#WageStagnation

[optimizedcuriosity]

Workforce Paradox : Corporate "Loyalty" and Employee Disillusionment.

- When "We're Like Family" Means Unpaid Overtime -

Hey there, fellow corporate survivors! 👋 Let's dive into the wild world of workplace loyalty, where companies expect us to bleed their brand colors while we're just trying to make ends meet. Buckle up, because this rollercoaster of corporate expectations vs. reality is bumpier than your manager's attempt at "casual Friday." The Loyalty Demand: A One-Way Street?

Picture this: companies are out here acting like they want a long-term commitment, but we're not feeling the love. A 2023 PwC survey found that 61% of executives believe customers (employees?) are more loyal now than before the pandemic, and 70% of employers are budgeting for pay to remain the same or higher in 2024. Spoiler alert: this is not the way...and we definitely aren't here for it.

The Employee Reality Check

While the higher-ups are feeling optimistic, here's what's really going down:

Only 20% of consumers agree that loyalty has increased since the pandemic (Shocking, right? Who really wants to buy from people that don't support...well...people.)

A whopping 92% of employers are preparing for layoffs in 2024. (Nothing says "we value you" like job insecurity.) (Also a life update and congratulations to me for being a part of a round of layoffs. I was thinking I was underpaid already, but boy does the reality get worse without the job...)

The average salary increase for 2024 is a modest 4%, down from 4.4% in 2023. (Inflation who? Also, that more than what they gave me last year. I got 3% lmfao)

Why We're All Feeling a Bit... Meh

1. Stagnant Wages: The Never-Ending Budget Dance

Remember when we thought we'd be living large by now? The wage gap between actual earnings and what we should be making (based on a 3.5% growth since 2007) is $2.38 per hour as of July 2024. That's not exactly living the dream, is it? Don't even get me started on being sold an education path to getting to this point.

2. Mass Layoffs: The Corporate Shuffle

2022 was the year of "restructuring" – right out the door. Major players like Meta, Amazon, and Twitter showed us the true meaning of "it's not you, it's me" with significant layoffs. And 45% of employers are blaming "economic uncertainty" for tightening those purse strings.

3. Corporate Greed: The Ultimate Glow-Up

While we're watching our pennies, CEO pay has grown a casual 940% since 1978. Worker compensation? A modest 12% increase. Talk about a growth disparity.

The Culture Con: Promises vs. Reality

Companies love to dangle the "amazing culture" carrot. They promise:

Work-life balance (but expect you to answer emails at all hours and unlimited PTO that isn't actually unlimited or PTO.)

Diversity and inclusion (look, we have a ping pong table!)

Employee recognition (here's a gift card for your 5-year anniversary)

Open communication (please fill out this anonymous survey but somehow your manager knows you're the only one to not answer.)

Corporate social responsibility (we tweeted about Earth Day!)

But let's be real, 74% of employees see the link between culture and customer service, yet only 19% strongly agree their manager explains how company values affect their work. It's like they're speaking corporate, but we only understand human.

The Benefits Bait-and-Switch

Companies are trying to win us over with benefits, but they're not quite hitting the mark. The OneDigital Employee Value Perception Study spilled the tea:

56% of us are one surprise bill away from financial panic ( I have a month at best)

25% are eyeing their 401k like it's an emergency fund (that give me 2 months)

35% are practically begging for financial guidance (or just better pay?)

Yet here we are, getting "free" coffee instead of financial planning. Thanks, I guess?

The Loyalty Lowdown

All this corporate disconnect is taking its toll:

Only 20% of us are passionate about our jobs. (The other 80% are passionate about... well, not work.)

57% of Gen Z Americans are less loyal to brands now than pre-pandemic. (Can you blame them?)

Only 53% of consumers even bother with loyalty programs. (Points for what, exactly?)

Bridging the Gap: A Novel Concept

So, how do we fix this mess? Here's a wild idea: companies could try... actually caring?

Fair Pay: Because exposure doesn't pay the bills and your executives are too busy chasing corporate clout.

Transparency: Less corporate speak, more honesty.

Real Development: Not just another online certificate.

Authentic Culture: If I hear "we're like family" one more time...

Financial Support: Because adulting is hard and expensive.

Wrapping It Up

Look, the corporate loyalty paradox is real, and it's messier than we'd like to admit. Companies need to wake up and smell the coffee: loyalty is a two-way street. It's time to put their money where their mouth is and create workplaces that don't make us want to update our resumes every other week. We only remember those that actually walk the talk, not just run their mouths. Remember, we're not asking for the moon here – just a fair shake, some genuine appreciation, and maybe a salary that keeps up with inflation. Is that too much to ask? (Spoiler: it's not.) Stay strong out there, corporate warriors. May your coffee be strong and your meetings be short. Sources:

[1] https://insightssuccess.com/measuring-the-success-of-your-company-culture-metrics-and-tools/

[2] https://inmoment.com/blog/the-importance-of-employee-loyalty/

[3] https://www.davron.net/how-benefits-and-company-culture-can-attract-and-retain-top-talent/

[4] https://ftexecutive.com.au/creating-a-workplace-culture-that-fosters-employee-loyalty/

[5] https://www.frontiersin.org/journals/psychology/articles/10.3389/fpsyg.2022.971569/full

[6] https://teamstage.io/employee-loyalty-statistics/

[7] https://www.gallup.com/workplace/327371/how-to-build-better-company-culture.aspx

[8] https://www.onedigital.com/blog/employee-value-perception-study-underlines-benefits-satisfaction-gap-at-various-life-stages/

[rebel-girl-queen-of-my-world]

Repost from @soyouwanttotalkabout • Let’s talk about the irony of Labor Day! #laborday #workersrights #minimumwage #workingclass #labordayweekend #laborday2020 #unions #labor #essentialworkers #wagestagnation #wagegap https://www.instagram.com/p/CE1epW7AZAQ/?igshid=10ae7w7b5pcec

[blasphemousraccoon-blog]

YOUR GENERATION FUCKED UP THE GARBAGE. IT'S NOT MY FAULT THAT MY TRASH WAGES HAVENT INCREASED SO YOU COILD GET ANOTHER WINE SPRITZER, SUSAN.

[novellearningblog]

A Double Housing Squeeze

A Double Housing Squeeze #ZoningLaws #WageStagnation #HousingPrices

A big focus on unaffordable housing is on the price of homes and the cost of rent. However, wage stagnation is another important factor that contributes to unaffordable housing. In $2.00 A Day, Kathryn Edin and H. Luke Shaefer write, “rising rents are certainly a big part of the problem, but the concurrent fall in renters’ incomes has outstripped the rise in prices by a factor of more than two to…

[novellearningblog]

Stagnation - Why Tyler Cowen thinks raising GDP growth is a moral imperative #EconomicDevelopment #WageStagnation #Complacency Tyler Cowen's book The Complacent Class challenged my thinking on a moral level that I had not expected.