Raise or Recognition? Korn Ferry Survey Finds Professionals Split on Whether they Want to Get Paid More or Promoted
-- Nearly a Third Say They’d Look for a New Job if Passed Over for
-- “Bottleneck or Nowhere to Go” Top Reason for No Promotion, Followed by “Politics”--
“Appropriate compensation is key to a professional’s job satisfaction,
but at least as important is recognition for a job well done. This is
critical for motivating and retaining your talent. One of the most
visible forms of recognition is a promotion,” said
Unfortunately, according to the survey, many organizations are not doing an adequate job of creating clear advancement opportunities for professionals. Nearly two-thirds (61 percent) of respondents who did not get a promotion within the last 12 months cited “bottleneck or nowhere to go” as the main reason. Seventeen percent said “office politics” got in their way of moving up the ladder.
Half (50 percent) of respondents said they will not ask for a promotion this year. Of those respondents, nearly a third (28 percent) admitted they are not ready for a promotion, and 15 percent said they are afraid and don’t know how to ask.
If they were passed over for a promotion, nearly one-third (31 percent) said they’d be on the job hunt, either immediately or as a passive job seeker.
In terms of timing for promotions, 44 percent said they thought it was appropriate to be promoted after 2-3 years on the job. About a quarter (24 percent) said they should get a promotion after 1-2 years in a role, and 7 percent felt they should be promoted even if they’ve been on the job for a year or less.
“The key to job progression is ongoing development and coaching to ensure professionals are receiving feedback in terms of how they are doing in their current role and what they need to do to be ready to take on added responsibility,” said Baltzley. “And even if an employee is not yet ready for the next role, knowing that there is potential for a promotion to a more challenging role is an excellent way to retain top talent.”
About the Survey – The
Would you rather receive:
|A promotion with no salary increase||45 percent|
|A salary increase with no promotion||55 percent|
Did you receive a promotion in the last 12 months?
Do you expect to receive a promotion within the next 12 months?
Will you ask for a promotion in the next 12 months?
If you are not asking for a promotion in the next 12 months, what is the top reason?
|I’m afraid, don’t know how to ask||15 percent|
|I’m not ready for a promotion||28 percent|
|I have recently received a promotion||57 percent|
If you haven’t received a promotion in the last 12 months, what’s the most likely reason?
|Office politics||17 percent|
|I’m not yet qualified||10 percent|
|Bottleneck, nowhere to go||61 percent|
|Unwillingness by my company to offer|
|compensation tied to the promotion||12 percent|
How long (on average) do you expect to stay in a role before being promoted?
|A year or less||7 percent|
|One to two years||24 percent|
|Two-to-three years||44 percent|
|Three-to-five years||22 percent|
|More than five years||3 percent|
If you are passed over for a promotion, would you:
|Quit with no job prospect||2 percent|
|Immediately look for a new job||12 percent|
|Become a passive job seeker||19 percent|
|Identify the reasons and work to improve||66 percent|
|Take no action||1 percent|
What is the most likely action you would take if you wanted a promotion?
|Have a conversation with my|
|boss and identify growth areas||77 percent|
|Get a new job offer and hope my|
|company counters with a promotion||3 percent|
|Work longer hours||0 percent|
|Take on more responsibility||20 percent|