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Compensation is a trainwreck right now. Let’s review the last few years:
👉Post-financial crisis until 2020.
A decade of good times where people got accustomed to salaries inching higher every year. Companies just baked it into the cost of doing business.
👉The COVID crash.
People either:
For companies, it was the first chance in years to cut costs and gain negotiating power with new hires.
👉The 2021-2022 hiring boom aka the Great Resignation (still hate that moniker).
👉The 2023-2024 Free-Money-Is-Over Era
Workers fell into two groups:
(Side note: Group 1 = today’s real estate market. Anyone who got a ~3% mortgage rate isn’t moving.)
Meanwhile, companies cut costs and headcount.
Where does that leave us now?
👉 Two worker groups: those who need a ton of money to move, and those who don’t.
👉 Companies miss the nuance. They talk to the latter group or look at aggregate salary data (which combines them) and don’t understand why ‘market’ rates don’t entice happily employed people.
👉 The real ‘disruptor’ isn’t AI or H1B visas as the media would like you to believe. It’s offshoring to Latin America, Eastern Europe, and India. Companies are more comfortable with it now. And those workers are really good, too.
In short:
Just my opinion. Don’t shoot the messenger.
Partner at Hirewell. #3 Ranked Sarcastic Commenter on LinkedIn.
In this episode of Beyond the Offer, hosts Rosanna Snediker and Bill Gates welcome Katie Stapor, VP and Director of Talent at FCB Chicago. Katie shares her journey at FCB, where she started in 2011 and earned seven promotions. She reflects on her unexpected path into HR, the power of relationships, and the ever-evolving workplace. The conversation covers adapting to business demands, innovative internship recruitment, transitioning from recruiting to HR, and the value of in-person training and mentorship. Katie also offers career advice for new graduates and insights into the shifting job market.
Episode 11