Working a 9-5 job for 25 to 30 years of your life no longer seems to be the norm in making a decent living or moving up the ladder of success.
Company loyalty for a long- term employee and even a shorter-term employee has diminished considerably and many workers are giving up the dream of an expanded career. And are driven to seriously consider job-hopping as the conveyance to a better working future.
Years of Service
In spite of years of devotion to a company or business, employees are making less and less every year when they remain in one position. And the longer an employee is on the same job, he or she will see limited beneficial aspects in terms of income. So years of service are no longer the pay or career positioning incentive that they once were.
Pay Raise Outlook
According to Kiplinger, the outlook for pay raises is 3 per cent, which can vary from employee to employee. Workers with a higher company rating could receive increases in the 4.5 per cent to 5 per cent range while lower-rated employees may only see increases in the 0.7 per cent and 1 per cent range.
Salaried individuals that receive bonuses could see an overall increase of 11.6 per cent in pay with compensation for projects and achievements set at an average of 5.6 per cent.
When the word recession became the buzzword of almost every company and business, particularly in the last eight to 10 years, dedicated and loyal employees were the recipients of stagnant wages and decreases in salaries. Any tangible rewards amounted to fewer working hours and double and triple duties.
Companies followed the lead of current trends in the marketplace and cut back on new hires and refrained from rewarding those already in the workplace and were basing any raises on the 3 per cent figure. It has become the current normal as opposed to the old normal of around 5 per cent.
The recession held fast as the standard-bearer for companies. And it was used as the new way of dealing with and getting around salary increases, promotions and benefits.
Coupled with any recession is fear, which became another underlying factor that surrounded the recession banner. Its lingering and residual power has continued to allow companies and businesses to use it as an excuse to decrease payrolls and lower the salary expectations of new and older employees.
When management’s goals and intentions are changing, because of periods of recession or other reasons, employees need to make themselves aware of ongoing skill set expectations. And how any adjustments by management will affect their positioning and pay level in a company.
Employees do need to make their supervisors aware of any on-the-job or outside training and skills they have acquired in order to assume new and better-paying positions.
Feedback as Opposed to Performance
Instead of employee performance rankings, many companies are now looking at and switching to feedback between employees and management.
A two-way conversation has to exist between employee/management in order for a worker to determine expectations and how the fulfillment of requirements will be measured and compensated.
Career Path Determination
Gone are the days when companies took care of their employees and guided their movements in an upward progression that included substantial pay increases and other benefits.
Now employees must manage their own career path and be ever watchful of changing company aspects that affect the positioning and pay. Employees have to be ready to bargain, acquire new skills sets on an ongoing basis, jockey for available positions, or job hop.
What’s an Employee to Do?
When an average or lower-level employee earns less than a one per cent rise and there are no rewards for company loyalty as well as limited bargaining chips or other incentives with a current employer. Then he or she must decide whether to remain with a company.
The rewards for starting somewhere new are substantially better and usually amount to 10 to 20 per cent increase in salary.
Often the compensation can be higher, but that will hinge on the industry or business the employee is involved with and their circumstances. So job-hopping is advantageous when an employee can leave a company or small business and begin somewhere else at a considerably higher rate.
For example, a highly-skilled receptionist who has years of experience. As well as additional training in a number of different industries, can easily negotiate her multitasking abilities to a much higher level of pay and responsibility.
With an infusion of renewed hope in the economy and the need for varying skillsets for growing and expanding companies, today’s new managers are more than willing to take on job hoppers, as they are in need of individuals with varying abilities and skill levels to meet the demands of their business.
With value being placed on those skills, former company “loyalists” should be able to negotiate and put themselves in a position to increase earnings as well as become valuable assets to almost any up-and-coming business that is willing to look past the old standards of the recession and start anew.