https://www.bbc.com/worklife/article/20240306-slowing-us-wage-growth-lower-salaries
5 replies (most recent on top)
No issue with this, but cost of living raise should be non-negotiable if company is profitable. Since 2020 they failed miserably in this category.
Not sure who sc--wed up, but it needs to be fixed, and that person needs to get fired.
This company is a double edged sword but i'd like to believe its a winning formula (i'd like to)
Playing by old school rules means more job security. Which, beleive it or not, is something the smart and productive people appreciate over a longer term. It's a loyalty thing.
Say you're working at Chase and they just do their revolving door thing. Okay you maybe made more money, maybe your team ran a bit tighter. But that gap when your employment ends there, say, 2-3 months. That right there defeats the entire cost benefit of working there in the first place. Consistency is the key to a comfortable life
"But, say experts, companies aren't necessarily just seizing a moment in a tight job market to reduce costs"
The he-l they aren't. They wouldn't be so aggressive with RTO if labor market was still good, either. Management is appalled when rank and file have numerous better options. Why do you think "is a flight risk" is associated with your personal HR file?
Actually what isn’t rocket science is when you have talented and QUALIFIED people leaving your bank over pay, for a competitor who is more in-tune with reality, and then you either pass those responsibilities to others who may not be qualified to handle them (usually aren’t), or you try to hire someone new on the same old salary of the person who left because of it….rinse and repeat. Becomes an expensive and embarrassing problem later, usually resulting in serious reputation damage and leadership changes from the top down. All because of an unwillingness to pay for the right talent in the first place.
Seems normal. Companies raised rates to attract talent when there were a shortage of workers. Now rates for the same roles are being corrected when new postings occur. It's not rocket science.
It will flip back around again in the future.