What Would You Do If Your Company Is Closing in a Years Time?

it - Information Technology
@Muelitz (1592)
Canada
October 22, 2012 10:16am CST
If you found out that your company might close in a matter of a year, what would you do? Management is still uncertain when it will happen but it looks like it is inevitable. We thought it is going to be in 3 or 5 years from now. Recently, a friend of ours who used to be with our company told us that our company will be closing in a year or so. It is very hard to believe because it still feels like it is business as usual for our company. What steps would you take if you are in this predicament? Would you panic? Would you stop working hard and wait for the last day of working with your company.I am updating my resume as early as now and begin applying. My present work is in information technology so I will also try to see if I can enroll and get more updated in what's the latest nowadays. This way I believe I will have a better chance in getting a new job.
3 people like this
18 responses
@deazil (4556)
• United States
22 Oct 12
As others have said start saving money and update your resume. Then you should look around and see what's out there. My company closed but management didn't tell us when they found out. They were afraid people would start quitting. The company was under contract to the post office. They lost the contract after 13 years to another company. They told us a 2 months before the closing date. I should have looked for a job then. Better to go from one job right to another without a break in between. I stayed until the last day which happened to be my birthday. It was like Happy Birthday, you're out of a job. That was last year, Oct. 30th. I still can't find a job. But I don't have a skill like you, either and I'm 64. If you're young I would say what I said above. You don't want to outright quit, especially if you're on good terms with management. But the bottom line is you need to look out for yourself because nobody else will. When it comes to people losing their jobs things can get pretty cutthroat. And if you've been there a long time starting at a new company you won't have as good benefits. But that will get better after you're there for a while. Hope this helps. Good luck!
@Muelitz (1592)
• Canada
23 Oct 12
I am sorry to hear that you still can't find a job. I hope that you do get one soon. Thanks for your input
@deazil (4556)
• United States
23 Oct 12
Thanks for commenting! I do appreciate it. There aren't many jobs where I live and nobody wants to hire someone who's older. Thanks for your good thought and I wish you much luck. I hate to see a younger person who wants to work and not be able to.
@Muelitz (1592)
• Canada
23 Oct 12
No problem. It is the opposite from where I live. There are a lot of opportunities, however, there are also a lot of competition. Let's not lose hope.
• China
23 Oct 12
I totally agree with ur idea. Getting everything ready for the next job is the first and foremost! Don't be so depressed at working and try to enrich and learn at this time, because u r not work for the bankrupt-company, u work for urself. I never thought I was working for others, I work for the better future of mine. If u hold this thoughts, I'm sure u can get a better job next! FYI, although I'm in a state-owned company right now which is considered as a better work place in our city, it's having a downturn gradually, and I am now preparing for my next one. Hope I can help u.
1 person likes this
@Muelitz (1592)
• Canada
23 Oct 12
That is one good way of looking at it. We do work for our future and also our families.
@kiiw013 (102)
• Slovenia
23 Oct 12
I would open my own company and build my own clientèle. Then if management closes the company, I'll have my own company to fall back to. If the company goes on after a year, It can't hurt to have another venue of income, being my new company open.
@Muelitz (1592)
• Canada
23 Oct 12
I would imagine that you are rich to be able to think this way. In my case, I do have the capital to start a new company.
@mariaperalta (19096)
• Mexico
22 Oct 12
This seems to be happening all over. Honda is closing a big plant here in Mexico. 2000 will lose their jobs come dec. Not a good time for this. If you are losing yours Id start looking for a new one right now. Also start saving money now- as you dont know how long will take you to find another one. Good luck to you there. i know how you feel.
@Muelitz (1592)
• Canada
23 Oct 12
You are correct, a lot of companies are closing because they can't compete with large corporations that can provide goods and services at a lower rate or they simply move to a country or location that has lower manpower cost.
@mythociate (14751)
• Oklahoma City, Oklahoma
22 Oct 12
If you can get a better-paying job with a better company, then Get the job and Give the old company your 'two-weeks' notice.' Then just keep working as hard as ever, in order to maybe get a good letter-of-recommendation from your old employer after you switch.
1 person likes this
@Muelitz (1592)
• Canada
23 Oct 12
Yes I agree. I do not want to burn bridges.
