Here are two brutal quotes from an Axios post reporting on executives’ attitudes towards general pay raises and employee retraining. There were made during a conference for CEOs titled “Technology-Enabled Disruption: Implications for Business, Labor Markets, and Monetary Policy.”
“Executives of big U.S. companies suggest that the days of most people getting a pay raise are over, and that they also plan to reduce their work forces further.”
Damn. And then:
The moderator asked the panel whether there would be broad-based wage gains again. “It’s just not going to happen,” Taylor said. The gains would go mostly to technically-skilled employees, he said. As for a general raise? “Absolutely not in my business,” he said.
The CFO of AT&T also said that he doesn’t have a need for so many call center employees or guys that install their cables.
The message is pretty clear: employers don’t need you.
The idea that employees should be loyal to companies is a hold over from traditional career narratives. We’re still waiting for old school career narratives to catch up the present reality of work. But in the meantime it’s a good reminder that companies aren’t looking out for your best professional interest. Waiting for your employer to give you a raise, direct you to the next step, or reward you for your hard work – that’s not going to happen. Instead, it’s going to be up to you to figure out your next move and make sure you have the skills to get a pay upgrade. Don’t expect your employer to do it.