Quitting with class
May 22, 2010 7:46 AM Subscribe
I work for a company which may be failing, and I think it's time to leave. How do I know when it's time to bail out? And how do I exit gracefully without potentially hurting the company further?
I'll try to include as many details here as I can since this is anon. I work in the consulting field, and have been with my company for about 2 years. I love it. Love the people, love my work, love everything. However, with the economy downturn came a huge slow-down in work. Most of our clients just don't have the money to be building the projects that we work with. In the last year, the company has laid off almost half the company, and last week we were told we are now on a severely reduced work week (<30 hours).
Obviously, this is distressing. I can't afford to be part-time, and I've spent the last few months extremely stressed out, worrying that any day I might lose my job. I have chosen to stick it out with the hopes that things will turn around and work will start coming in. All signs point to that not happening any time soon. So, my questions are:
1) How do you know when it's time to bail? Obviously I don't want to be the last one holding an oar on a sinking ship, but I also don't want to abandon ship before we know it's going down (sorry for the lame metaphor).
2) Assuming I make a decision to leave and assuming I can even find another job in my field, how do I frame this in potential interviews? This is a pretty small tight-knit business, and anything I say about my current company will get around. If potential clients get wind that the company isn't doing well, it could cause my company to get even less work. I don't want to cause my company any further harm by starting rumors that it's going under, but I feel like I'm going to need to explain my departure somehow.
3) Is there any benefit to sticking it out and potentially being laid off?
Other pertinent details: I am somewhere between entry and mid-level. Under normal circumstances, I would say I have a set of skills that would make me highly employable. The job market in my city is very strong, but not so much in my particular field. I have been sending resumes out for the last month to companies similar to mine that are hiring, but so far have gotten no responses.
I'll try to include as many details here as I can since this is anon. I work in the consulting field, and have been with my company for about 2 years. I love it. Love the people, love my work, love everything. However, with the economy downturn came a huge slow-down in work. Most of our clients just don't have the money to be building the projects that we work with. In the last year, the company has laid off almost half the company, and last week we were told we are now on a severely reduced work week (<30 hours).
Obviously, this is distressing. I can't afford to be part-time, and I've spent the last few months extremely stressed out, worrying that any day I might lose my job. I have chosen to stick it out with the hopes that things will turn around and work will start coming in. All signs point to that not happening any time soon. So, my questions are:
1) How do you know when it's time to bail? Obviously I don't want to be the last one holding an oar on a sinking ship, but I also don't want to abandon ship before we know it's going down (sorry for the lame metaphor).
2) Assuming I make a decision to leave and assuming I can even find another job in my field, how do I frame this in potential interviews? This is a pretty small tight-knit business, and anything I say about my current company will get around. If potential clients get wind that the company isn't doing well, it could cause my company to get even less work. I don't want to cause my company any further harm by starting rumors that it's going under, but I feel like I'm going to need to explain my departure somehow.
3) Is there any benefit to sticking it out and potentially being laid off?
Other pertinent details: I am somewhere between entry and mid-level. Under normal circumstances, I would say I have a set of skills that would make me highly employable. The job market in my city is very strong, but not so much in my particular field. I have been sending resumes out for the last month to companies similar to mine that are hiring, but so far have gotten no responses.
Well, they value you, or you'd already be gone. Also, they value their employees in general or they wouldn't be doing the "reduced hours" thing, they'd just lay more people off. They have hopes of ramping back up but are going to drain the bank account until it's empty, and keep everyone going as long as possible. (I have been in a situation like this.) Despite that, if you left now, you'd be doing the business and other employees a favour by reducing the burn rate.
When they cut your hours, that was the signal: we want to keep everyone as long as possible, but we just don't have the money. So: the time to prepare to leave is now. Look for work discretely but enthusiastically, and take a good position if you get one. Leave your current gig on good terms and if they pull their shit together, in a few years maybe you can come back.
In my case, I looked very hard, didn't find anything, hung on, they did pull their asses out of the fire and everything came back together in a couple years. But if I did find something, I would have taken it, and everyone would have been cool with that too.
