What to Do In a Company Exodus
When coworkers stampede out the door, you may consider running right behind them. Join them in the departure, or stay and take on extra work? In some cases, it could be an easy decision, like when your boss is dropping helpful hints about which of your competitors are hiring. However, there may also be times when staying could provide valuable opportunities.
Whether it’s a trickle of long-timers exiting or an exodus of an entire team, a noticeable change in resignations and turnover can be concerning to even the most seasoned of employees. If your manager is giving you hints and tips that ‘things might be changing around here’ or ‘have you seen how great the job market is’ then there is likely a reason for you to plan your own exit.
Before you run for the exit, add these suggestions to your to-do list. They are likely to clarify the situation you face and help you determine what you can do. It can feel like a lot to take on, but you WILL feel better prepared for whatever comes next.
1. Take a look around your work environment. Do you notice significant cutbacks on tools, necessary equipment upgrades, broken water coolers? Have job postings been pulled quickly without explanation? Noticeable slowdowns in new clients joining? If you see an uptick in unusual closed-door meetings (or large blocks of time your leaders are unavailable), spending cutbacks, or client pipelines problems you may be facing a future round of layoffs.
2. Talk to your network. Your recent departing coworkers and contacts at other organizations may know more than you do. Most of the time, they will be honest with the situation you are likely to face. It may be painful to find out what others have known for some time, but any advanced notice you can receive will buy you time in planning your next steps.
3. Ask your boss. This may be an uncomfortable conversation to start, but best to get bad news from the source. Hopefully (but not always!) upper management will have a pulse on upcoming changes and the potential impacts to their staff. If your boss has been silent on the topic, you can begin the discussion by asking for their thoughts on recent turnover.
4. Understand your finances. Consider liquid assets and compare to your regular budget and burn rate. It’s always best to prepared for a worst-case scenario. If you are concerned about your financial responsibilities, this would be the time to cut back on spending and consider picking up a short-term contract gig.
If you decide to stay at your current organization, there are strategies for anticipating fallout from the recent uptick in turnover. Commit to your decision and:
1. Continue to monitor changes. In our fast-moving world, companies on the precipice of financial strain can find their situations changing overnight. Pay attention to official and casual conversations, hiring activity, and any sudden changes in spending or client engagements.
2. Create value by assuming more responsibility. If there is a silver lining to organizational turnover, it would be that good employees are likely to move up the ladder faster. Assume more responsibility, impress your colleagues and bosses, and grow your skills. When it comes time for a review, highlight how you stepped up and succeeded!
3. Accept the work that has been abandoned. This part kind of sucks. You may be more work assigned to you if back-fill hiring efforts are stalled. Impress leadership by volunteering for work you are interested in but be very conscious of maintaining your boundaries. If you are asked to take on more than you can handle, speak up and ask for help.
4. Update your resume, LinkedIn, and portfolio. It is NEVER a bad idea to have an up-to-date foundation for future job searches. Even if you don’t actively apply for new possibilities, being proactive with your job search materials will allow you to move quickly when/if something changes. Watch your LinkedIn news feed for interesting opportunities. Pro tip: check your social media settings to ensure that any updates you make will not broadcast to your network (and manager!).
If things feel dire and you choose to leave, you will be in the good company of your former colleagues. Before you resign:
1. Identify reliable references. If you are resigning voluntarily and on good terms, you can likely ask your current boss for a future reference. Review and reach out to your professional network. It is good to identify at least 3 references ahead of time, so you don’t have to hunt last-minute while finalizing job interviews. If your boss is willing, ask them to leave a LinkedIn recommendation. Pay it forward by writing recommendations for your close colleagues and they will likely return the favor.
2. Consider negotiating an exit package. The possibility of landing one successfully will be dependent on your experience and your company’s financial situation. When you resign voluntarily, you most often lose the opportunity to file for unemployment benefits. An exit package can help bridge the gap- and it does not always have to be monetarily based. Some companies will extend healthcare coverage, wellness services, and access to third party recruiters.
3. Research new roles and new industries. Commit to a positive career change by defining what your ideal next role will look like. If you are curious about different industries, this is the time to try something new! Get excited about what your future can hold.
4. Brace yourself for interviews. Identify success stories to share with hiring managers. Update the ‘story’ you will tell (over and over and over again) about who you are, what you’ve done, and what you are seeking. Even though you are not uniquely accountable for the chaos at your current company, you will likely be asked to explain why you left. Prepare, rehearse, and embrace this part of the journey. Go into every interview with a positive outlook and confident to show off your rock star skills.
No matter what you do, know that you aren’t alone in your struggle. Showing up to work productive and positive can be hard when you fear for your job security. Staying behind while your teammates leave can be emotionally draining. Prioritize your self-care and maintain your boundaries while you figure out how to approach the situation. Through this chaotic time, you may be able to grow in your current role, expand your responsibilities, or find a new job that you will love.