Signs you could lose your job.

Dear Career Advisor:

I am seeking your advice on a matter. I have been on this, my first job, for a little under two years. I have been enjoying the job; however, recently there have been a few incidents that are a bit perplexing. My salary cheque bounced twice in three months, and each time it took nearly two weeks to get a replacement cheque. The accountant seems to be dodging daily suppliers, and I overheard a co-worker say that we recently lost a big contract. My spouse thinks it’s time I start seeking a new job; she feels that I am about to lose this job as the company seems to be in trouble, and if they decide to cut staff, I will be the first to be let go.

Do you think the company will close? Do you think I will lose my job, or is it that this phase will soon pass? I really fear the unemployment line. What should I do, stay or try to leave soon?

Regards,

Trevor B

Dear Trevor:

It will be difficult for anyone to precisely predict what will happen next; whether the company will close its operations or reduce staff. It is most probable that the management is fighting tooth and nail to keep the doors of the establishment open. The incidents you have outlined are among the signs that usually indicate that a business venture is having serious operational challenges; often financial or management related. In general, any or all of the following might indicate that there is trouble in the camp:

Weak financial status — losing big contracts or clients, late payments to suppliers, tax and other statutory returns, or late payment of salaries

Weak industry — similar companies in the industry are facing operational challenges, including layoffs, redundancies and closure

Cost cutting. Management sends frequent reminders of the need to cut costs and contain budgets

High employee attrition rate. Senior-level persons are resigning and there is a general high turnover rate.

Freeze on hiring. No replacement when employees quit

Negative publicity. The company is often featured in negative news or scandals

Change in management. Sudden or wholesale change in management.

Would the occurrence of any or all of the above automatically mean that your company is about to fold? That would be difficult to say without intimate knowledge of the company’s operations. Only time will tell.

In response to your other concern, it is a strong possibility that you would be among the first to go if the company decides to cut staff as a common practice is to follow the last-in-first-out rule, which simply means that those who were hired last are among the first to be considered if the company decides to cut staff. This, however, does not mean that you will be the first to go. Evaluate your current contribution to the company: is your service one that could be considered indispensable or not easily replaced?

Deciding to jump ship or stay with the company will not be an easy decision. You will have to balance commitment and loyalty to the company against your personal values and needs.

On the one hand, if you remain with the company during these difficult times, it can be a collective and rewarding feeling of triumph... See full article here: http://www.jamaicaobserver.com/magazines/career/Signs-you-might-be-losing-your-job_58651