Author Topic: Working for a failing business  (Read 1619 times)

hhehe45

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Working for a failing business
« on: August 14, 2018, 09:56:27 AM »
Iím really in a bind and could use some practical, unbiased advice. Iíve been working at my job for a little over a year now. My boss has fired three people in that time, and asked another coworker to take a $10,000 pay cut. When that happened I talked to him about my job security which he always reassures me about. But he did say that next year he and I may need to have that same discussion if business doesnít pick up. Well business is not picking up and is, in fact, getting worse. So I overheard him saying that my turn for taking a pay cut would be coming up very soon.
Should I take the pay cut or completely leave at this point? Iím 34, single, no kids, have about a year of living expenses saved up if I am VERY careful (although it would kill me to have to dip into that). It seems silly to leave the job entirely but why keep working at a place that I know Iíll need to leave eventually, and also takes time away from finding another job. Iíve never been in this position before so Iíd appreciate any input.

lemanfan

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Re: Working for a failing business
« Reply #1 on: August 14, 2018, 10:07:55 AM »
In your situation, I would be searching for another job now.

At least prepare so you're ready to go: CV, references, knowledge about local job market all lined up so you can start the process when you decide.

Frankies Girl

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Re: Working for a failing business
« Reply #2 on: August 14, 2018, 10:10:32 AM »
You should have already been looking. Whenever layoffs start up and ESPECIALLY if anyone is asked to take a pay cut, unless you absolutely adore your job (or it's your own company) this is the big neon red flag you should get out immediately. Unless you want to wait for a layoff so you can collect benefits?

Of course your boss will tell you your job is secure... he's going to lie if he wants to ensure you stay as long as he needs you. Never expect any management as being on your side, and any information passed on to you should be taken as "unless we decide to change this with no warning" because they can and will throw workers under the bus in the event that it serves them. And in larger companies, remember HR is not there for you; they are there to protect the company.

Reason for looking for a new job is obvious - your company is small and having issues, layoffs and pay cuts in the last year, so you're looking for a stable position with a good company. Don't say that the company is failing or anything super negative; just state the facts and that you're looking for something better/stable.

Telecaster

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Re: Working for a failing business
« Reply #3 on: August 14, 2018, 10:10:41 AM »
Leave.  Update the resume' and Linkdin.   Start networking.  Do it today. 

Epor

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Re: Working for a failing business
« Reply #4 on: August 14, 2018, 10:22:48 AM »
...
Of course your boss will tell you your job is secure... he's going to lie if he wants to ensure you stay as long as he needs you. Never expect any management as being on your side, and any information passed on to you should be taken as "unless we decide to change this with no warning" because they can and will throw workers under the bus in the event that it serves them. And in larger companies, remember HR is not there for you; they are there to protect the company.
...

Hear hear.

rubybeth

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Re: Working for a failing business
« Reply #5 on: August 14, 2018, 10:52:36 AM »
I'd be looking for other jobs, networking, volunteering, etc. Also don't limit yourself to an exact job match--see if there are transferable skills to other types of positions.

Also, estimate your unemployment income if you get laid off.

frugaliknowit

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Re: Working for a failing business
« Reply #6 on: August 14, 2018, 11:17:08 AM »
You should have already been looking. Whenever layoffs start up and ESPECIALLY if anyone is asked to take a pay cut, unless you absolutely adore your job (or it's your own company) this is the big neon red flag you should get out immediately. Unless you want to wait for a layoff so you can collect benefits?

Of course your boss will tell you your job is secure... he's going to lie if he wants to ensure you stay as long as he needs you. Never expect any management as being on your side, and any information passed on to you should be taken as "unless we decide to change this with no warning" because they can and will throw workers under the bus in the event that it serves them. And in larger companies, remember HR is not there for you; they are there to protect the company.

+1
Reason for looking for a new job is obvious - your company is small and having issues, layoffs and pay cuts in the last year, so you're looking for a stable position with a good company. Don't say that the company is failing or anything super negative; just state the facts and that you're looking for something better/stable.

onlykelsey

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Re: Working for a failing business
« Reply #7 on: August 14, 2018, 11:19:22 AM »
+1 to Frankies Girl.  If nothing else, can you look for an evening or weekend gig that you can supplement with for now, and that will help you stretch your savings if your place goes under?  Dog walking, bar tending, tutoring, etc.

Lady SA

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Re: Working for a failing business
« Reply #8 on: August 14, 2018, 01:56:18 PM »
Yeah since all this started I have been looking elsewhere. Iíve just had no luck. Thatís why Iím afraid to leave because Iíve been searching for months now. My career field is very specified and good jobs in good areas are just all taken until someone retires basically.

Are you open to moving? Are you open to going to a different industry? Can you break down your job into the various transferable skills (communication, project management, etc) and launch into another industry? Can you buy yourself some time with a pay-cut and re-train for a different job/industry?

You are on a fast-sinking ship with neon flashing lights. Even taking a pay-cut now doesn't guarantee you employment a week from now, let alone next year. I'd be making contingency plans for my contingency plans and getting the hell out. Networking like mad with everyone I possibly know, reaching out to contracting firms (if applicable), job fairs, career coaches, you name it.

jlcnuke

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Re: Working for a failing business
« Reply #9 on: August 14, 2018, 04:07:48 PM »
Keep looking, but keep your job. When you have a better opportunity, that's when you jump ship. Don't jump in the ocean while the sinking ship is still floating. When the deck's awash, that's when it's time to get off.

okcisok

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Re: Working for a failing business
« Reply #10 on: August 14, 2018, 10:37:37 PM »
Have you contacted a headhunter? My BF used one that helped him rewrite his resume, sent him to interviewing training and seminars. They get paid by the company that hires you, so it's free to you. His was really helpful in sending him on numerous interviews.

WalkaboutStache

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Re: Working for a failing business
« Reply #11 on: August 14, 2018, 11:28:39 PM »
Iíd love to make a career change because this is probably a forecast of whatís to come in my industry. I just donít know what to do. My job is really not transferable to other areas unfortunately. Itís a small field as well and not many good, secure jobs available anymore. I actually took my current job because I couldnít find anything else.

What do you do?  Worth posting here, as you may be surprised by the responses of how your skill are transferable.

ltt

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Re: Working for a failing business
« Reply #12 on: August 15, 2018, 09:44:40 AM »
You should have already been looking. Whenever layoffs start up and ESPECIALLY if anyone is asked to take a pay cut, unless you absolutely adore your job (or it's your own company) this is the big neon red flag you should get out immediately. Unless you want to wait for a layoff so you can collect benefits?

Of course your boss will tell you your job is secure... he's going to lie if he wants to ensure you stay as long as he needs you. Never expect any management as being on your side, and any information passed on to you should be taken as "unless we decide to change this with no warning" because they can and will throw workers under the bus in the event that it serves them. And in larger companies, remember HR is not there for you; they are there to protect the company.

Reason for looking for a new job is obvious - your company is small and having issues, layoffs and pay cuts in the last year, so you're looking for a stable position with a good company. Don't say that the company is failing or anything super negative; just state the facts and that you're looking for something better/stable.

This pretty much sums it up. 

Retire-Canada

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Re: Working for a failing business
« Reply #13 on: August 15, 2018, 10:29:30 AM »
Iíd love to make a career change because this is probably a forecast of whatís to come in my industry. I just donít know what to do. My job is really not transferable to other areas unfortunately. Itís a small field as well and not many good, secure jobs available anymore. I actually took my current job because I couldnít find anything else.

Can you move elsewhere that would have better employment options for your field? Your current job is ending one way or the other so it's not like you have a good option to stay with it. Taking a pay cut as you keep looking is better than having no income while you look, but it's only a temporary measure.

On the pay cut front if your boss asks you to reduce your income by $10K and are inclined to agree say you will accept if your work hours are reduced accordingly. If you are currently working 40hrs/wk for $50K and he wants you to go down to $40K ask for Fridays off. At least you get something for the cut and it gives you more time to job hunt.

Lanthiriel

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Re: Working for a failing business
« Reply #14 on: August 15, 2018, 10:55:16 AM »
This happened to me. The writing was very clearly on the wall. I was the only one who jumped ship and seven months later, everyone else was unemployed.

Definitely start looking for a job now. I second the idea of going to a recruiter or browsing your friend group for anyone who might be able to help you polish your resume and work on cover letters.

Jon Bon

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Re: Working for a failing business
« Reply #15 on: August 15, 2018, 11:45:48 AM »
You should be applying to 2-3 jobs a week, like yesterday. When I look a dedicate 1 day a week to spend 2-3 hours looking/applying.  This company obviously is failing in a roaring economy, do you think they could survive even the smallest downturn?

Best time to find a job is when you already have one, now log off here, and log onto some job boards!


Retire-Canada

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Re: Working for a failing business
« Reply #16 on: August 15, 2018, 12:03:10 PM »
You should be applying to 2-3 jobs a week, like yesterday. When I look a dedicate 1 day a week to spend 2-3 hours looking/applying.  This company obviously is failing in a roaring economy, do you think they could survive even the smallest downturn?

The OP stated he/she can't find any jobs in their field to apply to locally.

Lady SA

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Re: Working for a failing business
« Reply #17 on: August 15, 2018, 12:15:52 PM »
Iíd love to make a career change because this is probably a forecast of whatís to come in my industry. I just donít know what to do. My job is really not transferable to other areas unfortunately. Itís a small field as well and not many good, secure jobs available anymore. I actually took my current job because I couldnít find anything else.

I think you might be surprised at the skills you have gotten at this job (or previous jobs) that can be used across industries. Are there other industries in your area that are healthy (or will you also have to move both locations AND industries)?

Think of it like a venn diagram: put all the skills you have in the diagram that you currently have, and then what skills are these healthy companies looking for? How many do you have in common, and if there are ones you don't have, look up ways to brush up and learn on your own time. Don't forget about soft skills like time management, relationship management, not being a dick/people like to work with you, etc. Those are arguably more valuable than hard skills. Employers know they can train someone to competency, but they can't train someone to be a team player or easy to work with.

Many people job hop across industries and job titles. What you studied in college is less applicable than your skills and ability to sell yourself. I highly recommend checking "What Color Is Your Parachute" out from your local library, it is a great resource for job seekers and ones interested in a career change or forging their own path.

Jon Bon

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Re: Working for a failing business
« Reply #18 on: August 17, 2018, 11:57:29 AM »
You should be applying to 2-3 jobs a week, like yesterday. When I look a dedicate 1 day a week to spend 2-3 hours looking/applying.  This company obviously is failing in a roaring economy, do you think they could survive even the smallest downturn?

The OP stated he/she can't find any jobs in their field to apply to locally.

I don't buy that for a second.

Its the best job economy in history, I think it just might take a little outside the box thinking.

Retire-Canada

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Re: Working for a failing business
« Reply #19 on: August 17, 2018, 12:06:41 PM »
I don't buy that for a second.

Its the best job economy in history, I think it just might take a little outside the box thinking.

So beyond accusing the OP of not reporting the situation accurately what suggestions do you have for the out of box thinking you propose for finding a job in their field locally?