iCIMS 2023 Workforce Report is out, and it’s jammed full of some great data and facts. Here’s just one that caught my eye:
Now, some will read this and think, “Wow, that’s awesome!” But if you’re a leader of people, you quickly understand how problematic this is! 87% of folks want a promotion. About 10% actually get a promotion. And we wonder why over 50% of our workforce is disengaged.
You can download the full report here.
I didn’t even give you the good stuff, here is another peak:
- 63% of job seekers say a primary factor in their job search is whether the job is remote, hybrid, or on-prem. (editors note: shouldn’t this be 100%? 😉 What this shows is how important where the work of the job is done more than ever.
- 80% of workers do not feel secure financially or professionally. (Ouch)
- 2 out 5 workers claim to not have a work-life balance.
- More here.
What about all those employees who want a promotion?! What can we do?!
This is where great leaders make their money.
Being able to provide opportunity and development, mentorship, and on-demand training programs, are all a part of the plan. The biggest part of the plan truly has little to do with all of this. Your employees must feel they can trust you with their careers. That you, with them, have created a plan and will follow through with that plan to reach their goals.
Every employee can have a plan, but are you willing to be upfront enough with them about what that might look like? For some, their path might be in a year. For others, it’s much longer, and this is where it gets really difficult. Being able to provide a great opportunity takes a combination of great tools, great leadership, effort, and patience. I find that most organizations fail on at least 2 out of 4.
Great tools can be expensive, but the ROI is strong. Great leadership is expensive and hard to maintain because we also under-invest in that as well. Effort and Patience are the two that any employee can do, and the ones who have those usually succeed, but those are also very rare. This then comes down to if our leaders were born or built. We can debate that for eternity. The reality is it’s both.
I think another great question to ask this 87% of employees would be if we can keep all things the same. Same job. Same location. Same everything. Except we give you the same raise you would get if you were promoted, would you still want the promotion? I’m guessing that 87% drops to around 25%, and that’s more doable. One in four employees wanting a promotion seems like a number that makes more sense. Our problem is how we take care of our individual contributors.
Another day, another post. Right now, you have an 87% problem. Have fun!