Employee turnover is expensive for companies. In fact, turnover costs businesses more than the average promotion. According to research, replacing an employee who quits costs, on average, 21% of their annual pay.
Furthermore, research has shown that staying in a particular role for too long makes it more likely that employees will leave their company. With these points in mind and against the backdrop of a job seeker-first job market, it may be the perfect time to ask for a promotion.
Thinking about the next step in your career path can seem easy: put a plan together, talk to your boss, and voila, you’ve got a promotion. But unfortunately, the game isn’t played that way.