BRIEFINGS PODCAST: PROMOTION PUZZLE 2024

Promotion Puzzle 2024

NOTE: While this transcript has been reviewed, it may contain errors. Please review the episode audio before quoting from this transcript.

Jill Wiltfong:

US companies are projected to promote 10% fewer employees this year than last. What's a hardworking professional to do?

Liz Bentley:

Some companies just genuinely don't have the positions. Your resume is you. Your power is what your offerings can be.

Jill Wiltfong:

Are there some don'ts?

Liz Bentley:

Don't be the me show. You are on a team. Can you kill your opportunities going forward? Absolutely.

[Bill]:

Hey, you heard the news? Earnings came in pretty low. They're not laying anybody off, but promotions are going to be way down.

[Colleague 1]:

Well, Bill, not for me. I just got a promotion.

[Bill]:

You did?

[Colleague 1]:

Yeah, I'm now Head of Global Digital Strategic Initiatives.

[Bill]:

But the CEO just said...

[Colleague 1]:

Yeah, I heard that too, but I had a great year, and the company recognizes that. I'll be in charge of 25 people and have three times more budget to play with now. But look, you are doing great. Your time will come.

[Bill]:

I hope so. You should go celebrate.

[Colleague 2]:

Hello?

[Colleague 1]:

Hey, looks like we'll stay busy. I got a promotion.

[Colleague 2]:

Wait, isn't that good news?

[Colleague 1]:

No, I didn't get any more money for it. Just more work, more pressure, and I'm sure more hours.

[Colleague 2]:

No money? Wow. I think they call that one a dry promotion.

[Colleague 1]:

Yeah, one thing, don't tell Bill.

[Colleague 2]:

Really?

[Colleague 1]:

Actually, let's just keep this between you and me.

Jill Wiltfong:

Hi, this is Jill Wiltfong, Chief Marketing Officer for Korn Ferry. And this is "Briefings," our deep dive into leadership. As we've mentioned here before, nobody can quite figure out this job market, but it's pretty apparent, business leaders feel they have the upper hand in controlling labor costs for the moment. That may be why, according to one study, US companies are projected to promote 10% fewer employees this year than last. And our experts say it's pretty much the same across the globe. Which begs the question, what's a hardworking professional to do, whether they're a new hire or a seasoned executive? It's a problem that keeps career coaches up all night, so let's try to figure out exactly what it takes to get to that next rung of the career ladder as we unpack the promotion puzzle of 2024.

Before we start, if you're watching us on YouTube, please be sure to like, subscribe, and leave a comment to let us know your thoughts on this topic. And we'll, in the meantime, jump in. We're joined now by Liz Bentley, CEO and founder of Liz Bentley Associates. Liz is a nationally recognized career coach who's helped countless individuals make the next jump in their professional lives.

Liz, really good to have you on today.

Liz Bentley:

Thank you so much for having me. I'm really excited to talk about this, and I love the idea of the promotion puzzle.

Jill Wiltfong:

Yes, and let's try to piece this puzzle together over the next few minutes here together. Since the new year, I know a lot of workers have been wanting to celebrate things like historically low unemployment, and for many around the world, not being in a recession. But this news about decreasing promotions is tough, especially in light of all of that news. Liz, why do you think company leaders are holding back on promotions right now?

Liz Bentley:

The markets are very competitive, and organizations are being very budget conscious. They're really afraid of spending too much money. And they're really, like I said, just being very cautious with so much competition in the market.

Jill Wiltfong:

So, plenty of challenges out there when it comes to asking for promotions. Are there ways that you can kind of use this current market and what's happening in the market today to your advantage?

Liz Bentley:

One thing that we do see people do when budgets are tight, and the company doesn't have extra money, is to find money. And one of the ways you can do that is that if somebody leaves an organization, and there's an open spot, and you feel that you have the skillset to take over some of that job, not all of it, but at least some of it, you can fold some of those responsibilities into your position and ask for a raise.

