Stay or go?

tempnam

The company I work for has taken a hit recently with notice of the cancellation of our main contract.

It looks as if we are in serious trouble, with not much of a chance to turn it around. This would account for around 60% - 70% of our business, having already had to downsize in recent months...

We have about 5 months left to try salvage something but I'm not confident that anything positive will be achieved.

Despite everyone's efforts we're not winning any new business and management seem to have their head firmly buried in the sand!

I'm wondering if it's time to start looking for something else? I'd hate to leave only to find out:

1. Things have picked up and the company is doing well (unlikely)
2. I've missed out on any redundancy

In general I like working here. Been here for a few years now and it's not the worst place in the world - although I'm sure there is a lot better available!

I'd like to have something lined up so that if redundancy does happen I can take that, clear some debts and walk into another job. But I think it's too early to be speaking to any other employers - nowhere will hold anything open for 5 - 6 months!

Also - I'm suffering recently with anxiety / panic attacks.... So the thought of having to go through the whole process of searching for a new job (interviews) is really daunting and scary...

I'm torn - don't know what to do.

Any advice greatly appreciated...

LegacyUser

It is a hard position your in at the moment.
If you look up www.welfare.ie and look under redundancy you can find out how to work out what redundancy you are entitled to.
If you are a member of a union I would contact them and speak to someone about what is happening in the company. If you are not a member of a union I would get some legal advice on this.

I would start to look for a job now.
You could hold on for 4 -6 months for a small amount of redundancy and find there are very little jobs available towards the end of the year. Also I would find out what types of jobs are in your area and be willing to do some courses to make you more suitable for these.

I know that you are not looking forward to job hunting but you need to look on this as a new chapter in your life. At this stage you need to consider your own life rather than that what is happening for the company you work for.
Good Luck and let us know on Boards what is happening for you.

tempnam

Hi lady lady, thanks for your reply. I did already look up what I'm likely to get by way of redundancy and it would be a nice little lump sum to either clear some debt (if I get another job lined up straight away) or tide me over for a couple of months while the job hunt continues.

I am actually in the middle of a degree course relevant to the industry I'm in and I have a couple of years left to go so I have to keep that in mind also. However, this is funded by my current employer.... If I leave I will likely have to re-imburse them for the cost to date but if the company goes bust I'll have to pay for the next couple of years myself (although the redundancy would cover the cost!).

Not sure which way to turn on this one!

KeithTS

Its hard to say without knowing the specifics, if it wasn't for the college thing I'd say get a job lined up and leave. However, if you're looking at having to pay college fees for a couple of years if you choose to leave I'd stick it out where you are for as long as possible if I were you.

Another employer may not be too forgiving if you need time off for exams etc, you'd be left with the expense too.