Ever thought of a situation when you got promoted without any rise in salary? That's what ‘dry promotion’ is all about.
The dynamic job market has experienced numerous trends over the years globally. The recent addition is dry promotion! A dry promotion refers to a promotion without any hike in salary. Basically, an employee is getting a new recognition, higher workload, and bigger responsibilities, yet the paycheck remains the same. Although many companies are seeing this as a good way to motivate employees, but this trend is not at all well-accepted by them.
Considering the technological advancements, rise of automation and artificial intelligence, global economic slowdown, the future looks very scary!
But, how to survive in this volatile market scenario?
In this article, we will discuss how to rebuild your career irrespective of your experience.
As per report by compensation consultant Pearl Meyer: “Over 13% of employers are giving out new titles without the usual bump in pay, compared to just 8% in 2018.”
Some organisations prefer to redistribute the responsibilities of laid-off employees to their existing workers without increasing their cost-to-company (CTC).
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During the survey, it was further revealed: “A growing number of employers are allocating a smaller portion of their 2024 salary budgets for promotion-driven salary increases compared to the previous year, 2023.”
As a result, employees are feeling undervalued while overworking with increased responsibilities.
Having Patience & Not Giving Up: Believe it or not, economic slowdown is a temporary situation. You just need to stay positive even if the condition is not in your control. Of course, an employee deserves hike more than recognition. But, this is the time for personal development. Try meditation everyday and have positive thoughts to become successful in life. It's tough but not an impossible task.
Skill Development: There is no replacement to sharpening your skills. It is the best investment you can do for yourself. To upgrade your proficiency and remaining future-ready, you must learn new skills.
There is quote “Skill development is no longer a matter of choice. It is imperative to adapt, survive and succeed.”
There are lots of courses on technical training, vocational skill development, and digital skills. Under Ministry of Skill Development and Entrepreneurship (MSDE), National Skill Development Corporation (NSDC), National Skill Development Agency (NSDA) are offering numerous technical courses now. This will enhance your chance of getting a better job offer too.
Entrepreneurship / Self-employment: Since childhood, a kid is taught to follow one path, that is, securing a job after getting completion of bachelor's or master's degree. And that's where the problem is rising. The job market is volatile with lots of uncertainties. Thus, it's crucial to diversify your income sources. The most preferred option is self employment. It can be of any forms starting from blog writing, creating YouTube videos, network marketing, opening a consultancy firm, and so on.
Even, Indian government is supporting start-ups in booming areas like artificial intelligence, space technology, e-commerce, and so on.
Rise of Gig Economy: According to World Bank Report: “Demand for online gig work is growing rapidly, however, social protections for workers in this segment are still lacking.”
The gig economy refers to the workforce engaged in freelancing or other side-hustle work. To increase the income, many employees are participating in other freelancing activities.
“Online gig work could provide people in low- and middle-income countries an additional path out of poverty,” said Mamta Murthi, Vice President for Human Development, World Bank.
So, it's time to turn challenges into opportunities to combat inflation, economic slowdown or even a dry promotion.
