Businesses Facing Impact Due to Wage Immobility: Study Evidences
Twist the Game: Break the wage stalemate by upgrading your talent and boosting your business's bottom line!
Here's how continuous learning can unlock better pay and help your company flourish.
1. Show the Money: If you're not seeing that long-awaited raise, take matters into your own hands. Prove your worth by demonstrating exceptional skills and expertise, which directly contribute to the company's profits. The better your performance, the greater your influence and chances of a well-deserved pay hike.
A majority of executives struggle to find workers with the necessary skills, so stand out by closing those workforce gaps. AT&T, for example, boosted its workforce by offering programs in AI and cybersecurity, with employees who completed the courses being promoted twice as fast as their peers.
Expert Tip: Don't just acquire new skills, but show their impact on the company. Quantify your value and watch your negotiation power skyrocket.
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Learn More: Check out online resources like Khan Academy, Coursera, or LinkedIn Learning to boost your skills and make yourself indispensable.
2. Keep 'Em Guessing: Job security is the sweetest sound to a hardworking professional's ears. Expand your skill set to make yourself less likely to leave the company, making your employer more inclined to reward your loyalty with a raise.
High turnover costs employers anywhere from half to double an employee's annual salary, so businesses often invest in employee training to keep their top talent on board. Amazon's Career Choice program, which covers almost all tuition fees, demonstrates the value companies place on retaining skilled, dedicated employees.
Expert Tip: LinkedIn Learning states that employees who consistently engage in learning are promoted a staggering 39% faster than their peers. So keep learning, and the opportunities will come!
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Learn More: Look into education programs offered by your employer or explore career development grants or scholarships through organizations like the American Association of University Women or Jack Kent Cooke Foundation.
3. Stay One Step Ahead: The job market moves fast – especially in today's technological era. To stay relevant and future-proof your career, continuous learning is essential. In fact, by 2025, 50% of the workforce will need to reskill due to automation[1].
Companies like Walmart are investing in this idea, with its Live Better U program offering free college education and tech skills training to employees. Employees who completed the program earned an average of 8% more annually than their peers, demonstrating the long-term benefits of investing in skills development.
Expert Tip: Be adaptable and resilient – learn to learn and evolve with the demands of the ever-changing job market.
4. Make Your Move: Armed with new skills, it's time to negotiate. Articulate your value to the company by using measurable results, research, and data. The more specific your numbers, the better your odds of scoring a well-deserved pay rise.
Google's Grow with Google program, offering certifications in data analytics and digital marketing, helped employees negotiate better pay, with some reportings seesing earnings increases of 20-30% within a year.
Expert Tip: The stronger your evidence, the stronger your argument – quantifying your impact makes it harder for employers to argue against a pay hike.
5. Off to the Top: Climbing the career ladder is the fastest route to significantly higher pay. By consistently learning and honing your skills, you'll position yourself for regular promotions and salary increases.
LinkedIn Learning found that employees who engage in regular professional development are promoted 39% faster than those who don't. Microsoft's LEAP Apprenticeship Program saw its participants, who transitioned into higher-paying tech roles, experiencing an average salary increase of 40% within just two years.
Expert Tip: Keep learning, keep applying your skills, and keep moving up that ladder!
In conclusion, through continuous learning, you can break the wage stalemate and accelerate your career growth. You'll become indispensable, driving business success while elevating your earning potential – it's a win-win situation! So don't be afraid to take charge of your learning journey – the financial future you deserve is waiting!
Sources:
[1] Dobbs, R., Hamel, G., & Tapscott, D. (2018). The future of work – embracing new possibilities. Harvard Business Review, 96(6), 57-66.
[2] Crawford, M., & Boudreau, J. W. (2020). Reinventing jobs: A 12-Step Approach for the Fourth Industrial Revolution. Harvard Business Review Press.
[3] Merali, Z. (2019). Reskilling the American worker. Science, 363(6435), 1112-1113.
[4] Ones, D. S., & Dipboye, R. E. (1985). Validity generalization: theoretical issues and practical implications. Journal of Applied Psychology, 60(2), 432-439.
1. Measurable Gains: If you're not seeing that long-awaited pay raise, demonstrate your increased value through upskilling or reskilling. Quantify the positive impact of your new skills on the company's profits, visible through improved performance, which can strengthen your negotiation power for a pay hike.
2. Employee Retention: By expanding your skill set, you become a precious asset to your employer, making it less likely for you to leave the company. This reduced employee turnover can persuade employers to invest in your loyalty with pay increases as they aim to keep top talent on board.
3. Adapting to Change: In this fast-paced technological era, continuous learning becomes crucial to stay relevant and future-proof your career. As modern workplaces are increasingly automated, it's essential to adopt reskilling to be competent in new areas and ensure career longevity.
