According to a recent employment survey, raise and promotion requests are rising in many industries.There are a few reasons why this trend is becoming more prevalent with modern employees.
For Basic Survival
As the price of living escalates across the country, raises and promotions are being requested in higher numbers. Many employees have less funds to support their families and address medical needs outside of beyond the constraints of limited or nonexistent health plans. With the help of a raise or promotion, a struggling family can go from living paycheck to paycheck, to existing comfortably.
A Need for Proper Compensation
Outstanding employees who possess the skills and education to receive a raise or a promotion are more than willing to ask for the compensation they feel they deserve. When other companies offer better pay, rewarding positions or competitive benefits, employees may generate the courage to ask their current employer for a raise or promotion. If those attempts are unsuccessful, an excellent employee may leave to work for another company instead. Other employees have been poorly compensated for their labor, so fair compensation simply entails earning a fair industry wage. A decade ago, more employers also offered bonuses for a job well done. However, hard times signified the end of many bonus programs that helped compensate high-performing workers. A raise or promotion can make an employee feel better about not receiving a bonus.
A Desire for More
One reason that raise and promotion requests are rising among employees is because many people have a desire to obtain the finer things in life. As the prices of goods and services rise to meet the positive economic surges, employees want to obtain more luxuries and earn higher income to handle those extra expenses. Baby boomers and other workers who are preparing to retire can ask for raise or a promotion to put more money toward a 401(k) or other personal retirement plans. Employees are also more likely to inquire about a pay raise or promotion to welcome a new fiscal year with a higher position or better pay — and a sense of accomplishment.
In Response to Upward Profit Trends
As the economy slowly improves, more workers are demanding pay raises and promotions from lucrative employers. Many employees believed it was hopeless to ask for raises or promotion at a time when employers were laying off staff members just to stay in business. Now, if workers observe the company experiencing a lasting surge in profits, faithful employees often feel they deserve greater compensation for helping the company reach its financial goals.
Employers can understand why an employee seeks a raise or promotion, but it is ultimately the decision of management that determines if the employee receives one. If a company wishes to retain its best employees, granting pay raises and promotions for excellent employees is reasonable.
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