I wondered what you think about working for such a company knowing that you might be out of a job after 6 months? Would you go for it?
A job came up which surprised me a little because I'd heard of the company via investment circles as a potential 'short stock' as they were predicted to burn through their (huge) cash pile within 2 quarters.
It's the old sell on rumour buy on fact! If your between jobs & it's interesting why not, they may well survive!
Most of the work I do is for such co's LOL.
nope...simples
I would not join, I got an offer once from a company going through re-organization that practically means you'll get the boot soon or if you came to replace someone, you'll be the outsider...The interview was awful, the poepl were depressed and the working environment seems to be more depressing than a funeral
company reaches bankruptcy => company has not enough money => no salary paid to weejeem for work already done => no way, josé
Salary for the last 3 months is CH is insured, including pension payments. How do I know? Salary was paid however pension was not, pension money paid 6 months later from insurance.
For me it would depend on a couple of things:
a/ How good is the job offer?
b/ Is it a job you want?
c/ Can you afford to lose it?
d/ Are you turning down other work to take it?
If the answers are:
a/ It's a fabulous offer
b/ Absolutely
c/ Yup, prefer not to but it's not going to break me
d/ Nope
Then I'd take it!
a/ probably a fabulous offer
b/ will find out soon
c/ Yup, prefer not to but it's not going to break me
d/ well, i'd have to give up my current job to do it
Yes, I would. I would love to ride the wave to bankruptcy (mostly someone else's money). I feel I'd learn far more about internal company mechanics and get a massive dose of reality on the quick downward slide, rather than stagnating in a huge company, or being fed the bullsht of a company on the rise.
but you also get fed a load of bullshit from a company on the slide, but yeah, post-bankruptcy work can be quite lucrative since few people (in practice) give a damn how much you cost or how long it takes to liquidate.
You do of course get fed the bullshit where ever you are, but you're more able to see the wood from the trees on the way down, and there's more to learn from a cadaver than a living thing.
Better to know they're going into bankruptcy than sitting around worrying about if they are because the management isn't saying.
A fair point and well put, blackadder!
So, yes, could be an educational experience and worth getting some personal exposure to what a wreck looks, feels and smells like from the inside.
As we used to say at GEC (anyone remember them? ) "A ship on the rocks is a lighthouse to those at sea."
It would depend.
Its just a question of how happy/unhappy you are at your current job.
And if the risk is worth not having a job at the end of two quarters.
If you can handle the financial implications, and are supremely interested in this job and completely dissatisfied with your current job, then its simple. Take it.
But with a company that's predicted to be on a downward spiral, it will be well before the bust that the trouble starts.
So, are you prepared to handle that, which might be sooner than two quarters ?
I don't feel the job market is at its best for hunting, and I certainly wouldn't want to be unemployed, least of all in times like these. Being the only source of income in my household for wife and 3 children...I wouldn't. I don't know what your situation is...if I was single, young enough and had a decent savings cushion...I might give it a go. Not very helpful, is it ?
Having done the start-up ride a few times myself...if you don't have kids and family, go for it as if nothing else, it'll give you lots of war stories to talk about over the years. If it's professionally interesting to you and you've got nothing to lose, go for it. I remember turning down a job offer with Yahoo back in '95 thinking, what a bunch of dorks...I still got in on the IPO but, I still feel stupid after all these years thinking, geez, I had nothing to loose, why didn't I take that chance?
Nothing is ever a guarantee and one thing I have against systems like the nordics is that you have to take a chance, risk being on the street at some point in your 20s, to really live. It's one thing I both love and hate about the US...that it gives you ultimate freedom to screw up...which is anathema to the EU..but, still, what encourages folks to really risk everything? Certainly not the system that's going to have your back. It's a conundrum, but some of my most wonderful days on earth were when I was dead broke and busting my butt to make ends meet.
I would ask hiring manager to comment on company’s financial situation based on the info you have – as a potential employee you have the right to know. Observation of manger’s answer will help you to understand whether i) you are not fully aware of the situation and things are not as bad as they seem to be, or ii) they are trying to hire some food for powder before massive lay-offs to keep their own jobs.
If they are pre-IPO and you are offered good stock options then what you describe can be seen as the norm for a startup. There is high risk, but the rewards can be there.
As in any investment, what is your attitude towards risk ?
another angle: if i get paid for 3 months at a super-high salary and the company goes tits-up, could I then RAV it at 70% of this super-salary? now that could be an appealing option i'm tempted to forget the job and just short the stock. maybe it will be bust by the end of the year.
What is the amount of this super salary? because RAV takes the base capped at 126.000 CHF annually. Even if you earn based on 500.000 CHF/yr, this is the amount RAV takes for 70%
are there private arrangements that top it up? i recall being told that my current job is insured at 100% of salary. if i were to take this job, i would want to insure it to the hilt given the likelihood of it tanking.