Should I be Worried About the Stability of the Company I Work For?

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    Oct 17, 2013 1:51 AM GMT
    I'm a bit worried about the stability of the company I work for and need some input since there might be some warning signs that the bottom might fall out from beneath everyone (or maybe not hopefully) which is interesting since it's been around for a few decades and is medium in size.

    Yesterday the paycheck were late for the second time this year due to not taking Columbus Day into account for payroll which in and of itself is not good because it could signal the business is financially struggling. Today my boss announced he is leaving at the end of the year which caught me off guard since it seemed sudden and there were no signs before hand.

    These kind of things happen usually before the company announces layoffs or goes out of business; which have me polishing up my resume.

    Should I be worried though? It's true no job in this economy is really that stable but in my mind I'm wondering if I should take this announcement as a subtle hint that something bigger might be around the corner...
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    Oct 17, 2013 2:08 AM GMT
    Erobert saidI'm a bit worried about the stability of the company I work for and need some input since there might be some warning signs that the bottom might fall out from beneath everyone...

    orrin_hatchs_tough_love_for_losers-460x3

    Seriously, what kind of company is it, and do you have access to the annual financial statement? Anything available about them online?
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    Oct 17, 2013 2:09 AM GMT
    No, you should not be worried. You should be prepared.
    You're smart enough to see the signs.
    Start looking around. You don't have to accept any job unless you have to or want to.
    I just left a company last month that still owes me two months salary.
    We don't even know where the boss is.
  • cowboyathlete

    Posts: 1346

    Oct 17, 2013 2:09 AM GMT
    I would brush up my resume and start looking immediately, just to be safe.
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    Oct 17, 2013 2:12 AM GMT
    JohnSpotter saidNo, you should not be worried. You should be prepared.
    You're smart enough to see the signs.


    Good advice, prepare for the worst expect the best.
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    Oct 17, 2013 2:18 AM GMT
    These can be warning signs, but people move jobs and your boss may have just found something better. Also, a delay in paychecks because of a holiday could have just been an innocent payroll error.

    However, if your company is losing clients/contracts or you find yourself without enough work to keep you busy or vendors are not getting paid on time, then you may have a problem.

    Usually you can get a good gauge of a company's fiscal health by looking at financial data. But if that is not available, do some internet research on your company's industry to see if the overall industry is in decline.

    If you have a good relationship with your boss, you can ask him what's going on and he may give you some inside information. Like everyone said, best be prepared so that you can transition quickly.

    On a side note, I work for the federal government and I am worried about the stability of my employer as well.
  • AMoonHawk

    Posts: 11406

    Oct 17, 2013 2:54 AM GMT
    Diversify ... nobody is ever safe ... never trust the company you work for ... they don't trust you ... and keep a journal and document everything and never be afraid to contact HR ... they would do it to you ... it's just business
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    Oct 17, 2013 4:55 AM GMT
    sunjbill said
    AMoonHawk saidDiversify ... nobody is ever safe ... never trust the company you work for ... they don't trust you ... and keep a journal and document everything and never be afraid to contact HR ... they would do it to you ... it's just business


    I would NEVER tell my HR Department anything...that's a one way ticket to everyone finding out your business. They are company-owned and run employees...do your own research of other companies, but asking your HR for advice or telling them what you're thinking is a ticket to disaster.
    I have to agree. HR is there to protect the company's best interest, not yours.

    But I do agree about documenting everything. Worst case scenario.. If it turns into a legal situation, you'll at least have documentation for your lawyer to look over.
  • Posted by a hidden member.
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    Oct 17, 2013 4:58 AM GMT
    You should always be worried about the stability of a company you work for, and do business with. Be educated and prepared...
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    Oct 17, 2013 6:14 AM GMT
    xrichx said
    sunjbill said
    AMoonHawk saidDiversify ... nobody is ever safe ... never trust the company you work for ... they don't trust you ... and keep a journal and document everything and never be afraid to contact HR ... they would do it to you ... it's just business


    I would NEVER tell my HR Department anything...that's a one way ticket to everyone finding out your business. They are company-owned and run employees...do your own research of other companies, but asking your HR for advice or telling them what you're thinking is a ticket to disaster.
    I have to agree. HR is there to protect the company's best interest, not yours.

    But I do agree about documenting everything. Worst case scenario.. If it turns into a legal situation, you'll at least have documentation for your lawyer to look over.


    I agree also. I learned from a bad experience about HR. HR is not on the employee's side. Avoid HR at all cost.

