Are You a Victim of a DRY Promotion at Work?

The definition of a dry promotion is where you get more work responsibility and no more pay.  Inflation, high interest rates and flat or slowing sales are the main reasons why more employees are getting more responsibilities piled without financial compensation.  Job openings and hirings have dropped about 35% since the pandemic-era highs.  13% of companies are using a new job title as a way to “reward employees”. 

Within a month after their first promotion, 29% had left their job to look for another job, many times using their new title to get more money elsewhere. 

How do combat the dry promotion?  Revisit your potential compensation in 3 to 6 months after you get the new job responsibilities.  Try to get that in writing if you can.