Contract changed at work; will they fire everyone and hire new employees or keep everyone?

Question

I work for a company (who shall remain nameless) and they had a multi-year year contract with the government. Unfortunately, our company's bid was rejected and they chose to go with another company for the contract. So, I'm wondering if I should be looking for another job or just hang in there and hope they keep everybody on board. Has anyone worked for a company that has gone through a contractor switch?

Answer 1

First ask yourself if your job was to work on/for the system the contract was to be let out for.  If you were not assigned to the project directly then your chances of being laid off might not be as high as some one who was.  

In any case now is a good time to update your resume/portfolio to be ready if you have/want to start a job search at the end of the next business day.  Also reach out and contact old friends, college alumni associations and fraternal organizations and professional groups.  Build your network.  Someone might know someone who needs someone like you to do a job.  Get on Linked-In.

Companies contracting with the government/War department always go through this upheaval, so be ready to look for a new job at a moment's notice.