If your coworkers are stampeding out the door, you may be tempted to join them. In some cases, it could be an easy decision, like when your boss is dropping helpful hints about which of your competitors are hiring. However, there may also be times when staying could provide valuable opportunities.
A spike in turnover may be a coincidence or the result of factors that have little impact on your position. On the other hand, it could also be a sign that your job will be eliminated soon.
Before you make up your mind about departing, have a look at these suggestions. You’ll find tips for what to do whether you’re sticking around or handing in your notice.
Deciding to Go:
Consult your boss. Ideally, the management of your company would let the staff know about any changes and announce strategies for dealing with them. If nothing is being said, ask your boss what they think about the recent turnover.
Look around. You can also watch for common signs of a business going under. Unusual closed-door meetings, spending freezes, and shrinking client lists usually mean you need to take action.
Reach out. Departing colleagues and contacts at other companies may be able to shed some light. It’s not easy to find out your job is no longer secure, but you want to have as much time as possible to start planning.
Consider your finances. Look at your monthly budget and prepare for likely scenarios. Maybe you can cut spending or pick up some contract work.
What to Do if You’re Staying:
Expand your role. The upside of working at a company in turmoil is that you may be able to assume more responsibility. Volunteer for projects that your former colleagues used to handle. Take risks and grow your skills.
Deal with ghost work. At the same time, you may have extra tasks assigned to you if no replacements are being hired. You can impress your boss by being willing to pitch in, but ensure you have adequate resources to keep up with the increased workload.
Monitor changes. Conditions may change rapidly. Pay attention to office conversations and social media activity.
Update your resume. Even if you’re not actively seeking a new position, lay the groundwork for a job search so you can move quickly if necessary. In addition to updating your resume, check your social media profiles and put your professional network to work.
What to Do If You’re Leaving:
Negotiate your exit package. If you quit voluntarily, you will probably give up eligibility for unemployment benefits and severance. You can still check if your company is able to provide any services such as outplacement assistance.
Gather references. Another advantage of this situation is that you can ask your current boss for a reference immediately. If they’re willing to write you a positive letter, you can include that with your job applications. You can also ask your boss and others for LinkedIn recommendations.
Research other industries. Maybe you’re still committed to your current career path or maybe you’re ready for bigger changes. This could be an opportune time to explore other possibilities, especially if your industry is in decline.
Prepare for interview questions. While you’re probably not responsible for your company’s demise, you will need to discuss it at job interviews. Rehearse your responses with an emphasis on the positive aspects of your experience.
Going to work can be extra stressful when your job may be in jeopardy and your colleagues are leaving in droves. Take care of yourself while you figure out how to use the situation to your advantage. You may be able to grow in your current position or find a new job that you’ll love.