The forecast is pretty grim at your job. A round of company layoffs have swept in and more are looming. There\u2019s a chance you\u2019re next to get the pink slip.<\/p>\n
It\u2019s a conundrum: Do you stay and hope for a turnaround, or do you walk away and start fresh?<\/p>\n
\u201cYou have to balance the fine line between remaining loyal to the company that hired you and covering your rear end,\u201d says Mark Moyer, a career coach and business strategist at New York City\u2013based Compass Points Advisors, \u201cbut that line can be blurry.\u201d<\/p>\n
Your trepidation can also affect your decision-making. \u201cA lot of people fear change, so they put their head in the sand,\u201d says Nancy Segal, owner of HR consulting firm Solutions for the Workplace. Others, meanwhile, start to freak out at the prospect of\u00a0getting laid off, so they decide to pack it in and quit.<\/p>\n
And you? Take a deep breath, step back, and assess the position you\u2019re in by asking yourself these five questions. How you answer them will help you determine whether you should stay at your company or find another job.<\/p>\n
\u201cIt\u2019s always easier to find a job when you have a job,\u201d says Segal. Translation: Ideally, you should have your next job lined up before leaving your current one.<\/p>\n
To find your next gig, start by researching your industry\u2019s job market on Monster\u2014specifically focusing on openings that match your skills and level of experience.<\/p>\n
If it\u2019s been a while since you last searched for a job, now is the time to\u00a0update your resume\u00a0so that it reflects your current skills and\u00a0recent accomplishments. Pro tip:\u00a0Use metrics\u00a0to highlight your achievements, says Segal (e.g. \u201cOversaw an annual budget of $100,000 and cut costs by 10%\u201d).<\/p>\n
Depending on your organisation, there could be a number of financial advantages to staying at your job until you get laid off, says Lisa Adams, a Saratoga Springs, New York\u2013based career coach. These potential benefits include:<\/p>\n
Look at your company\u2019s employee handbook or consult HR to see what benefits you\u2019d be entitled to, Segal recommends, and check to see what you would need in order to\u00a0qualify for unemployment benefits\u00a0in the event you get laid off. (Requirements vary by state.)<\/p>\n
All this being said, don\u2019t wait until you\u2019re suddenly jobless to begin a new job search. Get set up now, before the unavoidable layoff-related disappointment (and layoff-related paperwork) sets in.<\/p>\n
Whether you\u2019re a manager or still at the entry level, getting a new job isn\u2019t something that happens overnight. The\u00a0hiring process is going to take time, so you need to plan your finances accordingly.<\/p>\n
In other words, if you\u2019re dying to\u00a0quit your job, you should have\u00a0freelance or consulting work\u00a0set up so that you can stay financially stable while you look for your next full-time job.<\/p>\n
It\u2019s easy for your judgment to become clouded at this pivotal stage, particularly if you love your job. \u201cPeople get emotionally attached to their companies,\u201d says Adams. There\u2019s also the fear of diving back into the job market if it\u2019s been a while since you looked for a job, she adds.<\/p>\n
Another misguided reason some people stay when their company is sinking rather than applying for better jobs is just plain laziness. \u201cIt\u2019s easy to put off job searching, especially if you don\u2019t have your resume together or you haven\u2019t done anything to keep your [professional] network active,\u201d says Jennifer McClure, president of Unbridled Talent LLC, a leadership advisory firm.<\/p>\n
Therefore, if you want to stay at your job, you still need to ask yourself why.<\/p>\n
If you don\u2019t have another job offer yet, the strongest evidence that you should quit post haste is if your job is negatively affecting your mental health. Of course, there\u2019s a difference between having a bad week and being deeply miserable because your\u00a0boss is toxic, you can\u2019t sleep, or other chronic, troubling issues.<\/p>\n