From quiet retirements to boomerangs, we’ve seen a variety of trends in the workplace over the past few months. And now, new workplace trends are on the rise that may be concerning for employees. The system, known as “dry promotion,” highlights the growing tendency of many employers to give employees raises in title and responsibility, without changing salaries.
More than 13% of employers have recently chosen to give employees dry promotions instead of increasing compensation, according to a report by compensation consultant Pearl Meyer. In 2018, this number was 8%, according to the Wall Street Journal.
Additionally, a survey of 900 companies by Mercer, a benefits advisory firm, suggested that many employers are budgeting for lower promotion-related pay increases in 2024 compared to previous fiscal years.
With many companies opting to cut costs and cut staff, empty promotions are seen to be on the rise, putting employees at risk of asking for raises. Therefore, this is an alarming new trend for many employees and may prompt them to quietly resign.
It has been noted that in the past, employers offered significant increases along with promotions to retain high-performing employees. But with layoffs and dry promotions on the rise, high-performing employees have little choice: choose dry promotions or find a job that pays more commensurate with the amount of work they put in. .
Employees who do not have the option of resigning for a variety of personal reasons may also seek compensation from their employer in other ways, such as expanded work-from-home options, flexible work hours, or additional paid time off. and negotiate what is good for them.
Employers, on the other hand, also need to communicate bland promotions in a positive way to retain top performers, and it all depends on the level of trust between employee and employer. you need to understand. Employers can make their employees feel more comfortable by showing that they value and appreciate them and compensating them in other ways, such as offering better learning and training at work or offering flexible working hours. We need to motivate them to work. at work.
More than 13% of employers have recently chosen to give employees dry promotions instead of increasing compensation, according to a report by compensation consultant Pearl Meyer. In 2018, this number was 8%, according to the Wall Street Journal.
Additionally, a survey of 900 companies by Mercer, a benefits advisory firm, suggested that many employers are budgeting for lower promotion-related pay increases in 2024 compared to previous fiscal years.
With many companies opting to cut costs and cut staff, empty promotions are seen to be on the rise, putting employees at risk of asking for raises. Therefore, this is an alarming new trend for many employees and may prompt them to quietly resign.
It has been noted that in the past, employers offered significant increases along with promotions to retain high-performing employees. But with layoffs and dry promotions on the rise, high-performing employees have little choice: choose dry promotions or find a job that pays more commensurate with the amount of work they put in. .
Employees who do not have the option of resigning for a variety of personal reasons may also seek compensation from their employer in other ways, such as expanded work-from-home options, flexible work hours, or additional paid time off. and negotiate what is good for them.
Employers, on the other hand, also need to communicate bland promotions in a positive way to retain top performers, and it all depends on the level of trust between employee and employer. you need to understand. Employers can make their employees feel more comfortable by showing that they value and appreciate them and compensating them in other ways, such as offering better learning and training at work or offering flexible working hours. We need to motivate them to work. at work.
