'Dry Promotion': The Trend Worrying Employees
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There is a new phenomenon that is quietly gaining prominence - "dry promotion"
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Dry promotion refers to the practice of bestowing employees with a job promotion with no increase in salary
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In other words, while your title changes and your responsibilities increase, you do not receive any monetary compensation
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A report said more than 13% of employers chose to give their employees new job titles instead of money
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This number was only 8% in 2018, The Wall Street Journal reported
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A survey said that more employers are assigning less of their 2024 salary budgets to promotion-related hikes
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Experts say it's a reflection of the average worker's diminishing bargaining power
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Evidence of the trend is also visible on social media, with several employees sharing their experience
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These promotions tend to become more prevalent during periods of economic uncertainty with companies
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