It’s Time to Do Away with “Dry Promotions”

July 19, 2024 | 9:41 am

An internal talent marketplace can connect top performers with new opportunities and increase their willingness to stick around.

July src8, 2024

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Instead of providing solid career opportunities, all too often companies resort to filling vacancies from outside. And when they do promote people, many employers give them “dry promotions” — more responsibility without more money. This article makes the case for revamping career development. Employers should provide more opportunities — both promotions that offer more pay and lateral moves. Internal marketplaces are one valuable way to help employees with career development.

Marta was a top performer. She had strong qualities that any manager looks for: dependable, reliable, a hard worker, consistently produced quality work. She had been doing the same job for four years. During this time, she had applied to two positions in other divisions of her company to broaden her skills. Both times the jobs went to other candidates in the division. Marta then got a promotion in her own department and a new title but no salary bump. One month later, Marta resigned.

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