Do you walk into work every day wondering, "Is today the day?" or "Is this going to be my last day here?" Instead of being excited that it’s Friday, there is a dark cloud looming over the office because it’s the day the company normally does their layoffs. The fear of the unknown can be overwhelming and extremely stressful. How can you handle the anxiety and stress of working for a company that is going under and what is the best exit strategy to follow?
Roy Cohen, career coach and author, "The Wall Street Professional's Survival Guide" suggests, “The first question to ask: Am I absolutely certain that the company is in as bad shape as I think? If so, will they offer and honor a severance package and how generous does it have the potential to be? In evaluating the situation, consider whether the company has faced the same challenges before and how they managed to navigate successfully. Think Barney's, the luxury retail chain, which has repeatedly declared and emerged from bankruptcy.”
So should you immediately start looking for a new job or hold out?
Roy says, “Of course, begin to job search immediately. Activity is often a powerful stress reducer. Knowing that you have begun to explore life outside and just making even a little progress each day allows you to gain some control in this process. Getting smart and up to speed on job searching also minimizes the stress of not knowing your status because you are creating a new status, one where you are in the driver's seat. But be careful not to jump from the frying pan into the fire. When you accept a position impulsively, there is the very real potential to discover that your old company survives and your new company is more fragile than you initially thought.”
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He adds, “If your company is in bad shape, you may be able to flex your muscle a bit. It is possible that they cannot afford to lose you at this critical point in time. If so, you may have the power to negotiate a stay bonus or incentive.”
This leads us to the exit strategy. What is the best way to pack up and leave?
Of course you do not want to burn bridges. Once you have found your new job, be professional, and leave on a good note.
Staying in this type of situation is not healthy because of the stress it can have on you! It’s like a domino affect, it becomes the only thing anyone wants to or is talking about within the company. All of a sudden people are taking polls and bets when the company is going to eventually close the doors. Stay out of this mess and just keep doing your job! It will save you from getting overly anxious and will keep your mind busy.
So keep your head up high, stay smart, and look for other career opportunities!
