5 Workplace Trends That Could Shape Your Paychecks Over the Next 6 Months
Nowadays, the job market seems to be shifting under our feet. Between economic uncertainty, increased use of AI and unparalleled corporate greed, workers are terrified their paychecks will take a hit or — worse — they’ll be laid off.
As the saying goes, however, knowledge is power — which is why no one should remain uninformed on what’s coming down the pipeline. MoneyLion consulted experts to discover five workplace trends that could shape your paycheck over the next six months and learn some tips on how to prepare for the inevitability of them.
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1. Laying Off Employees Who Lack Demonstrable Performance Results
Founder at unBurnt LLC, Alison Campbell, said that it’s no longer the employees willing to take on every task or show the most initiative that will be afforded job safety; instead, it’s the employees who can demonstrate the most overall impact. This is because AI can perform simple, repetitive tasks faster than humans — therefore rendering humans unnecessary when it comes to generic, busy work.
If you want to keep your job, the key is focusing on performance results: did you increase revenue? Did you drive subscribers? Did you demonstrate value? Prove that you directly advance the company’s core objectives. If you don’t, your job (and your income) will be on the chopping block.
2. Slowed Raises/Delayed Promotions
“Companies are becoming far more cautious with payroll growth,” said Milos Eric, cofounder and general manager at OysterLink. “Almost every business is slowing raises, delaying promotions and reducing bonuses.” Because of economic uncertainty, job turnover has been low, therefore reducing pressure on employers to offer financial incentives to retain talent.
Further, companies are relying on AI to boost productivity. Instead of hiring additional employees, companies are choosing to upskill and redeploy the talent they already have. Employees who can adapt and switch functions will better protect their jobs and their earnings.
3. Return-to-Office Mandates
Cody Schuiteboer, president and CEO of Best Interest Financial, said that — even as AI proliferates — return-to-office mandates aren’t going away. Unfortunately, however, working in an office means additional expenses by way of gas/commute, parking, lunch, professional attire and child/petcare.
Schuiteboer said a full-time return to office mandate can consume anywhere from $5,000-$12,000 per year. For someone making a $95,000 annual salary, that’s roughly a 9.5% pay cut.
You can fight back by cutting costs where possible on transit, food and attire: Carpool, make lunch at home, set up a nanny-share and hit up discount stores like TJ Maxx and Marshalls for business attire, among other moves.
4. More Opportunities for Those with AI Proficiency
Chris Sorenson, CEO at ARMOR, said there will be far more opportunities for those who know how to use AI versus those who don’t. Because, ultimately, if one person can do the job of two people, a company does not need two people.
Companies are trimming the fat (and cutting their costs) by focusing on smaller teams that can operate more efficiently. Actively focus on learning AI and updating your resume to accurately reflect these skills. While these skills might open the door, the goal is to demonstrate you can do more with it than the next candidate.
5. Relationships, Relationships, Relationships
Networking has always been essential in the workplace, but, per Sorenson, it’s about to become more important than ever. This is because, when times are uncertain, people turn to those they trust. And, with an increased volume of candidates, the only way to really stand out in a sea of homogenized, AI-generated resumes is to know someone on the inside.
Further, hiring managers can be lazy and often seek to fill a position as quickly and easily as possible. So attend mixers, take people to coffee and focus on building relationships with hiring managers and other employees. This will become the difference between employment and unemployment.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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