You are likely not getting a big promotion this year. So how about a job swap?
You are likely not getting a big promotion this year. So how about a job swap?
Many workers say they are considering that question as they feel stuck in their roles. With the white-collar labor market cooling and declining turnover leading to fewer internal moves, a sense of malaise and frustration is growing inside big companies.
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Many workers say they are considering that question as they feel stuck in their roles. With the white-collar labor market cooling and declining turnover leading to fewer internal moves, a sense of malaise and frustration is growing inside big companies.
At a range of companies, employers are trying new tactics to spur movement. Consulting giant McKinsey is increasing the size of its mobility budget to let employees take projects in new cities, if only for a few months, to help staffers grow. Credit-card issuer Synchrony Financial is letting some people apply for temporary positions on other teams. Exact Sciences, a diagnostics company, is expanding some roles to give people fresh challenges.
“The very best people want new experiences,” said Kevin Conroy, chief executive of Exact Sciences, which is based in Madison, Wis., and makes the colon-cancer test Cologuard. “They want a career path, and they want to be promoted.”
When lots of people are quitting, it is easier to move people around or to bring in outside hires to inject fresh energy to teams, executives say. The environment now is different.
Lower Turnover
Voluntary turnover within companies has fallen from 17% in 2022 to 12% so far this year, according to data from professional-services company Aon, which surveys employers on pay and attrition trends. What companies call “regrettable turnover”—losing employees they would rather keep—has also declined as more high performers stay put, according to the Aon data.
The U.S. unemployment rate has steadily climbed in recent months, rising to 4.1% in June. Hiring remains strong in many parts of the economy, though wage gains have eased and some employers have chosen to keep open positions unfilled. Rates of promotion into management have fallen across nearly all age groups, according to data from payroll-services provider ADP.
The challenge for companies, executives say, is how to find ways to create growth opportunities even if that doesn’t mean a substantial pay raise or a title change. In an era of efficiency, CEOs are often reluctant to add roles or create…
Read More: People are feeling stuck in their jobs. Bosses are starting to worry.