Job security is good while it lasts. As long as you have a stable job, you’ll continue to receive your salary and other benefits like life insurance plans from your company—this is the ideal situation.
Still, it would be best to be prepared if your company went out of business, which would affect your job security. Several factors might cause a company to shut down, from internal conflict to bad management decisions to an economic recession.
The sooner you spot the warning signs that your company is on its way out, the faster you can create a plan around managing your expenses and finding better opportunities.
These signs could mean your job or company isn’t as stable anymore:
1. The office atmosphere has become tense
No office culture is perfect. Even if companies and employees make sincere efforts to cultivate positive relationships, things can still turn sour between you and the management or other team members. The fun work environment you used to enjoy is gone, with office politics and divisiveness becoming prevalent instead.
Once you start noticing that people are finding it more convenient to pass blame than being accountable for their actions, you may want to think about your next course of action. You could talk to your boss, seek an audience with HR, or evaluate other options.
2. There is a sudden change in management direction
Management decisions like mergers and acquisitions often result in leadership changes within the company. The new business owner or leader may see the need to shuffle teams to eliminate redundant roles. It’s also possible for the new boss to bring someone else in to get a fresh perspective on things. Either way, your job may be on the line.
In some cases, a management shakeup does nothing to employees’ job status, but it pays to know the current leadership style, as it can bring about changes in office rules or business strategies.
3. Fewer or no new projects are coming your way
If you’ve been with a company long enough, you’ll be in an excellent position to tell how well things are going. If there’s no balance in the amount of work you’re doing against the actual number of projects coming in, something may be wrong. It’s either your manager thinks your work performance is no longer up to par or your team effort isn’t at the level it should be.
4. Company direction from bosses turn vague
While it’s normal for team leaders and managers to discuss business matters among themselves first before rolling out important announcements to the teams, you may suddenly find that it’s no longer the case.
Closed-door meetings may be more frequent. Employees may be kept waiting for answers. These are red flags that changes could be in the offing, and that includes your job.
5. Financial troubles in the company
Although financial troubles are part of any business, it’s a different thing when you see a recurring trend.
These could be things like delayed employee salaries month after month, unreasonable cost-cutting measures, and sales quotas going down. These may be telling signs that your job or company has become less stable. If the company continues to struggle to make profits, you should start feeling alarmed.
6. Someone else is training for your position
In any team, it would usually be apparent if the team is scaling down or expanding. You could get notified of layoffs, a hiring freeze, or mass hiring. If it’s the former, then it can be awkward if someone asks you how to do your job. Perhaps someone from your team has requested for you to walk them through your job’s daily responsibilities down to the tee.
These could be clear signs that the company may be preparing someone else to assume your role. Make sure you clarify the status or intention of the training, especially if you should be made aware that your team is getting an additional headcount so you can be more at ease.
7. People are preparing exit papers
Are company issues and complaints falling to deaf ears? Are payments always coming in late, without explanations as to why things are this way? Or perhaps, there are people in your company that are getting fired unfairly. These are just a few reasons why many people could leave the company. Mass resignations are not your fault, and they’re also something that you can’t control. So before your boss signs off your papers, the best thing to do is to identify the next steps in your career.
Secure Your Future No Matter What Happens
No one ever wants to lose their job, as it means losing certain health and life benefits, too. Besides being open to other options, it may be a good idea to keep family members in the loop and to discuss the significance of having a personal insurance plan with them. This will entail a family investment, but it can help everyone be a step ahead of any uncertainty.
BPI AIA’s roster of life insurance plans offers the security you want for your family’s future. Request for online consultation with our Bancassurance Representatives.