I wanted to supply a list of warning signs I wish I saw when the last company I worked for went under, so that you all don’t become blindsided as I was.
- Slow down of freight
- Exodus of Talent- those truly good at their jobs, and truly in sync with the retail world are leaving. Any managers leave recently? They have good instincts (I’m not talking lazy ones).
- Doing more with the least you ever have? Need staff but can’t hire? ** not hiring for a manager position or key position you know you need!
- Your store is dated and there isn’t any upkeep, renovation or work being planned for- remember 585 stores were to get upgrades this year. 100 or so had full Reno’s, 131 had upgrades. All remaining are part of that 200 being cut.
- Is there another bbb store people can go to in a reasonable amount of time? Redundant stores are the first to go.
- Extreme drop on customer traffic? Always missing sales?
- Do you work in an expensive market? Rent could be high! Do your sales justify 20k or more a month in rent? Some pay 50-70k a month!
- Does your card vendor not visit much? They are told to stop Service well in advance to prevent a loss in profit.
- Are you a high shrink store?
- When was your opening date? Are you hitting a milestone? 10,15,20,25 years? Leases were for 10 years at a time and are now only for 3-5 years.
- Is the DM and SM having a closed door meeting on their visits?
- What support staff are visiting? What is their goal on their visits? Are they moving rooms, or are they making “space”.
- Standards don’t matter anymore.
- SM seems more stressed than usual. They know before you do. Maybe it’s not by much but they are paid to keep a secret.
I could go On and on. But honestly read the signs and prepare yourself.
- Make sure that you have a current resume ready to hand out if an opportunity arises.
- Keep your LinkedIn profile up-to-date (and ask for colleagues to post recommendations for you).
Network with others!
- Attend hiring events to stay current and increase your network even further. (Bring plenty of resumes!)
- Let people know that you want to hear about opportunities. You never know where a simple conversation or contact can lead.
- Throw your hat into the ring for job postings you find online.
- Contact headhunters/recruiters in your area.
- Seek out courses, programs, and webinars to sharpen or expand your skill set.
- Look into certificate programs at colleges and universities to boost your knowledge base and your resume.
- Find a side hustle or look into other part-time work to provide interim income while you are in between positions. You never know where this may lead.
- STAY ON YOUR A-Game. I had a DM recruit me by them shopping my store, watched me help guests, saw my merchandising skills and they gave me their card. There are growing companies that need managers for new stores or to backfill.
- New store opening in your area? Get your name in the DMs email ASAP.
- Don’t lose hope. When you lose your motivation at work you lose your attractiveness to a future employer.
I hope this helps for those of you concerned. There is a 1/5 chance you close, but also a 4/5 chance you stay open! It’s your view no matter what others say.