A recent report by professional networking site LinkedIn shows that if you haven’t received a promotion this year, that’s probably good news. Worldwide, January is the most popular month for promotions, but this is starting to spread through the year. In India, January is only the second most popular month for promotions, behind April and just ahead of July and October.
In India, LinkedIn found there was a more pronounced quarterly schedule for promotions than in some other countries. In September, there is a significant lift in promotions for professionals that listed management consulting as their industry on LinkedIn, more so than other industries.
LinkedIn’s data also revealed that the promotions cycle for professionals is gradually changing due in part to millennials – professionals born in the 80s. Millennials are the professionals who are the most likely to be promoted throughout the year (rather than just in January, which is the case for most professionals). In the 1990s, January was by far the best month to get promoted for all professionals around the globe. In the 2000s, data from LinkedIn showed that January is still the best month for promotions, but it is slowly losing its hold. Over time, it is becoming increasingly likely that global professionals will get promoted during other months of the year.
Perhaps this also reflects a larger trend, of declining job security, and with it, loyalty to the job. As the mindset becomes one of “move up or move on”, it means that promotions and incentives must come more frequently, or companies risk losing talent. This also reflects some other data – that the hiring from LinkedIn actually went up during the recession. This is because while companies were firing people to save money, the value of a quality employee also rose in contrast, and poaching of employees went up.
“LinkedIn was launched in 2003, but our data allows us to identify professional trends that span decades,” said DJ Patil, LinkedIn’s chief scientist. “By shedding light on professional patterns, we hope to help our members achieve their career goals by using LinkedIn in the most effective and productive way possible.”
“One of the best ways to get promoted is by promoting yourself,” advised Lindsey Pollak, a career and workplace expert. “LinkedIn is the perfect place for professionals to get clients, vendors and other third parties to post recommendations on their profile. By encouraging other professionals to champion the work you do in your current role, you’ll be more likely to advance to the next level.”