@lampar (7597)
• United States
22 Oct 12
The most logical thing to do is starting to be on the look out for a potential employment opportunity similar to your present responsibility in this company in and around the area. Apply for the job if vacancy arise, once accepted, you can either move over to the new company after this company close down, or begin working for the new company a month before close down. It all depend on the term of negotiation during your interview and what's in the offer. It is nothing wrong for you to look for a new place to work a year from now since present company is definitely going to close and its fate is sealed.
1 person likes this
@Muelitz (1592)
• Canada
23 Oct 12
Thanks for your input. I will indeed keep an eye out for job opportunities. For all we know I may find a better one and one that is nearer where I live.
@Lucky12 (770)
• United States
22 Oct 12
I would start looking for a job as soon as possible. I mean you can also try and get some more training in and look at other companies that might take your position or in need of your skills. I know that it is hard, but you have to save some money up and just try to see if you can find sometihng else. These are the things that I would do, because once the company is gone I would hope to have something to fall back on for a while. If you have to stay home at least you will have some stuff saved up that you can live off of.
1 person likes this
@Muelitz (1592)
• Canada
23 Oct 12
Yes, saving for a rainy day is one of my favourite mottos. I just hope and pray that when the time comes I am prepared or have saved enough.
• United States
22 Oct 12
Keeping your resumse up to date is a thing you should always do on a regular basis just in case something always does happen. You always need to be thinking about what about if you got fired and you need to get your resume out the day it does happen. I dont know if i would panic right away because at least i would have a year to get a new job and that is a pretty long time bnut there is always unemployment if your employer pays into it of course and they should all be paying into it they have a payroll going on. Now just keep sending your resume out to many places a day hoping things will get better and you find a new job soon. Even if you find a job and your still at your current job you give your current job a two weeks notice and let the company that hires you know you can start in two weeks.
1 person likes this
@Muelitz (1592)
• Canada
23 Oct 12
Thats the plan, send the prospective employers my resume and pray hard that it gets noticed.
@anklesmash (1417)
22 Oct 12
What I would do is start looking for a new Job straight away.I would also try and save as much of my wages as possible just in case there was a period of time in which I was unemployed and had no money coming in. I wouldn't stop working hard though,just in case the company didn't close and even if it did you may need a reference from your employer,which you want to be as good as possible to make it easier to get a new job.Good luck and I hope you manage to find a new job before lose your current one.
1 person likes this
@Muelitz (1592)
• Canada
23 Oct 12
That is very true, you would need references from previous managers or co-workers when you apply for a new job. I remember one of our managers who left 2 years ago. He always tell us that it is okay for us to make him as one of our references but we have to bear in mind that he will answer the person who contacts him very honestly and would only tell the truth. So I will still work hard till the company really closes or until I get a new job.
@zandi458 (27952)
• Malaysia
22 Oct 12
With experience and qualification landing in another job shouldn't be any problem. You should not be too hasty in quitting your present job but to wait for the company to wind up. Usually companies that are closing down would compensate their staff. I would ofcourse be on the look out for new jobs once the company cease operation.
1 person likes this
@hereandthere (27985)
• Philippines
23 Oct 12
it happened to me and i got a windfall. my mistake was not thinking it through and taking advantage of it. i did pay off debts but i didn't make the rest of the money grow. it's an opportunity to ask yourself what you really want to do. do you have other skills you want to develop? is there an industry you're interested in? do you want to start a business? online or offline? i also believe the whole family should be involved if financial challenges are on the horizon. hopefully, the company will just downsize and you will be retained.
@Muelitz (1592)
• Canada
23 Oct 12
As of the time I heard the news, the plan was to close the company. Most of us are still hoping that the company could make a big turn-around and maybe what you mention about just down-sizing might happen. Only God knows. Thanks for the positive remark
@shylade (3137)
• Philippines
23 Oct 12
I will feel really bad if that will happen. Because first we are still paying for our house amortization and that will end 5 years from now. Second, we have a son we are supporting and my husband and I are working in the same company. Sometimes, that idea struck my head. we are in the same company, what will happen to us if the company will close. But then, I trust god that whatever happen there will always be a reason and a better one to replace. We have been here in the company for almost 10 years now and with the proper training we got here I am sure we can find a better job. Also, we are already establishing our own business. With God's grace it will be big one day.
