One of the top goals of employees is to get a promotion. Being promoted offers a higher corporate title, enhanced compensation, respect from your peers and the acknowledgment of doing a great job and exceeding expectations.
You would think that a promoted person would be happy to stay and grow within the company. However, recent data from the ADP Research Institute shows that within a month after receiving their first promotion, 29% of people leave their jobs. When someone gets their first promotion, although the recognition increases their commitment to their employer, it only lasts for a short time.
Counterintuitively, promotions increase the risk of a person departing by two-thirds, according to the ADP survey that analyzed the job histories of more than 1.2 million people in the United States. Additionally, the boost in confidence, due to the promotion, emboldens the recipient to seek out other jobs with the mindset that they can earn even more money elsewhere and climb higher at the new organization.
Why This Occurs
When you receive a coveted promotion, you are ecstatic to share the good news with family, friends and co-workers. However, the euphoria starts to dissipate when reality sets in.
You’re tasked with taking on additional responsibilities, need to manage a team for the first time in your career and the leadership team has higher expectations for your productivity and will closely monitor your progress in the new role. Sometimes, a person promoted in the ranks is given a larger remittance, but the compensation is not commensurate with the new and growing responsibilities and time commitments.
Although it seems like a wonderful career opportunity, the promoted person may suffer from imposter syndrome, be uncomfortable with the extra scrutiny, feel awkward rising above their peers and sense a twinge of jealousy from colleagues who thought they should have gotten the promotion. They might fear failing in this new position. If these feelings persist over time, it’s understandable that the person may start thinking about moving on to another opportunity elsewhere to find a fresh start.
A promoted person will feel confident now that they’ve received the new role, enhanced salary, bonuses and perks. After a while, they’ll think it’s time to test the waters to see if they can make even more money and a leap forward in their career. With the new lofty corporate title and higher pay package, the person can ask for—and will most likely receive—a premium from a new employer, if they decide to embark upon a job search.
Even if the newly promoted person isn’t actively seeking a new role, recruiters will start circling. Within niche market sectors, recruiters keep a vigilant eye open for top talent to poach away from the company and entice them to join their client’s organization. The prospective hiring manager would be only too happy to hold an interview with what looks like a fast-track professional who is open to a new opportunity.
Other Surprises
You’d like to think that people always make rational career choices. However, sometimes critical decisions are made on an emotional basis. For example, significant milestones influence people’s decisions to search for a new job or accept or deny a promotion.
People have career-related epiphanies catalyzed by milestone events. According to research by the Harvard Business Review, employees are 9% more likely to quit their jobs after the anniversary of their most recent promotion.
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