Business Insider Asks Cowen Partners About Title Inflation
The war for talent as well as economic uncertainty have prompted many firms in the past two years to attract and retain workers with hefty — but meaningless — titles like “head of innovation” or “senior vice president.” What’s more, these titles often come without added responsibilities, promotions, or pay raises.
While the fancy labels have lured in or helped retain many employees, they’ve been detrimental to the workers and companies, Shawn Cole, the president and a cofounder of the executive-search firm Cowen Partners, said. In many instances, title inflation is a Band-Aid-sized fix for large sores plaguing employees, like pay disparity and feelings of being undervalued, and have led to problematic organizational charts, Cole added.
Luckily, Cole said, “we’ve seen a significant cooling” of title inflation within the past few months because companies no longer feel that they have to rely on it to compete. “That’s beneficial for both parties because it brings us all back to reality,” Cole added.
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