A recent survey of 800 full-time workers in the U.S. published by Nectar examines the future of work through the lens of employee promotions. The data reveals that a significant majority, or 79.5%, of employees understand what is required for a promotion.
However, there are notable disparities based on gender, age, and income. For instance, a higher percentage of men (83.11%) than women (76.25%) understand how promotions work in their organizations. This understanding is also revealed to increase with age and income level.
Interestingly, 65.38% of employees reported that they feel their company is invested in their career growth. This perception also varies between genders and income levels and suggests that while companies are making efforts to support career growth, there’s still room for improvement in ensuring all employees feel equally supported.
When it comes to receiving a promotion, the survey reveals that 63% of the workforce received a promotion within the past two years, indicating that despite economic uncertainties, companies are still investing in employee growth. However, a third of the workforce has not been promoted in over five years, or never at all, highlighting a significant portion of the workforce that may feel stagnant in their careers.
Among those who did not receive promotions, 33.63% of employees reported to have sought new jobs due to a lack of growth opportunities — emphasizing the importance of career progression in employee retention. This trend is more pronounced among younger employees and those in lower income brackets.
The report underscores the importance of fair and transparent promotion practices. It suggests strategies like establishing clear promotion policies, implementing career progression paths, avoiding quiet promoting, and practicing transparency. The future of work will likely see a growing emphasis placed on fair and transparent promotion practices as a key factor in employee retention and satisfaction.