    The OP seems to have good instincts. I'd start looking.
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    Oct 17, 2013 7:04 AM GMT
    AMoonHawk saidDiversify ... nobody is ever safe ... never trust the company you work for ... they don't trust you ... and keep a journal and document everything and never be afraid to contact HR ... they would do it to you ... it's just business


    Yeah, that's true enough.
    icon_lol.gif
  • AMoonHawk

    Posts: 11406

    Oct 17, 2013 7:28 AM GMT
    sunjbill said
    AMoonHawk saidDiversify ... nobody is ever safe ... never trust the company you work for ... they don't trust you ... and keep a journal and document everything and never be afraid to contact HR ... they would do it to you ... it's just business


    I would NEVER tell my HR Department anything...that's a one way ticket to everyone finding out your business. They are company-owned and run employees...do your own research of other companies, but asking your HR for advice or telling them what you're thinking is a ticket to disaster.

    You go to HR to document that the company was completely aware of a problem and made no effort to do anything, in case you need to file a class action lawsuit. Then they can't say they didn't know. CYA
  • Posted by a hidden member.
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    Oct 17, 2013 10:55 AM GMT
    Start looking for a new job now. Be quiet about it. It's much easier to find a new job if you are employed.

    If the bottom falls out before you find a job, take advantage of government programs - especially programs that will pay for displaced workers to go back to school. That's a great opportunity to advance your skills for free.

  • Posted by a hidden member.
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    Oct 17, 2013 11:10 AM GMT
    In Venezuela? Definitely.. YES
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    Oct 17, 2013 11:20 AM GMT
    As tight as the job market is, be happy that you have a job that's paying... albeit late a few times.

    Are there other signs that there is trouble? Have you been busy? Is there plenty of work to go around or are people hanging idle?

    Sometime Payroll quirks are simply the fault of whoever manages the payroll... they forgot about the holiday and such.

    How have raises been going? I find that when my manager reviewed me and said "You're doing great, but we just can't give you a raise at this point."... That's when I start tossing my resume out there.

    Whatever happens with you... I wish you the best of luck.
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    Oct 17, 2013 11:30 AM GMT
    If you have been worrying over the economy, your mind might magnify things, any small thing that may not be really significant in reality.

    However... I always think you should hope for the best, but plan for the worst. Always have a Plan B, just in case.

    Perhaps you should try to do your own research, dig around quietly to see what state your company is in. Do not trust anything anyone says, only what you see and hear with your own eyes.

    Plan a scenario in which your firm DOES go bust - something everyone should do, by the way, even (especially?) if you work for Goldman Sachs. Where will you look for new work? How will you get by for the time being? Imagine the very worst scenario, then at least what happens will always be better than what you imagined!
  • conservativej...

    Posts: 2465

    Oct 18, 2013 7:53 AM GMT
    In your profile you say, "Working in marketing at a real estate firm." Even in the New York market you are at risk of a shutdown in anything related to real estate at any time. While it is very late in this cycle to see issues appear if the business has been around for a number of years, one never knows what management has been up to in regards to the company's accounts. I have made the assumption the company is privately held.

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    Oct 18, 2013 1:20 PM GMT
    You should be concerned about any company you work for regardless of how stable it is in a rough economy. I bet the employees of Lehman Brothers thought their jobs were secure until they were each given a box to pack up their stuff.
  • fmrhugger

    Posts: 199

    Oct 18, 2013 6:41 PM GMT
    Get outta there. Been there. Done that.
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    Oct 18, 2013 9:03 PM GMT
    I worked at a company a long long time ago and after I had been with them for about 2 months, it was announced that everyone was going to have to take a 20% pay cut. I found a new job and was out of there within a few weeks.
  • BillandChuck

    Posts: 2024

    Oct 18, 2013 10:12 PM GMT
    Erik101 saidYou should be concerned about any company you work for regardless of how stable it is in a rough economy. I bet the employees of Lehman Brothers thought their jobs were secure until they were each given a box to pack up their stuff.

    Given Lehman Brothers' sudden dive, did they really even get boxes or did they see on the news that they didn't have jobs to go to?
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    Oct 19, 2013 9:51 PM GMT
    Enron anyone?
  • Posted by a hidden member.
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    Oct 20, 2013 12:14 AM GMT
    Like a burning building, be one of the first ones to the exit.
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    Oct 20, 2013 12:18 AM GMT
    Don't go tell everyone you're quitting; or make gossip about your fears. Go looking for a better job to better yourself. When you leave, wait and see what happens. Either way, you'll be safe. icon_wink.gif
  • coolarmydude

    Posts: 9190

    Oct 20, 2013 1:14 AM GMT
    You don't need to wait for the company to shutter for you to move on. If you don't feel confident working in a place like that, look for something else and take it before your current employment bottoms out.

    Trust your instincts.