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Evaluating organizations (part 1): Five signs a business is failing
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An important part of the job search process is evaluating your potential employers. Even if the position description sounds perfect, the culture is ideal and you love your future supervisor, it is essential you look beyond these characteristics to the overall health of the company. After all, I’m sure newly hired employees at Lehman Brothers felt the same way before the company went under, and you don’t want to be on the job hunt months (or weeks) again after you’re hired.
In a recent interview with Katy Piotrowski, M.Ed., author of "The Career Coward's Guide to Job Searching," she provided five signs to look for that indicate a company is failing.
1. Weak credibility in the industry. If you're just getting started in your career, ask your professors, parents or friends of the family what they know about a company's reputation. If you receive more "thumbs down" than "thumbs up" ratings, think twice about signing on with them.
2. A credit record that raises eyebrows. If you're not sure how to check a company's credit record, talk with your banker about uncovering the data you need. She can steer you to credit-reporting services and help you interpret what you discover. Despite typical ups and downs, better-run businesses will be able to maintain a good credit rating.
3. Being a brand-new business. On average, fewer than 50 percent of businesses survive past the first 48 months. Ask how long your potential employer has been in existence, and aim to sign on with one that's been solvent for five years or more. Your chances of staying employed beyond the short-term will double.
4. A revolving door of employees. If the business changes employees practically every season, beware. Ask to talk with the person who most recently held the position you're considering, and find out why they moved on. Again, former professors, friends and family members may be able to help you uncover the contacts you need.
5. A tiny little voice that says, "Don't do it!" Your intuition can be your best guide. If something about the potential employer doesn't seem right, talk with a mentor you trust to get his feedback about what you're sensing.
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