Theranos, Blockbuster, Enron, Compaq. What do all these companies have in common? They all went bust. But they didn’t go down without warning. With your career future to protect, you don’t want to be caught off guard should your company suffer a similar fate. So how do you know if your company is in trouble?
Here are some signs to pay attention to:
Cash flow problems. When a company begins to have significant cash flow problems over an extended period of time, employees need to pay attention. It could mean that the company is unraveling, but the company is not likely to tell employees this.
Bad press. Even though many companies may receive bad press at times, if the bad press is unrelenting, the company may not be able to survive the onslaught of bad news. Bad news over a sustained period of time can kill companies that may have previously had a good reputation.
Unethical behavior. Unethical behavior can also kill a company. Although it is not necessarily the kiss of death, it is a signal that employees should not miss. When unethical behavior is widespread throughout the company, it can lead to bad press. And if it is a situation where Congress feels the need to investigate, it could mean the end of the company. (Think Enron.)
Poor reputation. When a company develops a bad reputation amongst its customers, venders, and the general public, it could be a sign that the company is going downhill and may not last much longer.
And here are some suggested strategies for how to plan an exit:
Take inventory of the marketability of your skills. Before you start looking for new employment, take stock of what you have to offer prospective employers. You may need to obtain a certification or acquire a new skill in order to be competitive in the marketplace.
Secretly start your job search. Even though you plan to leave, it’s not wise to let your current company know. It’s best to start your search before your name becomes associated with your company’s bad image. Start applying to job openings and networking cautiously with your contacts.
*Have you seen any of the above-listed warning signs at your company? Don’t wait! Embark on your job search today, and land a good job with professional help. Call 877-743-9521 now!