QUESTION: The company is not doing well; is this a good time to quit?
FACT: There is no good or bad time to quit a company.
There are multiple reasons why people quit, and the most cited reason has to do with the manager. Then there are those who quit because of the company’s health. When a company is doing well, the thought of leaving is not pressing, but when its not, people start thinking about it.
It needs no great imagination to leave a company if it is not doing well. But even in such a circumstance, there is no right time to quit. Let us see why it is still such a difficult decision. There may be various reasons. why a company is not doing well. It might be due to the industry or macroeconomic factors, while there is nothing inherently wrong with the company itself. The company might have had a few bad quarters, but its R&D investment is still good and it can foresee a revival in the near future.
If a company is closing down and an employee quits early, he is depriving himself of the compensation package that ensues in case of a lay-off. When an employee knows that the company is closing down but not when, he finds himself in a difficult situation. This difficulty sort of increases when he has already identified .a new job, but is still unsure about whether the lay-off will actually take place, and if it does, whether any benefits will accrue, There is a possibility that the company may be acquired, which may mean more benefits in terms of bonus, stock swap, and interesting work with a better brand. But if the person has already quit, he misses out on all of them. Employees should also keep in mind that if they have a record of quitting when things are not going well for their company, this may not go down well with their prospective employers. Then there’s the fact that being part of a company’s turnaround can be quite a satisfying work experience. However, there’s also the problem that if a person overstays, he might miss great opportunities elsewhere.
WHAT CAN YOU DO? There is no good time to quit or to continue. It js purely your personal decision and should be well thought out rather than be done in a state of panic. You should make your decision keeping several factors in mind, including the company’s health. You should prioritize these factors, and make a decision based on this priority and the environment prevailing at that time.