Dry promotions are on the rise – here's what you need to know


If you feel like you've recently been given a 'dry promotion', experts advise what you need to know – or what to do next. (Credits: Getty Images)

Your grandparents may have had a job for life, but British workers are now firmly in the era of job hopping, following in the footsteps of the US.

Over there, government data found that American adults have held down an average of 12 jobs by age 55.

Workers aren't just switching jobs: they're also switching careers, according to a report from the World Economic Forum (WEF). It says that “employment experts predict that the rapid pace of change in employment will mean that individuals will need lifelong learning to prepare them for multiple career changes during their working lives.”

WEFs Future of Employment 2023 Report found that two-fifths of the core skills that workers have today will be disrupted by technological change by 2027 – AI is just one example. Half of all employees' core skills will need to be updated every five years, the report found.

Today, many Britons no longer climb the traditional career ladder, with a consistent and strong upward trajectory. Instead, they embrace “winding” careers, also known as job paths with twists, that offer the opportunity to explore many different areas and roles.

Thanks to an employment environment that has seen tens of thousands of redundancies in the UK technology and finance sectors in recent times, employees are also now less likely to idealize their jobs or the company they work for.

And with a lot of added pressure on workers in light of increasing economic uncertainty, the cost of living crisis, inflation and the fear of a looming recession, many workers want to earn their money while the sun still shines.

Promotional opportunities

For many British workers, that's a lot like getting a job promotion. If you work hard, crush your goals, and meet (or exceed) expectations, you should definitely be a shoe-in for a better title, more responsibilities, and of course, a 10% to 15% raise.

Like many things in life, it's just not that simple.

There can be many reasons why your company isn't offering promotions, ranging from a lack of available opportunities to restructuring, cost cutting or a strong preference for external candidates.

And something else that's on the rise is “dry promotions” – aka your boss giving you a new title and more work, but no extra money. According to a Korn Ferry reportLast year, 37% of companies handed out dry promotions.

That's up from 32% in 2021, and is “a trend that is likely to continue,” said Brian Bloom, vice president of Global Benefits and Mobility Operations at Korn Ferry.

So should you accept one? Your boss may explain that this is a way to reward and recognize your abilities by giving you the opportunity to develop professionally, but it won't be surprising if you see things a little differently.

All is not lost if this is the only route to progress offered to you. Consider whether it really helps you advance in your career, ask whether your boss has something to offer you, such as more vacation days, a better pension premium or monthly costs.

That might be enough to get you a dry promotion, with a clear eye on the future, but if you think you need to make the move to a new company to progress, you'll discover thousands of opportunities with employers all over the place. throughout Great Britain on the Metro job board. Discover three below.

Aviva is looking for one Portfolio Manager UK Stewardship with a track record of outperformance in both UK mid- and large-cap stewardship investments to join the firm in the asset management space. The Sustainable Stewardship approach focuses on social, climate and nature, assessing both positive and negative alignment with the UN Sustainable Development Goals (SDGs), with an emphasis on tailor-made solutions.

AI company Cohere is looking for one Strategic account manager (UK Public Sector) to work closely with potential clients as a trusted advisor who deeply understands their challenges and goals and will tailor solutions to increase impact for their business.

You will work with the Product and Engineering teams on strategic moves to deliver solutions to large enterprise customers, and you will need 10 or more years of experience managing end-to-end sales moves of B2B solutions across large enterprises, F100 customers and public sector customers.

Technology services company Version 1 needs a Public sector account manager in the UK to demonstrate their capabilities in customer management, contract management, opportunity management and sales support. This role will be part of a successful, growing team focused on selling digital, data and managed services across the public and private sectors in the UK and Great Britain.

You will need 10 years of experience in a similar role, along with 10 years of experience working in a technology services and solutions environment, with proven expertise in this area.

Visit the Metro Job Board today for thousands of vacancies across the UK.

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