My company is suffocating in a dying market - I'm trying to decide what to do ...?

Question

... not looking for you to give me an answer - but any thoughts you toss out might help me see things from different angles.

I work for a title insurance co.. Up until a little over a year ago the company was doing well - we were at 70 people & growing. I did not write title however, I was the IT Assistant to the IT Manager - a 2 person department. You've probably heard of "sub prime lending" disaster across the country. In the last year we lost our 2 largest clients. We've had 2 rounds of layoffs & key people are leaving on their own now. We're down to 40 people & I expect more will be gone soon. The IT Manager left on his own 8 days ago. This leaves me in a situation I could not have predicted. I'm not qualified to take on all the responsibilites of the IT Mgr position. But they still need me to keep the staff productive. I've always been under paid. I've taken more responsibility. Do I dare address the compensation issue & risk being let-go. They could outsource IT.

Answer 1

You have only been working with the added responsibility for 8 days, way too soon to ask for a raise.

If in your shoes I would start looking for another job before doing anything. Contrary to the "experts", media and BS government statistics, the economy is not "strong" and the "sub-prime" mortgage debacle is NOT the only reason for foreclosures and the non talked about (but nonetheless real) downturn in the economy. Hop on over to Monster and see how many permanent (non agency) jobs are posted for a guy like you.

Draw up a killer resume and start looking for work. Odds are, rather you ask for a raise or not, the company will be looking to cut costs and anything that can be outsourced will be the first on the chopping block.

Just for fun I did a bunch of research on our supposed "strong" economy. Last month nearly 1.3 MILLION people filed new unemployment claims. You read that right and it is straight from the DOL. The country "added" 166,000 jobs (mainly part time service jobs btw and teens getting seasonal employment). Ask yourself how our economy is "strong" when we have a net deficit of 1,144,000 jobs from October ALONE. Doesn't add up, does it?

Just the act of compiling your resume and applying for jobs will make you feel better, and if the worst happens and you lose your job, you are already ahead of the game.

Good luck

Answer 2

Please bear in mind, I'm only 15, however from my point of view, this puts you in an excellent position for later. I understand what's going on in the market, but I personally don't think it'll last much longer...relatively speaking. Think about it, you'll be on top! Have you read Thomas Friedman's book, The world is Flat? Well at any point, they could easily outsource this position, but right now that's not the way they're thinking... Yes they need to be more efficient, but they've got to consolidate their assets first, then think about efficiency, not that outsourcing actually is, but still. They're not going to move you up then fire you...
The position is higher up, find the set salary the first person got, then factor in inflation cost of living, then add about 5%. IF YOU GET IT GREAT, if not you've got some wiggle room. Don't expect any bonuses to come your way anytime soon, but once things pick back up again, think of the doors that can open up for you... And who cares if your qualified, you and i both know you can handle it, the previous person was a human too.
So yes, don't demand that your salary be doubled, but expect a reasonably increase... They pay you 10% more than the previous person, but your old job gets filled by someone who really has no leverage to ask... A year, though doesn't seem much is a ton... Good luck, and i hope I helped shed some light!

Answer 3

The housing slump is going to kill your company. It might not die over night, but it'll starve in a crippled market. At this point, everyone in the housing development and real estate lendeing are getting out. The bubble burst and now many developers legally have to finish the jobs they started. Many people can no longer afford the interest rates on loans to buy houses they could not truly afford, therefore they have to try and sell their house in this market. All that ends up in the lending company laps cause there is worker compensation that needs to be addressed; and if they try to wiggle your way out of that, they'll just sue for their pensions. You should have acted on this right as the bubble was bursting, not as the whole thing is splattering across the American Economy. CA has the hardest cause we have the Inland Empire-the fastest growing area in the nation-, which is all development. I'm a high school student in Rancho Cucamonga, Ca. This whole area is all newly developed housing that no one is willing to buy or simply can't afford the million dollar homes. Everyone is trying to sell their houses, but no one wants to buy.

There's a guy from Yale, I think his last name is Schuler; in 2001 he predicted this sub prime lending industry falling apart right around this time. But then there are other economists that say that the market will suck for a few years, and then bounce back cause no matter what people have to buy houses. But then there because the issue of credit, and with gas trading at over $90 a barrel, people may not be able to afford very much of anything soon. So I guess its so much for the middle class.

You need to go find another job. Even if it pays less than what you previously made with this company, you can always move up and make more money ultimatley. You'll have to leave one way or another, so you might as well leave now while you still can get a job elsewhere. They won't give you a bous, not with this market. They'll just tell you to scoot. Like you said, you're not qualified to take on the IT manager position.

Answer 4

There are many voices in the wind and all are not of the one true God. I too believe and have a problem with people doing things erroneously in the name of the Lord because they misinterpreted the scriptures. Some of these people are brainwashed into believing that if they seek a physician's help that they are doubting and have no faith in God. That is so ridiculous. But please don't throw out the wash because of these types of incidents. The snake handlers, the polygamists and Jim Jones' are out there preying on people ignorant of the scriptures. God is a loving God that demands respect. The fear is because He is awesome and powerful, a reverence if you will is to be displayed. So if these people follow someone telling them in their gut feeling that this guy is whack, they should listen to their inner self and leave that particular church or cult. Pls. don't blame ALL Christians. You have not seen the whole picture and you place yourself as a judge if you do.

Answer 5

Now is not the time to bring up that you are underpaid. You need to start looking for another position ASAP. Its always easier to find a new job while you are employed. Start putting money away just in case you get layed off. Do the best you can with the added job responsibilities. At least you have a paycheck coming in for a while until you can find something else.

Answer 6

You need to get out before you arrive at your job one day, and find a sign saying "closed".

Answer 7

If you have the inclination, consider working for yourself as a consultant.