- About half of workers under age 54 expect annual raises or promotions, while only 12% of baby boomers do, according to a report from Clutch.
- Only 17% of workers younger than 34 said they believe their company's employees have a fair shot at advancement.
- But that doesn't mean employers should plan to offer pay raises and promotions each year, Clutch said. Instead, organizations should establish a timeline for career advancement and offer strong, fair growth opportunities.
Hourly workers reportedly have high expectations of their job prospects, much like the young respondents in the Clutch survey. According to a Branch Report released in June, most hourly workers want to be promoted in their current job, rather than quit their job for a promotion elsewhere. Employers that can provide career paths for their workers may have an edge in the competition for talent.
Besides that recruiting edge, employers also can reduce turnover rates by offering development opportunities, according to LinkedIn. Data from the site showed that employees who are promoted internally or make an in-house lateral move tend to stay on board longer. In fact, LinkedIn found that following a three-year tenure, employees who are promoted have a 70% chance of staying with their company, those who made a lateral move have a 62% chance of staying onboard and those who stayed in their current position without getting promoted or making a lateral move have a 45% chance of remaining.