It’s likely not something you want to actively think about too often. After all, when a business that you’re an employee of starts to look like it’s in trouble, that means your job is in jeopardy, too.
However, the fact of the matter is that you can’t afford to ignore the red flags that a business is starting to show signs of failure. You have to be prepared, so you have to start noticing the warning signs as soon as possible.
Everyone’s stuck and unhappy
Has it been a long time since the business has updated in any way or launched a new project? The signs of stagnation might be harder to see when you’re in the thick of it, so look at the trajectory of your own career there as well as those around you.
Are you failing to get the development crucial to your career? What’s more, does it seem like everyone is stuck in the same kind of position? If a business is no longer able to expand, to offer training and promotion, and new opportunities to its employees, it might very well be stuck in a rut. Once you start stagnating, if you can’t pull yourself out of it, the only way to go is down.
The cash flow runs dry
This should be the biggest warning sign. Even the biggest companies can occasionally have issues with cash flow. Sometimes, they might even disrupt payroll. But when those problems grow to the stage that you are regularly not getting paid on time, it’s a big indicator that the finances are in serious trouble.
More than looking to run for the hills, make sure you get your fair due with http://www.turleylawfirm.com/practice_areas/san-diego-california-wage-and-hour-attorneys.cfm. Just because your employer isn’t able to keep their finances in order doesn’t mean that you should be willing to let them keep your time and labour for free. That is wage theft and it is illegal, so don’t tolerate it.
Those who can leave will leave
It might be the case that others have seen the warning signs before you have. Often, they might be a little higher up in the food chain and privy to the red flags of the business in trouble before you are. When these people start leaving, it might signal the beginning of a dramatic spike in employee turnover, where people keep leaving and new replacements are found.
As https://www.thebalance.com/the-high-cost-of-high-employee-turnover-2276010 shows, this can negatively impact the business in a huge variety of ways. Management styles could vary regularly, team morale and company culture can go down the drain, and it could be a major drain on employer finances to the point that it spreads into payroll trouble.
So, if your employer is in trouble, what do you do? Start updating that resume, putting aside extra cash for a short-term emergency fund, and get looking on the job market.
You don’t have to quit immediately, but you should be actively looking for a new place to work so that you won’t land quite as hard as some of your coworkers might.