Good luck to you.
posted by seanmpuckett at 7:58 AM on May 22, 2010 [2 favorites]
When they cut your hours, that was the signal: we want to keep everyone as long as possible, but we just don't have the money. So: the time to prepare to leave is now. Look for work discretely but enthusiastically, and take a good position if you get one. Leave your current gig on good terms and if they pull their shit together, in a few years maybe you can come back.
In my case, I looked very hard, didn't find anything, hung on, they did pull their asses out of the fire and everything came back together in a couple years. But if I did find something, I would have taken it, and everyone would have been cool with that too.
Good luck to you.
posted by seanmpuckett at 7:58 AM on May 22, 2010 [2 favorites]
You needn't worry that mentioning the reduced work-week will hurt the company. There's no way that a 25% cut across the board isn't already out there and being talked about. You need only say what you've said here - you can't afford the cut and are looking for full time employment.
posted by TruncatedTiller at 8:15 AM on May 22, 2010
posted by TruncatedTiller at 8:15 AM on May 22, 2010
If you get laid off, you might get a severance package, which you wouldn't otherwise get if you simply leave for another job. However, since you work for a small company and have only been there for two years, you probably shouldn't expect to get more than a paycheck or two as severance. Also, it is generally easier to find a new job when you already have a job. Being unemployed is a lot harder (financially and emotionally) than being employed part-time. You also have less leverage when negotiating a new job when you are unemployed.
You generally don't have to explain too specifically why you are leaving your current job. You certainly aren't obliged to say anything negative about your current job - you wouldn't even want to do so under normal circumstances. Besides, if they laid off half the company, you can be pretty certain that other companies in your "tight-knit" field already heard about it.
As for the stress - you might find that once you throw yourself into the job search enthusiastically that your outlook will change because you'll know that you are taking action and are in control, instead of just waiting around for the dreaded layoff to come. You'll want to do more than passively send out resumes - start networking more aggressively - at least try to keep up with your former coworkers to see if they have any leads. I recently went through a similar situation and a former coworker of mine was able to refer me to a job opening that he did not fit.
posted by kenliu at 8:31 AM on May 22, 2010
You generally don't have to explain too specifically why you are leaving your current job. You certainly aren't obliged to say anything negative about your current job - you wouldn't even want to do so under normal circumstances. Besides, if they laid off half the company, you can be pretty certain that other companies in your "tight-knit" field already heard about it.
As for the stress - you might find that once you throw yourself into the job search enthusiastically that your outlook will change because you'll know that you are taking action and are in control, instead of just waiting around for the dreaded layoff to come. You'll want to do more than passively send out resumes - start networking more aggressively - at least try to keep up with your former coworkers to see if they have any leads. I recently went through a similar situation and a former coworker of mine was able to refer me to a job opening that he did not fit.
posted by kenliu at 8:31 AM on May 22, 2010
Refresh your resume and start your job search now. Leave when you have another job to go to. From a career perspective, I think it's best to move from one job directly into another rather than have a period of unemployment in between.
If you get laid off then you're eligible for unemployment benefits (in the USA - different rules elsewhere). You might also get some severance money. However, if you employer is in financial distress then the severance is not going to be much if anything.
posted by Long Way To Go at 8:32 AM on May 22, 2010
If you get laid off then you're eligible for unemployment benefits (in the USA - different rules elsewhere). You might also get some severance money. However, if you employer is in financial distress then the severance is not going to be much if anything.
posted by Long Way To Go at 8:32 AM on May 22, 2010
I left my last job one month before they closed the doors and filed for bankruptcy. Lots of similar things -pay cut plus less company contribution for insurance, no 401k match, management always in closed-door meetings.
If you're concerned about the future of the company, it's likely time to leave. Dying companies are easy to spot on the inside.
posted by neilbert at 9:19 AM on May 22, 2010
If you're concerned about the future of the company, it's likely time to leave. Dying companies are easy to spot on the inside.
posted by neilbert at 9:19 AM on May 22, 2010
Hop to the next rock immediately.
