Are You Working for a Failing Company?
by Marc Miller
I have multiple clients who currently work for failing companies.
These companies fall into a variety of industries:
High Technology
Pharmaceutical
Telecommunications
Oil and Gas
Each of them have worked for these companies for many years. Do they see the signs that the businesses are failing?
Well…they see it, but it is easier to bury their head in the sand than to admit they really need to get out!
So, what are the signs?
Repetitive Layoffs, RIF, Resource Action, or Redundancy
I have one client who works for a major pharmaceutical company. The building is starting to look like a cemetery—hardly a living being there. When there are more open desks than filled, that is a sure sign that you are working for a failing business.
How many times have I heard, I made it through the last layoff - I am safe!
No, it is not if you get laid off, but when.
This may well be a sign of a failing company!
Circling of the Wagons
This can typically be seen in upper level management, where the old guard circle the wagons and protect their own. One symptom I have been seeing is bright up and coming women being pushed out by older, more established men. You might call this the return of the “good old boy” network.
This usually happens before a major layoff. Upper management starts to maneuver themselves into prime positions before they screw everyone else.
This may well be a sign of a failing company!
Generous Pension Buyout Offers
I’ve had many clients who have been offered lucrative pension buyout offers within the last six months. They are “take it or leave it” offers, with the requirement that they retire. Most of these clients have been at their companies 30+ years, and are not in a position to retire (with children heading off to college, spouse with health issues, other mitigating factors, etc.).
They tell me, “If I can last just five more years…”
But beware—these offers expire quickly and will never be offered again. I tell them, “They want you gone! Figure out how to make it work!”
Reminds me of 1999, when IBM converted my pension to a cash balance plan and then switched it back for everyone who was over forty years of age. Oh yeah, minus a whole bunch of perks—like health insurance. A former boss of mine said:
They took it away and gave it back, they would never do that again.
IBM stopped funding the pension in 2008. I left in 2000 with a lump sum pension payout. Best financial move I ever made!
This may well be a sign of a failing company!
Management Bad Behavior
Have you seen bullying behavior?
Have your manager’s e-mails become more and more terse?
Do you feel like you are being shouted at in e-mails?
These are all signs of stress in the workplace. When a business is failing and in a tailspin, there is more work to be done by the few that are left. Stress levels increase exponentially. This brings out the worst behavior.
This may well be a sign of a failing company!
Does any of this sound familiar? If so, you may be working for a failing company.
It may be time to move on in your career!
https://www.linkedin.com/pulse/4-signs-you-working-failing-company-marc-miller
by Marc Miller
I have multiple clients who currently work for failing companies.
These companies fall into a variety of industries:
High Technology
Pharmaceutical
Telecommunications
Oil and Gas
Each of them have worked for these companies for many years. Do they see the signs that the businesses are failing?
Well…they see it, but it is easier to bury their head in the sand than to admit they really need to get out!
So, what are the signs?
Repetitive Layoffs, RIF, Resource Action, or Redundancy
I have one client who works for a major pharmaceutical company. The building is starting to look like a cemetery—hardly a living being there. When there are more open desks than filled, that is a sure sign that you are working for a failing business.
How many times have I heard, I made it through the last layoff - I am safe!
No, it is not if you get laid off, but when.
This may well be a sign of a failing company!
Circling of the Wagons
This can typically be seen in upper level management, where the old guard circle the wagons and protect their own. One symptom I have been seeing is bright up and coming women being pushed out by older, more established men. You might call this the return of the “good old boy” network.
This usually happens before a major layoff. Upper management starts to maneuver themselves into prime positions before they screw everyone else.
This may well be a sign of a failing company!
Generous Pension Buyout Offers
I’ve had many clients who have been offered lucrative pension buyout offers within the last six months. They are “take it or leave it” offers, with the requirement that they retire. Most of these clients have been at their companies 30+ years, and are not in a position to retire (with children heading off to college, spouse with health issues, other mitigating factors, etc.).
They tell me, “If I can last just five more years…”
But beware—these offers expire quickly and will never be offered again. I tell them, “They want you gone! Figure out how to make it work!”
Reminds me of 1999, when IBM converted my pension to a cash balance plan and then switched it back for everyone who was over forty years of age. Oh yeah, minus a whole bunch of perks—like health insurance. A former boss of mine said:
They took it away and gave it back, they would never do that again.
IBM stopped funding the pension in 2008. I left in 2000 with a lump sum pension payout. Best financial move I ever made!
This may well be a sign of a failing company!
Management Bad Behavior
Have you seen bullying behavior?
Have your manager’s e-mails become more and more terse?
Do you feel like you are being shouted at in e-mails?
These are all signs of stress in the workplace. When a business is failing and in a tailspin, there is more work to be done by the few that are left. Stress levels increase exponentially. This brings out the worst behavior.
This may well be a sign of a failing company!
Does any of this sound familiar? If so, you may be working for a failing company.
It may be time to move on in your career!
https://www.linkedin.com/pulse/4-signs-you-working-failing-company-marc-miller