What Is Dry Promotion? Know All About the New Job Trend in Market That Employees Aren’t Excited About
A poll conducted by benefits consultancy company Mercer among 900 organisations revealed that a greater number of employers are allocating a smaller portion of their 2024 pay budgets for raises tied to promotions in contrast to 2023.
Mumbai, April 15: Over the years, a number of trends have emerged in the constantly changing global work market. The scope for these new emerging trends is infinite, ranging from ‘shared workspace’ to ‘work from home’. ‘Dry promotion’ is a new phenomenon in town that is gradually becoming more and more popular among working professionals. The practice of giving employees a job promotion without increasing their pay is known as dry promotion. Put another way, even though your title changes, your workload increases, and your responsibilities rise as a result of the promotion, you are not paid for these changes.
More than 13 per cent of companies choose to provide their workers new job titles rather than salary increment, according to a recent study by analyst Pearl Meyer. In 2018, that this figure was just 8 per cent, according to The Wall Street Journal. What Is 'Doom Spending'? Here's How Late Millennials and Gen Z Are Redefining Financial Priorities and Opting for Immediate Gratification.
Furthermore, a poll conducted by benefits consultancy company Mercer among 900 organisations revealed that more employers are allocating a smaller portion of their 2024 pay budgets for raises tied to promotions in contrast to 2023. Although this tendency may not excite most workers, analysts believe that it is an indication of the ordinary worker's declining negotiating strength as the practice is becoming more widespread. Companies prefer to prioritise cost-cutting measures during difficult economic times, which makes these promotions more common. What Is Rage Applying? Know Meaning and More About the Latest TikTok Job Trend, Which Is Considered To Be a Popular Alternative To Quiet Quitting.
In the past, businesses that had a labour shortage frequently had to give workers significant raises in order to keep them on staff. However, the trend of 'dry promotion' coincides with an employer-wide practice of shifting laid-off employees' tasks to current employees without raising their pay.
(The above story first appeared on LatestLY on Apr 15, 2024 01:25 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).