Its 3:00 AM and you can't sleep. You're company appears to be in a death spiral. There have been several waves of layoffs and the rumors are flying about yet another cut. Your blood pressure and cholesterol are up and you have a constant headache. You would do anything to be out of this mess and are seriously considering "jumping ship."

In these difficult economic times, the above scenario is experienced by thousands of individuals. The dilemma of "hunkering down or jumping ship" is faced by most of us at least once in our careers. Sometimes it's a boss from hell or a horrible assignment. These are moments that test our character. In most cases, no one can give us the answer; however, there are several questions that need to be answered before you make a decision.

• Are you running away from something or towards a better option?

• What can be learned if you choose to hunker down for a period of time?

• What will be lost and what will be gained by staying or leaving? Make a list.

• Is the job market one where I can easily find a job?

• Is there an option of negotiating a severance package or early retirement?

• If I land a new job and it doesn't work out, how difficult will it be to find another job?

• Who else must be considered in making such decisions? Have you talked with these individuals regarding your dilemma?

• How good a handle do you have on the type of work that will make you happy?

• Have you done any structured career assessment in recent months?

These are only some of the questions that must be resolved when we are faced with a "hunker down or jump ship" dilemma. These situations also provide an intuitive wake-up call to step back and take stock of our lives and careers. You are not the same person you were three years ago. Your interests, skills and needs have changed. In all likelihood, a career move will not be one that replicates your current job. How long has it been since you did any networking? These are times where talking with trusted friends and colleagues can be immensely helpful.

You may also find my article, "How to Recession-Proof Your Career" helpful.

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