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A recent Korn Ferry October 2016 study of 1,200 professionals worldwide found that nearly two-thirds of respondents (63%) said they would prefer a promotion without a salary increase, than a raise with no promotion this year.
“Study after study shows the incredible importance of recognition for one’s contribution is a key driver in job satisfaction, while salary is rarely near the top,” said Dennis Baltzley, senior partner and global head of leadership development, Korn Ferry.
“To retain the best and the brightest, organisational leaders need to put development and clear career pathing plans in place, not just for top leaders but for those across the organisation,” he added.
The survey also revealed that while only 39% received a promotion within the last year, 45% said they expect to receive a promotion in the coming year.
However, of those who did not get a promotion within the last 12 months, 56% had cited “bottleneck or nowhere to go” as the main reason as the survey revealed that many organisations are not creating clear advancement opportunities for professionals. Interestingly, nearly one-fifth (19%) of respondents mentioned office politics got in their way of career advancement.
As for those who were passed over for a promotion, 84% responded that they would most likely try to identify the reason and work to improve. Additionally, 88% of the respondents who wanted a promotion said they would have a conversation with their boss and identify growth areas that would enable them to move into the next role.
Recruitment and talent experts say professionals should be mindful of when and how they ask for a promotion. On this topic, Peter Keseric, a managing consultant at Korn Ferry Futurestep commented: “The last thing any boss wants is to have an employee demand a promotion or lament that they were not chosen for a role.”
“Conversations should start early on and include details on the exact key performance indicators (KPIs) that need to be achieved to earn a promotion, and there should be regular meetings to ensure progress is being made,” he advised.
When it comes to promotions, 38% feel that they should stay in role for about 2 to 3 years before being promoted, while 5% expect to be promoted within a year.
“The key is ongoing development and feedback to ensure the professional is ready to take on added responsibility in a role,” said Baltzley. “And as this survey shows, knowing that a promotion is a possibility is an excellent way to retain top talent,” he further highlighted.
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