Ask A Recruiter: When To Jump Ship Or Hang On

Contributed by Caroline Ceniza-Levine of SixFigureStart

The following question came up at a recent workshop that I led about career management during a down market:

“My company is downsizing in waves. People are telling me to grab a buyout if I can because future severance packages will probably be less generous. Should I try to hang on or leave as soon as possible?”

There is no one answer to this question. You might welcome a downsizing an opportunity to start fresh somewhere else. On the other hand, many jobseekers are flooding the market at the same time, so looking for a job now may be extra challenging. Early buyout offers may be better than future ones if you think the company might run out of money or be unable to turn this situation around. On the other hand, staying put could give you a chance to prove yourself in a difficult, turnaround situation and be one of the few who survived and thrived.

Therefore, you have to assess the variables specific to your situation and decide what is best for you. Here are a few questions to help you with that process:

  • Do you like your job? Will your job dramatically change in the short-term? What are your prospects in the long-term if you stay?
  • Can you launch a proactive and thoughtful job search now? What are your financial obligations and time constraints? Do you have an updated resume and other marketing materials? How robust is your network? Do you have a clear sense of what you want in your next role and therefore what you are looking for?
  • How are you perceived in your current company? Who is invested in your career? What moves are they making?
  • What is your current employer’s condition? Are these problems a temporary blip or the first sign of a protracted downward spiral?
  • Can you get a stock options buyout or severance package? Can you become part of the turnaround team?

The questions you need to answer when making a major career move in a down market are really the same ones you need to consider in any market. You need to be attuned to your company’s financial situation, industry performance and your own career prospects so that you can make a decision that incorporates all of these constantly changing variables. You need to know what you want and what resources you have in order to change or secure your situation. The major difference for these decisions in a down market is that there is a sense of time urgency, as the buyout offer may expire, you may get laid off or the company may fold. Therefore, answer as many of the above questions now, while you have the time to be introspective, do your research, and prepare (your resume, your emergency savings, your network). Then, if you need to make this decision sooner than you planned, you can at least make the best decision for you.

All information is copyright © SixFigureStart 2008. Caroline has worked in retained search and corporate HR and has recruited for Booz Allen & Hamilton, Accenture, Oliver Wyman, Citigroup, Time Inc, Disney ABC and others. Pose a question for a future Ask-A-Recruiter column at caroline@sixfigurestart.com. Learn more about navigating the search process in a down market and other job search secrets from SixFigureStart’s Proactive Job Search Basics teleclass series. Next series starts April 7. More info at www.sixfigurestart.com.

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