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The days when a job was for life have long gone. Advances in technology, relocation of resources overseas or a downward turn within an industry can have a detrimental affect in the fortunes of a company. Some companies teeter on the edge of disaster for long periods whilst others, seemingly profitable, can disappear off the radar without warning..
The signals that your employer is headed down the wrong path vary from company to company. However, there are familiar red flags that consistently show up across the board.
Regardless of your loyalty to an employer, it's usually better to leave a sinking ship rather than risk drowning with it, so here are the signs that you need to look out for to protect yourself and your career.
- First red flag: Closed-door meetings - If it appears that your manager suddenly becomes engaged in a series of meetings with the powers-that-be, or he exudes levels of stress previously suppressed, then impending redundancies could be on the cards. But, don't confront your manager point-blank because unless he has been given a directive from senior management about the situation, he is likely to deny that there is a problem.
- Second red flag: Targets - Have your targets suddenly increased? Have you been given extra support to achieve these new targets or has more pressure been added to your workload? This could indicate that the company is ‘on the market' and, as such, it is trying to increase its sale value.
- Third red flag: Check the stock market - Look at the profits of your company – the information is freely accessible if your employer is listed on the stock exchange. If there is a sudden unexplained spate of executives selling their stocks and shares, it's a bad sign.
- Fourth red flag: Look around the office - Sometimes the signs that there is trouble ahead are more obvious than you may think. Watch out for changes in company procedures with a focus on saving money. Has business travel or client entertainment been stopped or cut-back? Do you now have to get your expenses signed off by a higher member of staff? Has there been a sudden departure of senior colleagues?
- Fifth red flag: Previous lay-offs - If there have been lay-offs in the past then it is likely there will be more in the future. Traditionally, employers would make redundancies in one foul swoop but, increasingly, organisations are favouring the little-by-little approach.
You have to consider your own interests first. If you get a bad feeling that all is not well, there is probably a good reason for it. Trust your instincts and do some investigative work to satisfy your suspicions. After all, knowledge is power, right?