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There's a few ways of looking at it. If you stuck around until things got better, I could see you being promoted later on - not because you stuck it out but because you'd have more experience than people that were left and in theory there'd be less employees (also competition for promotion) then before.
But if they start dropping benefits and cutting hours, and you don't have any chance of getting a severance package, then leave. Or if you think it will be very hard for you to find another job if you're let go, don't wait until they decide - make the first move.
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