Why People Quit after Promotions

+1 HR
September 08, 2023

Friday editions of the newsletter are focused on interesting HR related news and trends intended to keep you up to date and entertained!

3 Interesting Reads

👉But first! If you missed our Tuesday edition, here you go: The Right Business Partner can Make all the Difference

Back to the news👇👇👇

All of your succession planning is walking right out the door:

29% of people quit their jobs within a month after their first promotion (compared to 18% of their non-promoted peers)
Moving into management is not all it is cracked up to be for many people and companies are not doing enough to enable first time managers
“After six months, the likelihood a recently promoted employee will leave is the same as for other workers”

Auto workers will strike if no deal is reached with car makers by the end of next week:

United Auto Workers warned Wednesday that the union plans to go on strike against any Detroit automaker that hasn’t reached a new agreement by the time contracts expire next week
A prolonged strike that includes two to three of the major auto makers could also lead to higher vehicle prices
“Last week, the union filed charges of unfair labor practices against Stellantis and GM, and it said Ford’s economic offer fell far short of its demands”

Goldman Sachs, Roku, Blue Origin among the latest

Layoffs are another step in Goldman’s plan to cut $1B in spending
“Goldman reduced its headcount by about 3,200 in the first quarter in its biggest round of layoffs since the 2008 financial crisis. It also cut about 250 jobs in May”
“The Wall Street giant's profit slumped 60% in the second quarter, missing estimates, as write downs on its consumer businesses and real estate investments weighed on earnings”

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