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It's going to get harder to swing a promotion

LivemintLivemint · 9m
It's going to get harder to swing a promotion

Companies are re-evaluating their use of promotions as a retention tool, as it has led to internal disparities and increased employee costs. Fintechs, BFSI firms, and startups have commonly used promotions to retain talent but are now transitioning back to using them for performance recognition instead of as a quick fix. The percentage of employees expected to be promoted is decreasing, with organizations planning to maintain an average of 7.5% increment for promotions. Ad-hoc promotions are considered wrong by some experts, who believe that it demotivates deserving employees and does not increase the firm's capability. However, some sectors, such as banking, will continue to use promotions as a retention technique. Companies may offer double-digit increments to junior management employees but with a strong focus on performance-based differentiation.

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