The Rapidly Shrinking Raises

The number of people companies are hiring is slowing down. So perhaps it’s not surprising that salaries are slowing down, too. Indeed, wages are now growing at a pace of less than 4% annually, according to the most recent US government data. That’s the lowest level in two years. Korn Ferry experts highlight the reasons why we might be in for an era of lower salary increases, and how that affects firms’ efforts to find the most talented workers. Korn Ferry also explores who is faking work. Nearly one-third of workers admit they pretend they’re working when they really aren’t. But it turns out more managers are admitting to it. Why are so many people taking so much time to invent work they don’t have?

1) Where Have the Salary Increases Gone?

Amid slowing growth and a tighter job market, managers and people leaders face a new challenge—hiring people without being able to offer huge pay increases. Wages grew 3.8% in the 12 months that ended August 31, the lowest annual growth rate in two years. Data shows that salary increases for people switching jobs are averaging just 7.7%, a far cry from the 6% annual wage growth and 20% salary increases companies were paying during, and in the immediate aftermath, of the Great Resignation a few years ago. 

The fluctuations in wage growth, experts say, are partly due to the wave of overhiring and the layoffs that followed. As people have left their jobs, companies have either not replaced them or done so with lower wage earners. At the same time, fewer outside opportunities and the security of their current roles are making people less likely to jump ship.

Read the full article here.

2) Who Pretends to Work More—Employees or Leaders?

The employee checked off all his tasks: He had submitted a report, planned a presentation, and ranked the applicants for a new role. Phew—he was done for the week. And it was only Wednesday!

To some degree, such a scenario is many leaders’ worst nightmare, and it’s not entirely far-fetched: New figures from Workhuman show that 58% of managers fear that workers, lacking enough to do, are essentially faking work, and that 32% of employees regularly do fake work. They deploy a range of tricks, from filling up Outlook calendars to holding assignments for a few days after completing them. And it turns out that workers are not the only ones facing time voids—some 37% of managers and leaders also admit to faking work sometimes.

Read the full article here.

3) 5 Ways to Step Up When a Colleague Leaves

Envy. Sadness. Occasionally, relief.

When a colleague leaves, there’s a host of emotions coworkers could experience. But these days, there’s a good chance those remaining will experience one thing: extra work. A coworker might leave, but the deals they were negotiating, the spreadsheets they were compiling, and their other tasks don’t just fade away. And these days, organizations are increasingly relying on the colleagues who remain to pick up the slack. As firms slow down hiring, an organization might take months to replace a departed worker. That’s if they replace them at all.

However, the departure of a coworker who isn’t replaced could be a hidden opportunity to learn new skills and enhance your profile within the organization. Plus, if you do a good job taking on additional responsibilities, it might even lead to better pay and a promotion (just don’t expect those early on). Here are five ways to step in when your colleague leaves.

Read the full article here.

Other Must-Reads from Korn Ferry

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·       Recognition Needs No Holiday - Korn Ferry CEO Gary Burnison explains why you shouldn’t wait for a special occasion to tell your colleagues that they are appreciated.

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