🎉 Dry promotions are on the rise 🌵

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PARTY PLAN 🎉

🌵 Dry promotions

✂️ The latest in layoffs

👻 Employer ghosting is up BIG TIME

And, of course, MEMES!

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PAY

Dry Promotions

Congrats!! You’ve done a great job. We’re promoting you. Pay? Oh yeah, it’ll be the same.

Turns out, companies are finding a new way to cut costs. And it’s called a dry promotion — where companies promote an existing employee, give them way more responsibility, and don’t raise their pay.

More work ✅🙌 more responsibility ✅🤌 more money 🤨❌

Despite the bizarre situation, some experts are encouraging employees to be proud of the recognition at work. Even without a pay increase, a dry promotion signals a company’s commitment to the employee’s role and growth within the company and likely comes with some added job security (aka you probably won’t get laid off).

Not surprisingly, some employees have pushed back on, tried to negotiate, or just outright turned down dry promotion opportunities. Some ways employees are negotiating include:

  • Asking for a later raise with retroactive pay

  • Asking for increased variable compensation like bonuses and commission

  • Asking for an increase in other benefits like PTO or schedule flexibility

LAYOFFS

The Latest in Layoffs…

  • Zillow has begun layoffs, per employees on LinkedIn.

  • Volkswagen is laying off 2,000 from its software unit.

  • Charles Schwab underwent mass layoffs earlier this week, per multiple employees. An estimated 2,000 employees were let go. Also affected TD Ameritrade workers, as companies are set to merge.

  • Electrolux to cut 3,000 jobs as sales plummet.

  • Pfizer will lay off 791 employees, a week after announcing plans to cut $3.5B worth of jobs.

  • LegalZoom lays off 110 employees, sells HQ campus in Austin, TX.

  • Nokia to lay off 14,000, as profit drops by 69%.

  • Sleep Number laid off an additional 104 employees on Wednesday (someone must’ve woken up on the wrong side of the bed).

  • A substantial workforce reduction is underway at Union Pacific's corporate offices - employees reporting tears, screaming/yelling employees - may affect thousands…

  • Panera Bread to lay off 17% of the corporate workforce - approx 380 employees. Right as everyone was discovering their 500 mg caffeine lemonade. Shame.

  • Lumen Technologies is laying off 1,200 employees. Their stock is down 73% this year.

  • WeWork to file bankruptcy as early as next week. The company currently has 4,300 employees.

  • Going the opposite direction: 16,613 workers on strike at Ford have returned to work, the automaker has confirmed.

HIRING

Employer Ghosting is up BIG TIME

Halloween came and went. But spooky season is now a year-round thing. According to an October 26 report, the percentage of interview reviews that mention an employer “ghosting” an employee has more than doubled since 2020.

In October, 3.1% of interview reviews on Glassdoor (a site where employees and perspective employees go to learn about a company’s culture, pay, hiring practices, etc.) mentioned ghosting. That is an increase of 112% since the beginning of the pandemic and a 7% increase from this time last year.

“Stopping all communication with a candidate with no explanation is obviously poor form, so it’s not surprising that 87% of interview reviews mentioning ghosting report an overall negative experience with prospective employers.”

The analysis looked at over 1 million interview reviews. In interviews where a candidate worked with a recruiter, ghosting was mentioned in 5.4% of reviews compared to only 3.8% where the candidate simply applied online. L for recruiters.

Media, biotech, and HR/staffing were the most common industries guilty of the practice. Public administration and restaurants were the least likely to ghost candidates. (Rare government W?)

According to a Greenhouse survey, more than half of all job seekers say they’ve been ghosted after an interview at some point.

BOOOO.

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