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Share Name | Share Symbol | Market | Type |
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Korn Ferry | NYSE:KFY | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.37 | 0.61% | 61.01 | 61.42 | 60.495 | 60.51 | 272,334 | 00:18:05 |
-- Nearly a Third Say They’d Look for a New Job if Passed Over for Promotion ---- “Bottleneck or Nowhere to Go” Top Reason for No Promotion, Followed by “Politics” --
When considering what reward matters most in the workplace, professionals are split on whether they prefer recognition or extra compensation. That's according to a new Korn Ferry (NYSE: KFY) survey.
In the December 2018 survey, 45 percent of professionals said they would prefer a promotion with no raise, with 55 percent saying they would prefer a raise with no promotion.
“Appropriate compensation is key to a professional’s job satisfaction, but at least as important is recognition for a job well done. This is critical for motivating and retaining your talent. One of the most visible forms of recognition is a promotion,” said Dennis Baltzley, Korn Ferry global head of leadership development solutions. “Organizational leaders must set expectations of constant learning, and this means development and career plans at all levels, so employees see a path for broadening, deepening, or advancement.”
Unfortunately, according to the survey, many organizations are not doing an adequate job of creating clear advancement opportunities for professionals. Nearly two-thirds (61 percent) of respondents who did not get a promotion within the last 12 months cited “bottleneck or nowhere to go” as the main reason. Seventeen percent said “office politics” got in their way of moving up the ladder.
Half (50 percent) of respondents said they will not ask for a promotion this year. Of those respondents, nearly a third (28 percent) admitted they are not ready for a promotion, and 15 percent said they are afraid and don’t know how to ask.
If they were passed over for a promotion, nearly one-third (31 percent) said they’d be on the job hunt, either immediately or as a passive job seeker.
In terms of timing for promotions, 44 percent said they thought it was appropriate to be promoted after 2-3 years on the job. About a quarter (24 percent) said they should get a promotion after 1-2 years in a role, and 7 percent felt they should be promoted even if they’ve been on the job for a year or less.
“The key to job progression is ongoing development and coaching to ensure professionals are receiving feedback in terms of how they are doing in their current role and what they need to do to be ready to take on added responsibility,” said Baltzley. “And even if an employee is not yet ready for the next role, knowing that there is potential for a promotion to a more challenging role is an excellent way to retain top talent.”
About the Survey – The Korn Ferry survey was conducted in December 2018 and garnered 1,327 responses.
Survey Responses:
Would you rather receive:
A promotion with no salary increase 45 percent A salary increase with no promotion 55 percentDid you receive a promotion in the last 12 months?
Yes 34 percent No 66 percentDo you expect to receive a promotion within the next 12 months?
Yes 40 percent No 60 percentWill you ask for a promotion in the next 12 months?
Yes 50 percent No 50 percentIf you are not asking for a promotion in the next 12 months, what is the top reason?
I’m afraid, don’t know how to ask 15 percent I’m not ready for a promotion 28 percent I have recently received a promotion 57 percentIf you haven’t received a promotion in the last 12 months, what’s the most likely reason?
Office politics 17 percent I’m not yet qualified 10 percent Bottleneck, nowhere to go 61 percent Unwillingness by my company to offer compensation tied to the promotion 12 percentHow long (on average) do you expect to stay in a role before being promoted?
A year or less 7 percent One to two years 24 percent Two-to-three years 44 percent Three-to-five years 22 percent More than five years 3 percentIf you are passed over for a promotion, would you:
Quit with no job prospect 2 percent Immediately look for a new job 12 percent Become a passive job seeker 19 percent Identify the reasons and work to improve 66 percent Take no action 1 percentWhat is the most likely action you would take if you wanted a promotion?
Have a conversation with my boss and identify growth areas 77 percent Get a new job offer and hope my company counters with a promotion 3 percent Work longer hours 0 percent Take on more responsibility 20 percentAbout Korn Ferry
Korn Ferry is a global organizational consulting firm. We help clients synchronize strategy and talent to drive superior performance. We work with organizations to design their structures, roles, and responsibilities. We help them hire the right people to bring their strategy to life. And we advise them on how to reward, develop, and motivate their people.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190114005034/en/
MEDIA CONTACTTracy Kurschner612.309.3957Tracy.Kurschner@kornferry.com
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