stick out or move on

[devonlad]

the company i have worked for, for the last 15 years is struggling.its a fairly small business employing about 60 people with a turnover of about 2.7 million. im a manager and on a very good wage for the area we live. i enjoy the job and the people in it. but recently we have been struggling more and more to pay suppliers and its all doom and gloom.

im in a predicament, do i stay and hope it works out( if it doesn't i may get some redundancy pay.
or look for something else now.
id like to stay, but should the company fold where would i stand?

anyone else been in this situation

[trickywoo]

Stay but have a plan B.

[devonlad]

i shouldn't have too much trouble finding a new job, i've got plenty of experience in my sector, may have to take a pay cut or look further afield. but don't want to loose out on any redundancy if i'm owed any

[andy-xr]

What if you took a pay cut now and stayed? How much buy in to the company would you have, and could you go 3 months without being paid?

[Zoon]

Must be profitable to pay 60 staff for turning over £45k each.

[edc]

If a company goes under because it is struggling to pay suppliers then it may struggle to pay any significant salary or redundancy payment.

It is simple enough to calculate what your statutory redundancy payment will be by plugging in your date of birth, salary and length of service into the .gov.uk website calculator. You may find it's not worth waiting for, especially as you may run that money down in between jobs.

[AyBee]

Whilst redundancy is nice, it's unlikely you'll get much if the company has folded. I'd start looking, seeing what's about and maybe have a few interviews whilst you still have a job. It's possible that you'll be able to use your existing salary to leverage the new one - you won't be able to do that if you don't currently have a job...

[DanL]

What they said - if the company folds, you'll not see too much redundancy money. I assume you're hoping they'll pay you to leave and keep the company going, but with 60 people how many managers are there anyway, that they can lose you and carry on?

If it were me I'd start looking now, and try to find something that pays the same or more, although you suggest that might be hard. It'll be good interview practice if the worst comes before you find something, and as you still have a role at the moment you've no need to take a cut until you *have* to find a job.