Even worse, during the Great Resignation, employers effectively penalized employees for their loyalty, offering sky-high salaries to attract job candidates while neglecting their existing staff. As I reported in 2022, veteran employees received salaries that were 7% lower, on average, than new hires.
The biggest raise I've ever gotten in my 20 year career was 10%. The smallest increase in salary from switching jobs was 20%, and that's an outlier. Staying in one job just isn't worth it anymore.
His boss apologized, telling him that the layoffs had nothing to do with him. It was just business.
And there's the problem. Employers are businesses, and no matter how loyal your boss is to you and vice versa, some beancounter will axe your job without a second thought. "Just business" is anathema to loyalty.