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“HR Heretics” | How CPOs, CHROs, Founders, and Boards Build High Performing Companies
Promotions on Ice: Are you stuck?
Sep 10, 2024
17:19
Snipd AI
Promotions have plummeted by 24% in early 2024, revealing a challenging job market landscape. The discussion highlights how tech roles are facing stagnation, with layoffs curbing traditional promotion paths. Employees are feeling dissatisfied and increasingly turning to side hustles for job security. The conversation also investigates the role of AI in HR and how it's reshaping hiring and retention strategies. As economic dynamics evolve, the importance of skill enhancement and professional networking has never been clearer.
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Quick takeaways
- The significant 24% decline in US white-collar promotions in Q1 2024 indicates a troubling trend in employee advancement opportunities across all generations.
- Economic challenges and company restructuring have led to tighter budgets, making promotions rare and contributing to employee dissatisfaction and uncertainty about career growth.
Deep dives
Declining Promotions in the Workforce
Promotions among US white-collar professionals have significantly decreased, with a reported drop of 24% in Q1 of 2024 compared to the previous year. This trend highlights a broader decline, nearly halving from Q1 of 2022 to Q1 of 2024. The data indicates that all generations, including Boomers, Gen X, Millennials, and Gen Z, are experiencing similar reductions in promotional opportunities. The lack of available higher-level positions contributes to this stagnation, as employees who previously expected promotions every 18 to 36 months find fewer avenues for advancement.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode