Switching jobs is a familiar move in heated employment markets. With more vacant positions than skilled professionals, employees naturally consider any offer that improves their salary or enhances overall work satisfaction. This has been especially true in the aftermath of 2019, with two years of global uncertainty that shifted priorities. As a result, employees draw a radical line between what is valuable and what is not.
According to Microsoft's Work Trend Index, conducted in 31 countries with over 30,000 people, 52% of Generation Z and Millennials will likely change employers in 2022. The same report shows that 47% of the participants are now more likely to set family and personal life above work as compared to before the pandemic. Additionally, 53% -particularly parents (55%) and women (56%)- will prioritize well-being and health over a job.
The power balance may be inclined to the worker's side today. Nevertheless, the employment market is more complex than it was four generations ago. Changes happen in a blink of an eye, and even the most promising companies are vulnerable to economic uncertainties. Proceeding with caution and due diligence will give professionals the necessary margin to anticipate storms. After all, much has changed, but when it comes to financial means, single-income workers are still more vulnerable to macroeconomic weathering.
STUDY THE COMPANY BEFORE SWITCHING JOBS
In order to not regret their decision of switching jobs, employees must study opportunities before leaving certainty for a new promise. Tempting monetary offers may sway inexperienced job seekers, but seasoned professionals know the importance of evaluating both the job opportunity and the company's prospects. Switching jobs isn't a walk in the park. It is a profound decision that significantly impacts every aspect of a worker's life.
Before committing to a new offer, take the time needed to lay out the roadmap that will guide the evaluation. Typically employees examine perks, salary, corporate climate, and the new assignment's challenge. However, a company's financial health is often left out of the review. And it shouldn't, especially now, as significant segments of the economy are reporting massive layoffs worldwide due to budget cuts and decreased sales.
Risk is part of any venture. But if you are putting your current job on the line, it's always better to have a safety net. Taking advantage of the online data will likely give assurance about the company's ability to survive economic hardships. Most employees won't know how to perform a thorough financial health analysis (FHA). And they don't need to. Profitability, cash flow, liquidity, and leverage studies usually take a lot of data analysis (view herehow to determine the Financial Health of a Company: The Complete Guide) and time that the average worker can't afford.
Nevertheless, there are some small steps workers can take to understand whether the company is in good health or not. Here is what to check if you want to decide on a job offer based on the company's financial status:
1. Use the newsfeed in your favor
First, stay tuned to the economic review. Depending on the company's size, news coverage will usually provide a great deal of information about the business's financial status. Remember, before Netflix laid off 300 employees, the news coverage highlighted that the streaming giant had lost 200,000 subscribers, the company's first loss in a decade. As a rule of thumb, check reliable news sources to help you make a well-informed decision.
2. Leverage the power of data
Search for statements directed to shareholders; they will give away the temperature of the waters. Typically companies that go public will have a dedicated webpage for investors in which financial releases and updates are available. There you can study quarterly earnings and annual reports. In Netflix's case, they also display a rich section called "Top Investor Question" with answers to many financial-related questions ranging from revenue to international markets exposition and everything in between.
3. Ask questions
Additionally, it is always wise to inquire about business expectations and projections during the interview. The hiring manager will ask if the candidate has questions about the company or the job description. That is an excellent time to understand what lies ahead. Be conscious about the way you elaborate questions. Don't jump the gun here by asking specifics about the company's profitability. It can create some unnecessary discomfort. Instead, invest in a more subtle approach, inquiring about the company's goals and future plans.
Remember, job interviews are a two-way road; the company is under examination as much as you. So, if you are still uncertain, give yourself more time to research and make an informed decision about what is best for your career and personal life.
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