Their cutting hours means they currently don't want to fire anyone. Leaving might be doing them a favor.
posted by codswallop at 9:19 AM on May 22, 2010 [1 favorite]
Their cutting hours means they currently don't want to fire anyone. Leaving might be doing them a favor.
posted by codswallop at 9:19 AM on May 22, 2010 [1 favorite]
Start looking for a job. You are seeing all the signs right.
The fact that you are still there is not any kind of metric of "value" necessarily. Don't read that to think that you won't get hit at the next RIF (reduction in force). It just means that there was no reason to obviously get rid of you, because your manager fought harder than the other managers did, or because you are cheaper than other people they got rid of - or a whole host of other reasons. I bring this up because I once survived two RIF's to think I was "safe" only to get cut in the next one.
As to how you bring it up, what you say below is not bashing them, it's accurate:
However, with the economy downturn came a huge slow-down in work. Most of our clients just don't have the money to be building the projects that we work with. In the last year, the company has laid off almost half the company, and last week we were told we are now on a severely reduced work week
You don't have to say that in your cover letter but it's your answer when you interview. That is not bashing or hurting the company. That is the truth. It is not proprietary information and I guarantee you that it's not a secret in the industry. I guarantee you that all the competition already knows.
Start looking now. It is easier to find a job when you have a job. Don't worry about "jumping ship" or loyalty, because you will get dumped if it is necessary to dump you to keep the ship afloat. I guarantee you others are also looking. I know you've said you've "sent out resumes" but you need to amp it up. See this advice I offered in another ask mefi discussion.
In terms of how much notice you give, unless there are extenuating circumstances that are particular to your industry, you should never give more than two weeks' notice. So many companies now walk people to the door when they hand in their notice. If you are entry-to-mid there is no reason for more than two weeks' notice. I guarantee you you won't get two weeks' notice if they decide to let you go.
In terms of waiting to see if you get laid off, it depends. The severance package will probably decrease in value as the company loses money. The COBRA subsidy is still in effect until the end of 2010 so that takes care of your health insurance (guessing based on your stated role but IANAL so take with a grain of salt). If you think the company can surge back and you can take on some additional responsibility that would look good on your resume, that could be a reason to gamble.
posted by micawber at 9:30 AM on May 22, 2010 [1 favorite]
The fact that you are still there is not any kind of metric of "value" necessarily. Don't read that to think that you won't get hit at the next RIF (reduction in force). It just means that there was no reason to obviously get rid of you, because your manager fought harder than the other managers did, or because you are cheaper than other people they got rid of - or a whole host of other reasons. I bring this up because I once survived two RIF's to think I was "safe" only to get cut in the next one.
As to how you bring it up, what you say below is not bashing them, it's accurate:
However, with the economy downturn came a huge slow-down in work. Most of our clients just don't have the money to be building the projects that we work with. In the last year, the company has laid off almost half the company, and last week we were told we are now on a severely reduced work week
You don't have to say that in your cover letter but it's your answer when you interview. That is not bashing or hurting the company. That is the truth. It is not proprietary information and I guarantee you that it's not a secret in the industry. I guarantee you that all the competition already knows.
Start looking now. It is easier to find a job when you have a job. Don't worry about "jumping ship" or loyalty, because you will get dumped if it is necessary to dump you to keep the ship afloat. I guarantee you others are also looking. I know you've said you've "sent out resumes" but you need to amp it up. See this advice I offered in another ask mefi discussion.
In terms of how much notice you give, unless there are extenuating circumstances that are particular to your industry, you should never give more than two weeks' notice. So many companies now walk people to the door when they hand in their notice. If you are entry-to-mid there is no reason for more than two weeks' notice. I guarantee you you won't get two weeks' notice if they decide to let you go.
In terms of waiting to see if you get laid off, it depends. The severance package will probably decrease in value as the company loses money. The COBRA subsidy is still in effect until the end of 2010 so that takes care of your health insurance (guessing based on your stated role but IANAL so take with a grain of salt). If you think the company can surge back and you can take on some additional responsibility that would look good on your resume, that could be a reason to gamble.
posted by micawber at 9:30 AM on May 22, 2010 [1 favorite]
1) How do you know when it's time to bail?
