Swapping Jobs to Land a Pay Raise
Americans are quitting their jobs again. The economy is surging, and companies are hiring rapidly to keep up with demand. Workers feel increasingly emboldened to switch jobs.1 Roughly 3.4 million Americans quit their jobs in April – twice the number who were laid off, according to the Labor Department.
On average, job-switchers received 30% larger annual pay increases in May than those who remained in the same job over the past 12 months.2
- Not enough benefits of business growth are being shared with workers. And many businesses are growing.
- “Employers know if they raise wages now, it will be very hard to cut them if the economy goes south.”It’s a holdover from the Great Recession. Josh Barro, BusinessInsider.com
- They want to get away from their boss.
What You Can Do
- Endure the headaches caused by the lack of good workers in the market and the rise of job-swapping, or
- Pull the trigger on serious wage hikes to attract and retain the best talent. (Josh Barro)
- Develop managers to be great bosses. People won’t want to leave – even for more money. (I have seen this in more than one organization. (Ann Meacham, Leadership Dynamics)
Do you have managers in any of these categories?
Ghost Boss: Rarely communicates with their team and is seemingly never around.
Seagull Boss: Swoops and poops or swoops and scoops, meaning they “divebomb into a project” and leave a mess behind, “or they dive into it and take it away from the team.”
Simple Incompetent: “The Michael Scotts of the world.” (Played by Steve Carrell on “The Office”)
And, of course, most managers are a combination of different styles.3
The top factors causing people to leave are: poor communication, not acknowledging good work, not delegating, and being over critical. Wages and pay raises are certainly in the mix. However, when workers like their boss and feel valued, they are much more likely to stay.
What steps are you taking to ensure that your managers and leaders are great bosses?
Check out my Leadership Coaching Program to learn how you can develop great bosses.
1 The Week, July 2018, p.33, The Week Publications, New York, NY
2 Kate Gibson, CBSNew.com
3 Mary Abbajay, “Managing Up: How to Move up, Win at Work and Succeed with Any Type of Boss,” Wiley, 2018
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