Jill Wiltfong:

Get this, Liz. Last year, more than a third of firms gave so-called dry promotions, meaning a better title, additional responsibilities, but no increase in pay. What's the upside of taking a deal like that if there is one?

Liz Bentley:

I mean, first of all, if you have no other deal to take, you're taking that deal. So, remember, your power is what your offerings can be. So, you want to keep adding to your experience and to your responsibilities, and to everything you're doing, and growing yourself. And at some point, you can cash that in.

[Managers – “Office Space” the movie]:

Would you walk us through a typical day for you?

[Employee – “Office Space” the movie]:

Yeah. Well, I generally come in at least 15 minutes late. I use the side door. That way, Lumbergh can't see me. And after that, I just sort of space out for about an hour. Yeah, I just stare at my desk, but it looks like I'm working.

Jill Wiltfong:

That's Ron Livingston in the cult classic, "Office Space," going through an important part of getting a promotion, the performance review. Now Liz, this, of course, is just the movies, but do you think most people help or hurt their chances in these crucial reviews, which some firms now, as you pointed out, have several times a year?

Liz Bentley:

Okay, so first of all, if you're going to get a promotion, you're going to get a raise, or anything like that, the person who's giving you the review has already made this decision before you come to the meeting. Can you kill your opportunities going forward in a performance review? Absolutely. And the number one thing is not hearing feedback. I mean the reality is, one of the most important qualities going forward in 2024, and has been, but will be even more so, is being coachable.

Jill Wiltfong:

Are there some don'ts? Some things that professionals absolutely should not do if they want to move up.

Liz Bentley:

Okay, I call these the promotion killers. So, the first one is called the me show. Don't be the me show. You are on an A-team in an organization that is all working together and trying to grow towards a bigger picture item that is not just about you. The second one is don't be the blamer, okay? Like it's never quite your fault, right? It's always because of someone else or somebody, something somebody else did. So that's another one that's a killer because it's really frustrating for bosses to work with.

[Dan Roth]:

But what has gotten people really excited recently is generative AI. 40% of people said they are already using this in some way at work. And the way they're using it falls into kind of two buckets. One is to fight the blank page problem. So, let's say that you have to write a deck, or you want to write an email to a supplier, or you've got to draft some document. The AI gives you that first draft. And the other one is to solve some kind of problem that you run into. Like you don't understand some lingo or maybe you have a sticky situation at work. The AI can kind of tell you how other people have gotten around that same problem.

Jill Wiltfong:

That's LinkedIn Editor-in-Chief, Dan Roth, talking about how people are using generative AI today. On the one hand, AI can potentially make you better at your job, as he says, but on the other, that means your case for getting a promotion may not be as strong if a robot is doing part of your work. So, Liz, where do you land on AI? Do you think it's going to help or hinder people from getting ahead?

Liz Bentley:

I think it's going to help. I think it makes... Look, a lot of getting promotions is about doing good work fast and excellent. So, delivering excellent work quickly. And AI just makes you better and faster, and able to do that really effectively.

Jill Wiltfong:

Let's now spend a little bit of a moment on seasoned executives. So, we've talked a little bit about some other groups out there. These are folks trying to get to the C-suite, right, and really kind of hit the pinnacle of their career. Do they need to do anything different to secure a promotion than maybe a colleague that's a little more junior?

Liz Bentley:

Definitely. Everyone's got to be thinking about how are we moving this business forward in a new way? And so, the C-suite level is critical to steering that organization, and you really have to be a thought leader in that space coming from your position.

Jill Wiltfong:

Those are really helpful guidance there. We've talked a lot about generalities today. Do you have a couple of really good promotion stories that are a little more specific?