@Muelitz (1592)
• Canada
23 Oct 12
I also believe that God will not forsake us. In Philippians 4:19, Paul writes, “But my God shall supply all your need according to His riches in glory by Christ Jesus.” Best of luck in the business you are starting. I pray for its success. Peace!
@dorannmwin (36698)
• United States
23 Oct 12
I have to admit that I would initially panic, but that would be something that was short lived because once I had a little bit of a chance to think about it, I would come to realize that I did have time where I would be able to find another job. So, I wouldn't be rash and quit the job that I had at the time before I was able to get a job that would ensure that I had an income. I would take the opportunity that had been given to me and I would start looking for a new job while I still had a job.
@Muelitz (1592)
• Canada
23 Oct 12
I have to admit that the first time I learned about it, I did not sleep well. Like you, I realized that I do have ample time to be prepared. I do not want to lose sleep about this anymore so I keep on praying for our Lord's guidance.
@Asylum (48288)
• Manchester, England
22 Oct 12
Personally I would have no concerns at all because I will be due to retire in just over 18 months, so it would have virtually no effect on me. Of course I appreciate that this is not the case for yourself and the future of your career is the main concern. I would certainly not advise lowering my efforts in your current job because you need to maintain a good reputation which is likely to reflect on any future references. Obviously updating your resume is important and I also feel that bringing your knowledge of the field is a good idea, as you have already mentioned. As for panicking, it is certainly a little premature for that. Your only logical approach is to begin job hunting now to try to avoid any last minute urgency.
@Muelitz (1592)
• Canada
23 Oct 12
Good for you. I only wish I was on the same boat, then I did not have to worry also. Good advice. Appreciate it. Thanks
@ShepherdSpy (8562)
• Omagh, Northern Ireland
22 Oct 12
Knowing that you have that much time in which to prepare your next step can only be a good thing..Giving you time to get your CV in order,polish up transferrable skills,and do some networking and Jobhunting for your next move. After that,it's up to you and where your Loyalty to the company lies, whether you wait it out until the end or Jump ship before it hits..
@Muelitz (1592)
• Canada
23 Oct 12
Whyat I heard was that we have a year before it closes. However, it was not formally announced by management. For all we know, it can be sooner. I would prepare as early as now but will not rush things
@beamer88 (4268)
• Philippines
22 Oct 12
That's one of the first thing you really have to do - update your resume. Try to add to your skills too or improve on them. It wouldn't hurt also to inform your network of friends regarding your situation. They might have job leads for you. And if it's really confirmed that the company will indeed close, it's best to look for another job and not wait for the last minute when the company stops its operations altogether. One might encounter problems in getting their last pay and other payables due them. I've been in a situation like this - waiting till the company I work for really closes down. This happened two years ago, and we're still waiting for all payables due us.
@Muelitz (1592)
• Canada
23 Oct 12
I am starting to update my resume now and I will definitely check with my connections of friends and ex-colleagues if they are aware of any job openings. I hope that you receive your last pay and compensation soon.
@thesids (22367)
• Bhubaneswar, India
22 Oct 12
for me, it depends on the position i have in the company and also how good are my relations with the owners. the last company where I worked had an australian Boss and though we all knew that the company would close down its Branch office here in India in about 2-4 months time, I did not quit. I did apply to other firms only after consulting with my boss. I got appointed but I specifically mentioned that I will take 3-4 months time before I join as I am the Managing Director at the BO and I can move/relocate only after we have completed all the formalities at the BO. Reason was my long association with this Australian Firm, the Payments were good and always on time. What else should I have asked for? and you might not believe, one of the new firms where I eventually joined hired me only because of this "Depndability" thing.
@Muelitz (1592)
• Canada
22 Oct 12
It's nice to know that things worked out well for you. It is nice if you are working for a multi-national company. If they close down a branch, they can reallocate good and hard working individuals. I am not sure if that could happen for a small company though. I do agree with you about being loyal. If your manager moves to another company and they needed someone for a position that a loyal and hard working individual can do. Chances are they would contact you.
@shorty08322 (1270)
• United States
23 Oct 12
look for another job