When everyone's working a reduced work-week, it's time.
how do I frame this in potential interviews? This is a pretty small tight-knit business, and anything I say about my current company will get around.
Don't say anything abou the old company, say what you'd like to do instead. Tell the company you're interviewing with the reason you'd be interested in working with them!
posted by zippy at 10:50 AM on May 22, 2010
When everyone's working a reduced work-week, it's time.
how do I frame this in potential interviews? This is a pretty small tight-knit business, and anything I say about my current company will get around.
Don't say anything abou the old company, say what you'd like to do instead. Tell the company you're interviewing with the reason you'd be interested in working with them!
posted by zippy at 10:50 AM on May 22, 2010
You owe the company nothing, and you will see other people say that a lot.
However, if you're leaving, make it as easy on management and the other employees as you can, because these are the contacts you'll want to be on good terms with when looking for a new position (if not immediately, certainly at some point).
You've said you can't afford to be part-time, so you've got to go. Can you get your 30 hours in a three-day work week? Get your resume as shiny as possible and start sending it to other companies. Do you know people working at other places? Try to get an informational interview with their superiors. You can learn a lot about a workplace that way, and it gets your name in the brain of someone who may be in a position to hire you later.
Do you have your project status and daily tasks documented in such a fashion that another person could take them over easily? When you negotiate your departure with your manager (don't forget to ask for severance -- on top of any vacation owed) offer to do this during your two weeks. You'll be saving them money, getting the work done that needs to be done, ensuring your place for the next two weeks, and smoothing your team's path. You also may be saving your boss from the stress of having to decide who is next to be laid off.
There are other people working there who will deny the signs that things are coming to an end and cling to their position until the absolute last second. These people are typically just a little more senior than the position you've described for yourself, and will have just a little more emotional investment in this workplace, or in their own particular inertia. When you worry about leaving the company in the lurch, think of these people. Every person who jumps ship ahead of them gets two bonuses: one, the goodwill of that person clinging to the mast, who gets to keep their feet dry for that much longer, and two, knowing you don't have to compete with their slightly-more-senior resumes yet.
posted by Sallyfur at 9:44 PM on May 22, 2010
However, if you're leaving, make it as easy on management and the other employees as you can, because these are the contacts you'll want to be on good terms with when looking for a new position (if not immediately, certainly at some point).
You've said you can't afford to be part-time, so you've got to go. Can you get your 30 hours in a three-day work week? Get your resume as shiny as possible and start sending it to other companies. Do you know people working at other places? Try to get an informational interview with their superiors. You can learn a lot about a workplace that way, and it gets your name in the brain of someone who may be in a position to hire you later.
Do you have your project status and daily tasks documented in such a fashion that another person could take them over easily? When you negotiate your departure with your manager (don't forget to ask for severance -- on top of any vacation owed) offer to do this during your two weeks. You'll be saving them money, getting the work done that needs to be done, ensuring your place for the next two weeks, and smoothing your team's path. You also may be saving your boss from the stress of having to decide who is next to be laid off.
There are other people working there who will deny the signs that things are coming to an end and cling to their position until the absolute last second. These people are typically just a little more senior than the position you've described for yourself, and will have just a little more emotional investment in this workplace, or in their own particular inertia. When you worry about leaving the company in the lurch, think of these people. Every person who jumps ship ahead of them gets two bonuses: one, the goodwill of that person clinging to the mast, who gets to keep their feet dry for that much longer, and two, knowing you don't have to compete with their slightly-more-senior resumes yet.
posted by Sallyfur at 9:44 PM on May 22, 2010
This thread is closed to new comments.
1) If you don't think there is a future, act on your instinct.
2) State the facts, say you are looking for opportunities anyway and as people have been laid off recently ...
3) Depends on the benefits of being laid off. Look now, decide what to do when/if you get an offer.
posted by epo at 7:51 AM on May 22, 2010