Jo Constantz’s Post

Entry-level workers face challenges in securing jobs, while senior staff often miss out on promotions, underscoring the necessity for innovative hiring and development strategies. Establishing clear promotion policies and defined career paths is crucial for motivating and retaining employees within organizations. This proactive approach not only boosts job satisfaction but also contributes to fostering an equitable economic recovery. #CareerGrowth #WorkforceDevelopment #EmployeeRetention

We all know that fewer people are quitting nowadays. What you might not know is that way fewer are moving up the org chart, my colleagues Jo Constantz, Ella Cerón and Daniel Neligh report for Bloomberg News today. Among 68 million white-collar professionals, just 1.3% were promoted in the first three months of the year, the lowest rate in five years, according to an exclusive analysis conducted for us by Live Data Technologies. Remember when job-title inflation was rampant as employers handed out pseudo-promotions like candy to hold onto people in 2021 and 2022? Those days are over, and the consequence is that a lot of workers got out over their skis. “They sometimes elevated folks a little bit beyond their skill set," said Aaron Terrazas, chief economist at Glassdoor. The bottom line? Get used to your current role, because it's not gonna change for a while unless you're a rock star, especially in this cost-conscious environment. #careers #LITrendingtopics #promotions #hr #jobs #hiring #raises #orgchart #management #data

Unique perspective on one of the side effects of the current labor market. When things are tight its like a boa constrictor coiling around all aspects of the labor market from early talent to seasoned professionals!

This is such massive corporate, scare-tactic propaganda. The headline should have been, "Companies Are Still Greedy." Who are we kidding about companies handing out promotions like candy? That CERTAINLY wasn't the case for women and people in the global majority, I can assure you. #corporate #promotions

Are Promotions Harder to Come By? 📉 In the current job market, fewer people are quitting their jobs, and even fewer are getting promoted. This creates a bottleneck for entry-level workers and young graduates, making it tough to break into the workforce. 🌟Key Insights: 👉 Promotion Rates Decline: Data shows a drop in promotion rates across generations, with Gen Z and millennials seeing significant decreases. 👉 Impact on Entry-Level Workers: With fewer promotions, it's harder for new workers to advance, leaving them "high and dry." 👉 Strategic Moves by Companies: Firms are reducing promotions to control costs and streamline operations, which could demoralize top performers and lead to talent loss. 👉 Proactive Career Management: According to Ian Siegel, CEO of ZipRecruiter, workers should aim for a promotion every 3 years to ensure career growth. Focus on responsibilities and impact over titles, and actively communicate your career goals to your boss. ✍ The labor market has shifted, and the path to promotion requires more strategic positioning and patience than ever before. ❓ What are your thoughts on navigating this new landscape? Share below! 👇 Interested in diving deeper? Read more in these articles: - Promotions Are Hard to Come By, Blocking Entry-Level Workers From Even Starting https://lnkd.in/ef36dVsM - How Often Should You Get a Promotion? https://lnkd.in/evWAYbEy #PromotionChallenges #CareerGrowth #TalentAcquisition #JobMarket ☎ Tel: 626.765.6980 ✉ Email: hire@tqcteam.com 🖥 Website: tqcteam.com

How are you retaining & developing a loyal workforce? Those strategies will impact your succession & growth plans. In Q1 2024, only 1.3% of workers were promoted, a five-year low for the quarter. Unfortunately, your non-promoted top performers will not stick around for the average merit increase that falls short of inflation. They are the most likely group to leave voluntarily, for a significant benefit, especially when facing a potential pay cut. If you have not paired merit with a strategy (e.g. cost-of-living adjustments, incentives, flexibility, engagement, development) they may leave for what is sometimes a 10-20% pay increase - often more for higher-level roles. Over a lifetime, this means earnings of up to 50% more than those who stay loyal to one company, according to LinkedIn. Turnover is expensive and elongates timeframes for your business goals. Consider instead investing that money in your current talent to build a roster for your future growth. '“If you don’t promote somebody, there’s a much higher chance that they’ll leave and you’ll have lost some talent that you might want to use later on,” said David Deming, an economics professor at the Harvard Kennedy School. “It’s a savings for the bottom line in the short run, but it’s a risk in the long run that you’ve under-invested in your business.”' #WorkforceRetention #EmployeeEngagement #TalentManagement #CareerGrowth #SuccessionPlanning #Leadership #EmployeeDevelopment #CompanyCulture #BusinessGrowth #RetentionStrategies #EmployeeIncentives #TalentRetention #BusinessSuccess #FutureLeaders #PromoteFromWithin #HRStrategies #HumanResources #EmployeeRetention #HRBestPractices #PerformanceManagement #HRLeadership #CompensationAndBenefits #EmployeeMotivation #HRTrends #WorkforcePlanning #HRInsights #TalentAcquisition #EmployeeSatisfaction #HRConsulting #EmployeeRecognition #HRInnovation

