If you’ve recently been given a ‘dry promotion’, experts have some advice on what you should do next. It seems that the days of having a job for life, like your grandparents did, are long gone for UK workers. Following in the footsteps of the USA, government data has revealed that American adults have, on average, held down 12 jobs by the time they reach 55.
But it’s not just about job hopping anymore. According to a report from the World Economic Forum (WEF), workers are also switching careers. The report states that due to the rapid pace of change in employment, individuals will need to become lifelong learners in order to prepare for multiple career changes throughout their working lives. In fact, WEF’s Future of Jobs Report 2023 predicts that two-fifths of the core skills workers have today will be disrupted by technological change by 2027.
Gone are the days of climbing a traditional career ladder with a steady upward trajectory. Nowadays, many Brits are embracing “squiggly” careers that offer the opportunity to explore different areas and roles. This shift is partly due to recent layoffs in the UK tech and finance sectors, which have created an employment environment where workers are less likely to idealize their job or company.
With economic uncertainty, a cost of living crisis, inflation, and fears of a recession, it’s no wonder that many workers want to make the most of their current situation. So if you’re looking for a new job, why not try out the latest careers news, trends, and tips with [publication name]. They have partnered with [partner name] to make it easier for job seekers to connect with their perfect positions. For thousands of fantastic career opportunities, visit [website name].
PROMOTION PROSPECTS
For many workers in the UK, the ultimate goal is to receive a job promotion. The idea is simple: if you work hard, achieve your goals, and surpass expectations, then you should be rewarded with a higher position, more responsibilities, and a pay raise of 10% to 15%.
However, the reality is often more complicated than that. There are numerous reasons why your company may not be offering promotions. It could be due to a lack of available opportunities, company restructuring, cost-cutting measures, or a preference for hiring external candidates.
Another concerning trend is the rise of “dry promotions” – when your boss gives you a new job title and additional tasks, but without any increase in pay. According to a report by Korn Ferry, 37% of companies implemented dry promotions last year. This marks an increase from 32% in 2021, and experts predict that this trend will continue.
So, should you accept a dry promotion? Your boss may try to justify it as a way to recognize and reward your abilities by providing you with a professional development opportunity. However, it’s understandable if you view it differently.
If a dry promotion is the only path to advancement available to you, all hope is not lost. Consider whether it will genuinely benefit your career progression. You can also discuss with your boss if there are any additional perks they can offer, such as more vacation days, a higher pension contribution, or increased monthly expenses.
If these factors make the dry promotion worthwhile, and you can envision its potential impact on your future, then accepting it may be a viable option. However, if you believe that switching to a new company is necessary for your career growth, rest assured that there are thousands of opportunities available with employers across the UK.
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