Are you the next in line for unemployment?

Chris Wodke
http://www.summittrainingpublications.com/

No one wants to find themselves out of work, especially in a shaky economy.

Unemployment can disrupt every aspect of your life from your finances to your self image.  Would you want to know if losing your job was a possibility?  If you knew the warning signs you could take steps to prepare yourself.

Sometimes there are signs either your company or your job is in trouble you’re your company is in trouble you may lose your job even if your performance is good.  Your company may be doing fine, but your job is in trouble because of workplace politics, interpersonal issue, poor performance or issues with your boss.  In part one we will focus on the warning signs your company might be in financial trouble leading to your job loss.

Merger

Your organization was purchased by another company or your organization purchased someone else. Job cuts usually follow as duplicate functions like accounting and payroll are combined.  The job cuts do not always come out of the acquiring company. Be especially alert of one of the organizations was struggling financial.

Industry Downturn

You may be in an industry that is in a permanent downturn such as airlines or manufacturing. These industries are all shedding jobs. If competitors are cutting jobs, your company probably will be too.  Some industries like housing and construction are in a temporary slump but are still losing jobs.  The cuts may not stop until the economy turns around.

Financials

Pay close attention to financial reports. Did the company make earnings targets?  Did the company pay the promised dividend?  Are sales down?  How is the market share?  Is the company position in the market dropping?  Has the company bond rating dropped?  Is the company having trouble paying suppliers? Problems in any of these areas are a warning sign. Has the stock price dropped?  The stock price is an indication of what the market thinks of the company. A sharp drop may be due to poor financial performance and is an indication of trouble ahead.

Cost Savings

Are budgets flat or being slashed?  The company may be conservative or this can be an early sign of trouble.  Have wage increases disappeared or been rolled back? Is there a hiring freeze?

Celebrations

Are important project milestones still celebrated?  Has the company cut back on things like retirement parties and anniversary celebrations? Holiday parties and celebrations are one of the first things cut and can be an early warning sign of trouble.

Perks

Have employee perks been cut or curtailed?  Are executive perks being cut or curtailed?

Are executives cashing out their stock options?  If multiple executives are cashing in options they may be concerned about the long term financial performance of the company.

Product Issues

Has the company lost a large product liability suit?  Large settlements can wipe out large amounts of profit.  Has the company had a very public product recall? Think of the recent problems with tainted peanut butter.  The suspect company is now out of business.

Is the company having significant product quality problems?  Large amounts of returned product or high warranty costs can adversely affect the bottom line. Bad product can lead to loss of reputation of your company and loss of customers.  Large enough losses can lead to job cuts.

Market Share/Over Expansion

Has the company market share dropped?  A lot of competitors may make it difficult to make a profit.  Has the company over expanded or expanded too quickly.  Think of Starbucks. There is one on almost every corner.  For the first time this year the company is struggling financially.  Has the market taste changed?  A few years ago Krispy Kreme could not pump out enough doughnuts to meet demand.  The fad started to fade and Krispy Kreme began closing stores this year.

Any of the above factors could lead to job loss if present in your organization.  In part two of the article we will take about some of the personal signs your job may be in trouble. In future articles we will discuss steps to take if you see the warning signs. Stay tuned!

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Titles: Product Safety and Liability, Aftermarket Product Safety,Hazard Analysis, Product Safety Meetings, Warnings, Instructions and Manuals, Product Liability European Union, Obtaining the CE Mark, Risk Assessment, European Union, Product Safety Management Product Safety Audit, Workplace Violence, Substance Abuse, Sexual Harassment, Manager as Coach, Hiring, Firing, Performance Appraisals, Diversity, Americans With Disabilities, Business Etiquette, Security Abroad, International Business Manners, Customer Service, Customer Communication, Terrific Teams, The Manager as Trainer, Coping With Difficult People, Managing Your Boss- Problem Bosses, Malcolm Baldridge Award, Presentations/Public Speaking, Discrimination, Listening Skills, Negotiation, Conflict Resolution, Alternative Dispute Resolution, Total Quality Management, Motivation, High Achievers, Time Management, ISO 9000 Introduction, ISO 9000 Implementation, Quality Audit, Introduction to the Internet, Stress Management, Telecommuting, Flexible Work Schedules, Creativity and Innovation, Benchmarking, Effective Business Writing, Customer Letters, Motivating Self and Others, Project Management, Managing Multiple Projects, Brainstorming, PERT Diagrams, Train the Trainer, Train the Trainer-Delivery, Train the Trainer-Writing Presentations, Train the Trainer-On the Job Training, Train the Trainer-Using Visual Aids, Project Management, Peer to Peer Feedback, Surviving Unemployment, Interview Preparation