Career Choice During Dwindling Economy

The current economic crisis is affecting businesses around the world. Your company could even be one of them if their monthly expected earnings are not met for the past few months. Record losses have been tallied as fewer customers go out and avail of different services.

Everyone knows that the company you are working for will eventually fold that the only question left is when the closure will actually happen. But as an employee, you might have a good idea on when will that happen

Even if you do not have that date right now, a career related question should be answered as soon as possible: should you stay in your current company until it closes or terminate you? Should you just get out of the company long before it closes? Answering such questions will dictate your career movements for the following months. Each option has its own advantages as well as disadvantages, which means a choice becomes feasible with a certain set of situations.

The Staying Put Option

Even though you have just received a very bad news directly from your boss or just read about it in different news sources, you decided to stay put and see how the company will fare until the end. There are employees who would prefer to be with the company until it closes for good. Some would do this as a sign of loyalty for the company as they are only giving up hope for the company when it actually closes.

On the other hand, others do not want to leave simply because they do not have another job. Because of recession, companies are not opening their doors for new employees fast. They are very hesitant in hiring and the competition is fiercer than ever.

Staying put also means you will become one of the employees who will be receiving termination pay. If you go ahead and forward your resignation letter, you do not get as much as those who have stayed put because it is you who severed the relationship with the company.

However, staying put in a company until it is closed could be considered as a “resume glitch”.  No matter how good you were in the company, the fact that you stayed there until they are bankrupt could be considered as inefficiency at work. You might be part of the reason why the company eventually tanked.

Getting Out Option

Another option that you can consider when you notice the company is not faring well for the past few months to resign. Severing your relationship with the company as soon as possible simply means you do not want to be part of their system anymore and you do not want your reputation to be tarnished with their reputation. Resigning would mean you know they are not performing well so you get out before it influences your performance.

But getting out before everything else fails in the company has its missed opportunities. One of them is the chance of helping the company improves. You can easily reap the rewards of being one of those employees who saved the company. Staying put until the company closed down just means you are loyal and since its recession, it might be understandable since everyone is experiencing the same scenario.

If you are thinking of getting out before the company closes, make sure that you already have a confirmed job with another company. Terminating your services with a company before any assurance of a job is a bad idea during recession. Competition will always be there so it is better to be patient first rather than taking risks and jumping out of the company without a secured job elsewhere.

Editorial Team at Geekinterview is a team of HR and Career Advice members led by Chandra Vennapoosa.

Editorial Team – who has written posts on Online Learning.

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