There used to be a time when people could think of retiring from the same company they opted to work for at the age of 25. They didn't have to worry if it was a government organisation or private entity. Only two things needed to be taken care of – their job performance and their relationship with their boss.
Then came the era of funded startups, and job security dropped out of sight!
Image : shutterstock
If you're working in a non-governmental body and are skeptical about a long-term future with your current employer, you need to pay heed to the points below. They may not save your job, but they can definitely help you face the reality and prepare for layoff round well in advance.
While expanding, companies try to raise funds through different methods, such as venture capital, private funding, IPO, etc. If your company initiated an IPO (initial public offering) recently and didn't get a good response from the public, chances are it'll opt for cost cutting in the near future. Mass firing is the easiest way to start the proceedings. Remember what happened at Zynga?
Consider this. You've joined a startup which is still making its way into the market. There isn't any significant need for mass-hiring, yet one day you come to know that it's hired over 300 candidates in the last week. History suggests how hiring and firing are interrelated. This report on quick mass hiring and its consequences can be an eye opener for you. Start considering alternative career options if you find something like this going on in your company.
In today's fast-paced era, you either eat your competition or get eaten. Nothing else can help you in the long run. Mergers and acquisitions have become very common. All the major companies, especially the ones in the retail sector, try to acquire the small fish to eliminate competition from the market. These transactions often lead to excessive management restructuring, which may not bring good news for the existing staff.
When something bad happens with any organisation regarding financial results, for instance, senior management disputes, board issues, etc., the general staff is likely to get a taste of it sooner or later. Unless you spot any such issue at your workplace, chances of it hitting your job are very high. Be wise and ask your friend in another firm to pass your resume to their HR manager.
When cash inflow decreases and clients ask for extra time to rethink extending the contract with any company, the first thing that the senior management does is cut down fixed costs to lower down expenses. Since project outsourcing has its own benefits, many companies opt for it from time to time, especially those operating in online publishing and IT sector. If you've been noticing excessive project outsourcing lately, chances are senior management is planning something that's not good for your employment status.
A couple of other mass firing signs can include failure to turn profitable in last few quarters or poor rating from major rating agencies. These signs are not good at all for your career with your current organisation.
Keep them in mind and plan a job switch before you get thrown out without any notice!