Liz Bentley:

I do actually. Okay, so in one case, it was a very famous big beauty company, well-known brand. That was a big corporate organization. And my client came to me because she had been moved onto the B-team, which is a theory, but she used to be on the A-team. And she had great reviews and always had good annual employee reviews. But she was introverted, and she had made that very dangerous mistake of working hard in the corner and not picking her head up. So, we had to develop an immediate strategy. And so, our strategy was, first, I asked her, "Who is the commanding one? Who is the big influencer in the company or in your division? Who has a strong voice? And is very demanding, and has a really prominent position?" And she said, "Oh," and I'm going to make up this name. And she said, "Oh, that's Elizabeth." And I said, "Okay, great. You need to get in front of Elizabeth." And she said to me, "Elizabeth is terrifying." And I said, "That's fine. She will fight for you behind closed doors, so you need to go connect to Elizabeth and figure out how to get in front of her as much as you can. Connect with her personally and also show her the work that you're doing, because she wants great people on her team."

Then the second part of the strategy was to go and find who was more of a people person. And this person's like the people person. They know everything that's going on. They know whose grandmothers died and who's happening, who's getting promoted. And I said, "Okay." And she said, "Okay, that person is Ben," again, making that name up. She said, "That person's Ben." And I said, "Okay, you have to go have lunch with Ben." And she said, "No, no, I do not want to have lunch with Ben. All Ben does is talk, talk, talk." I said, "Exactly. You need to go to lunch with Ben and find out everything that's going on in this company." So, she begrudgingly went to lunch with Ben, and she came back. She said, "Oh my God, now I know every..." And I said, "Exactly. Now that you know everything that's going on in the landscape, you know how to maneuver around it. Because you were sitting in your office, you did not know what's going on." So, I said, "Okay, you have to keep going to lunch or coffee with Ben every two weeks," which she thought was awful. Even though she had so much fun every time she went, loved Ben because he's a great guy. Because she's an introvert, it was taxing. And within six months, she was on the A-team and promoted between Elizabeth and the information she was getting from Ben.

Jill Wiltfong:

Liz, this was a wonderful conversation, really inspiring. Thank you so much for coming on and sharing all of this advice with us today.

Liz Bentley:

Thank you so much for having me. It's been a lot of fun and really enjoyable.

Jill Wiltfong:

Up next is "This Week in Leadership" with the latest happenings from around the business world, so stick around.

Rupak Bhattacharya:

Hi, and welcome to the break. I'm Rupak Bhattacharya, and here's a quick look at what else is happening in business from Korn Ferry's "This Week In Leadership."

[Personnel 1]:

Companies are moving towards skills-based hiring.

[Personnel 2]:

But there is no way that most companies are doing it.

Rupak Bhattacharya:

It seems firms may not yet be walking the talk on skills-based hiring. A new study found that from 2014 to 2023, the number of roles where employers dropped degree requirements increased fourfold. But last year, the share of workers actually hired without a college degree grew by only about 3.5%.

[Personnel 3]:

Our identities are not our careers.

Rupak Bhattacharya:

Turns out just 17% of workers said their job or occupation was very important to their identity, down from 24% from just seven years ago. It's yet more proof that leaders are facing an uphill battle when it comes to motivating employees.

[Personnel 4]:

If you had to guess, how many Fortune 500 CEOs are women?

Rupak Bhattacharya:

And finally, last year, women in the UK accounted for 35% of new CEO appointments at retail companies. The highest ever according to a new report from Korn Ferry. That's up from 5% in 2012.

For more insights on business and leadership, head to kornferry.com/insights.

Jill Wiltfong:

The Executive Producer of "Briefings" is Jonathan Dahl. Today's episode was produced by Rupak Bhattacharya, Nadira Putri, and Teresa Allan, and edited by Jaron Henrie-McCrea. It contains reporting by Russell Pearlman, Arianne Cohen, and Peter Lauria.

Our video segment contains original artwork by Frazer Milton, Hayley Kennell, Jonathan Pink, and Sasha Kostyuk.

Don't forget to read our magazine, available at newsstands and at kornferry.com/briefings. That's it for Korn Ferry's "Briefings". I'm Jill Wiltfong. We'll see you next time.

Liz Bentley:

Right at you?

Jill Wiltfong:

Yeah, yeah.

Liz Bentley:

Oh, okay. Good. Because I feel like I'm looking at the sky.

Jill Wiltfong:

Hi Jill, as I hover from above, Liz.