Workforce dynamics are everchanging. Real-time job change data is the best way to understand the latest trends. Bloomberg News's latest piece leverages Jason S.'s analysis of the latest job change data, showing that #promotions all but disappeared in Q1 2024. Read the full article linked in Matthew Boyle's post below and see the data and methodology for the analysis here: https://lnkd.in/gh62EV3k #jobchanges #workforce #jobs

Something that gets talked about a lot in today's #jobmarket is how few people are quitting their jobs. But a lesser-known discussion is how few people are getting promoted, and that lack of churn is making it more difficult for new workers to break through. Data from payroll firm ADP Research Institute showed the annual rate of promotion into management fell for virtually all working adults last year, and the trend has continued into 2024, according to research from workforce analytics firm Live Data Technologies for Bloomberg News. Why is this happening? As the labor market has softened, the balance of power has shifted back to employers, who are under less pressure to hand out promotions in order to hold onto workers. And companies are also trying to control costs. “A rising tide lifts all boats, but a falling tide leaves the most entry-level folks high and dry,” said Aaron Terrazas, chief economist at Glassdoor. Read the full story that I edited from Daniel Neligh, Jo Constantz & Ella Cerón:

📉 The 2024 labor market is seeing fewer job quits, but another trend is flying under the radar: fewer promotions. This shift creates a challenging environment for new entrants, particularly recent graduates, who find it tough to advance or even get their foot in the door. As Aaron Terrazas from Glassdoor puts it, "A rising tide lifts all boats, but a falling tide leaves the most entry-level folks high and dry." 📊 Data from ADP shows that promotions into management have declined sharply. In 2023, only 2.1% of Gen Z workers received promotions, down from 2.5% in 2021. Millennials saw a similar drop. The trend continues in 2024, with just 1.3% of white-collar professionals promoted in Q1 — the lowest in five years. This promotion slowdown has broad implications: ▪ For Employers: While operational efficiency is key, delaying promotions could demoralize top talent and lead to higher turnover. ▪ For Workers: The confidence in securing new roles is waning, with voluntary quits near a three-year low. ▪ For New Graduates: Entering the workforce is tougher, with less upward mobility and more competition for fewer roles. As the labor market softens, the balance of power shifts back to employers. But this comes with risks, as under-investing in talent today could impact business success tomorrow. David Deming from Harvard Kennedy School warns, "It’s a savings for the bottom line in the short run, but it’s a risk in the long run." The landscape is shifting, and it’s crucial for both companies and job seekers to navigate these changes strategically. 🔍 How are you seeing these trends play out in your industry? Within the Environment Testing Industry, I have been saying for a long time that the leaders at the top have been there since the beginning and have blocked progression of later generations. Now we will see over the next few years a lot of knowledge and experience leaving the industry through retirement. So we need to start training and nurturing the entry level, new graduates and mid level employees to be able to progress. We have been doing this over the last few year bringing on some excellent Leadership trainings lead by Fiona F. Middleton, MSM and we are seeing a lot more internal upward mobility at Eurofins Environment Testing (USA) which I am pleased to see and long may it continue. https://lnkd.in/eCdCmwj3 #LaborMarket #CareerDevelopment #EmployeeEngagement #JobMarket2024 #HR #Recruitment #TalentManagement

“Workers who get promoted are more likely to quit their jobs, finds a counterintuitive new ADP analysis, Axios Markets' Emily Peck reports. By the numbers: Researchers looked at data from 1.2 million workers at companies with at least 1,000 employees from 2019 to 2022. They found that 29% of workers leave within the first month of a promotion. If those workers had not been promoted, only 18% would have left. Yes, but: For those in higher-skill jobs, the departure rate dropped below pre-promotion levels within five months. What's happening: A promotion and the new job title that goes along with it make workers more desirable to other employers. Between the lines: Top performers on the cusp of advancement are already at a heightened flight risk. It's possible they were putting out feelers before they were promoted, Nela Richardson, chief economist at ADP, tells Axios. Plus, after their risk of leaving diminishes, promoted workers are more committed to their jobs and are likely more productive.”