Six Steps to Take Before You Jump Ship From Your Sinking Company

You aren't the VP, but you're with it enough to know that the company you work for is in trouble. Revenue is down, your boss walks around looking like she hasn't slept in weeks, and you're working overtime for no extra pay and zero perks. You're pretty positive the company will go belly-up soon, but that doesn't make your decision any easier: Should you stay till the bitter end or quit now before things get really bad?

If you have a hunch your company is going under, be glad you had the wits to realize it early. This gives you extra time to plan a strategy for what to do next. It's a tough choice, but you can figure it out. Here are some tips.

Line your wallet. Hopefully this is obvious, but start saving money. You should have a rainy-day fund of at least three months -- but given this economy, even more is better. The money you have saved should be enough to cover rent, utilities, insurance, car payments and gas, food, and emergencies like a trip to the hospital or a broken muffler. Yes, that's a lot of cash. But if you lose your job and don't have another lined up, you'll need the extra security.

Cover your bases. Make sure your résumé is up-to-date, your references perfect, and your professional networking skills flawless. Everything should be good enough to print or send at a moment's notice. After all, if you hear about a potential job that sounds like a great fit, you want to be ready to leap on it.

Sniff around. Talk to your contacts in your field. If it isn't public knowledge that your company is in trouble, be savvy before mentioning any work issues. Instead ask about job openings, prospects, and other opportunities that might be right for you. Remember, you don't need a job right now, but you might need one soon. If you hear about something that sounds perfect, pursue it fiercely.

Alert your inner circle. Don't give out insider secrets, but let your friends and family know that the chances you'll be looking for a job soon are good. Ask them to keep you in mind and help you in your search -- as many as 70% of jobs are found through the "hidden job network" of friends and acquaintances.

Know where your loyalties lie. Do you love the company so much that you're willing to stick it out even if the company has to shut its doors? If the answer is yes, know that the remainder of your time there is likely to be stressful and intense and that there are no guarantees that any of your hard work will result in another job. After all, everybody you work with will be looking for a job too.

And then be prepared to walk away. The economy is brutal, and finding a job may be tough regardless of if you are unemployed now or in six months. If you can't take the stress and uncertainty of working in a dying office and you feel like your job prospects are good, then cut your losses and move on. At the end of the day, you've got to be concerned about you and moving your career forward.

 

 

Follow Nicole Williams on Twitter: www.twitter.com/thegirlontop

Comments

[JBS]

All good ideas before you jump ship, but what do you do if you've already been pushed overboard with no life jacket?

[WIpatriot]

Swim? For shore.

[dadw5boys]

Turn off the cable TV keep internet.

Don't eat out. Only drive we your need to go.

Make kid aware that every penny counts right now and do not even think of any extras get they need to get cusy making some bucks if they want something.

Watch the pennys the dollars usualy take care of themselves.

[doctarr]

Line your wallet?

That reminds me of Steve Martin's advice on how to be a millionaire.

First you get a million dollars...

[Coree Silvera]

Line your pockets? This does sound like a catch 22, but you can at least try to start lining your pockets by doing some freelancing or part time work before you leave your job. It will be a lot of hours to put in, but you will be able to save a little money just in case of sudden changes. The key word here is to SAVE...resist the urge to spend what you earn on the side.

You may even find that your freelancing is something you enjoy & are able to build your own business out of. Then you would never have control over your own paycheck.