
Unfortunately if you take out the word “company” and replace it with the word “university” this might be Delaware State.
Answer the question numb nuts
DV – I’m leaning toward the package because I have good reasons to believe it’ll be quite decent in my case. But I’m only leaning in that direction.
Remember, the present condition varies person to person. For example, years of service could inflate your severance. Plus your manager might make working on the sinking ship quite tolerable and easier to “play out the string”.
I think you may be in a slightly different circumstance.
If the new job is better, jump. “Better” could mean more secure. Or it could mean a job that is riskier but represents a career advance.
But if the new job is no better and is in the same sinking industry, hang on and go for the double-dip. There probably won’t be any jobs in the tanked industry though so one must be prepared to take any crappy job, which can be left off the resume in the future.
The main thing during a recession is to keep any paycheck coming in no matter how crappy. Nothing kills your finances faster than sitting around spending savings and credit cards while waiting for the perfect job.
Also, pay the internet service bill first.
Anon@5 has very good advise. It is well known that the best employees of an organization that is failing (or cutting back) will likely jump ship before the ax falls. That’s because the best usually finds its market easier. If you are good in your field and can get another gig that you like, with an employer you can manage, and with the money and stability you want — take it.
If you are in an industry that is on a big downturn, then while you are waiting for your package (and if your company is failing, will they offer a package?) get yourself organized to orient your resume and outlook to another industry….
anon,
If the new job is better, jump. “Better” could mean more secure. Or it could mean a job that is riskier but represents a career advance.
financially it should be rewarding, however the “contract for hire” addendum is the riskiest part of the whole thing
if your company is failing, will they offer a package?
If the company in question is a bank, yes. Banks don’t lay people off because they are out of money. They lay people off because they are not making quite as much profit as they would like.
Cas,
It is well known that the best employees of an organization that is failing (or cutting back) will likely jump ship before the ax falls.
crap!
yes, bank
“contract for hire”
Not a problem as long as the spouse has a secure job with insurance. If not, the insurance will eat you alive (take care of that rash now!)
If you are young and not yet mid-career, getting paid a few more dollars is not important; the main thing is to grab the next rung. Here’s one way I evaluate a potential job: After one year on the new job, will I have a better resume than I do today?
Speaking from personal experience, the first question should be, “Am I a white male?” and the second question should be, “Are there many white males in my department?” If the answer to those questions is yes, then you’re a layoff target, especially if your company has expressed a “commitment to diversity.” Take the early out; it’s easier to explain in an interview. At least that’s the way it happened at JP Morgan following the Chase merger.
t is well known that the best employees of an organization that is failing (or cutting back) will likely jump ship before the ax falls.
Are you saying that this is wrong?
In my own industry — which went through a pretty big consolidation over the past 8 years or so — word of a company in trouble causes a feeding frenzy among those who can hire. And I am someone who hires staff. We’ve recruited folks we know are good from other firms that are falling apart pretty regularly (and none of them contract for hire), and the “grapevine” of firms potentially in trouble and the individuals who might be good to poach from at these firms is pretty active. Perhaps banks are different, or maybe the skill sets are more common.
Anon is right to advise you to make sure you’ve got insurance covered and that you’ve got firm criteria negotiated for how your contract for hire converts to full-time regular employment.
I’ve always thought it’s best to be looking for a job while still employed. There’s a lot of variables involved which mostly have already been mentioned. Having found myself in this position more than once I opted to wait for a package. At least once I was the one who got to turn out the lights (last one out) and received absolutely nothing, not even a “thank you” for guiding the ship until it slipped beneath the waves. In today’s climate I would take the new job as long as I didn’t have to take a big cut in pay.
But also make sure your employer is not engaged in thinning out the ranks with bogus bad performance reviews. Lots of companies do that in the runup to a mass layoff in order to avoid triggering the WARN Act. If you fall victim to that you will not only lose your job but you will have a bad reference.
In other words, don’t be late, don’t take time off for a sick kid, and don’t use the Internet from work, else if you are on the target list they will use that as an excuse to fire you on the spot, and your manager will get a bonus for not having to pay out a layoff package.
Internet from work,
NEVER!
There you go, Don V. Lay off the internet porn for a while.
literally?
I sort of thought that this was all referring to the WNJ and Patrick Jackson leaving to cover the DEMs ass. There are rumors that McClatchey wants to sell our paper.
DV – I don’t know if you are talking about yourself, but that seems to be the logical conclusion here. What is it you (or your friend) do in this ‘bank?’ IT, lending, finance, etc.? We may not agree on much (although it is strange I do ‘get’ you…kinda freaky, actually), but that hardly means I want to see you (or your friend) hit rough times…if that is what you (or your friend) are getting to. If I am getting your (or your friend’s) point, tell geek and/or jason to contact me and I will see if I can hook you (or your friend) up with a lead or two.
BTW, if you (or your friend) become unemployed, you (or your friend) can’t be the hottest blogger anymore. Unemployment isn’t hot. I tried it once. Bleh.
Nancy…do you mean McClatchey wants to BUY the Snooze Journal? It’s a Gannet rag right now.
yeah, I got mixed up with what happened in Philly. My bad.
There were some serious-sounding rumblings about Gannett putting the WNJ on the market. Anyone know more details?
get your own blog!