The Worst Reasons Your Next Raise Could Be

Hello, my name is Matt Turner, and I am the editor-in-chief of business at Insider. Insider Weekly brings you a roundup with some of the top stories. 

Here’s what’s on the agenda today

But first: Insider’s senior editor for entrepreneurship and career, Emily Canal, will give us a behind the scenes look at a project that took five months to help small-business owners navigate today’s labor market.

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The Talent Insider

We are at an exceptional moment in American entrepreneurship. Emily Canal, senior editor.Record-breaking numbers of people have set up their own businesses in the past two decades. However, the entrepreneurial boom was overshadowed by the Great Resignation. Small-business owners had difficulty finding employees to help them scale their startups.

Talent Insider helps you do just that.

Our Interactive resources and extensive seriesSmall-business owners can now get help with retention and hiring. This is the package that will continue through December. 

• There are 45 stories to help founders with issues like retention, benefits, DEI and scaling. 
• A Virtual eventEntrepreneurs and HR leaders discussed how to deal with today’s difficult environment. 
• An interactive quizThese challenges are designed to assess your ability and willingness to take on a range of hiring challenges. 
• Mentorship program for five entrepreneurs. They were paired up with experts to help them deal with a talent issue.

We have many more stories in the pipeline, including articles on how to prevent employees from becoming burnout, how to create employee resource groups that attract new hires, as well as how to set up robust on-the job training programs to keep workers. 

The complete project can be viewed here. 

Expect a modest raise in this year’s salary

You won’t get a major raise in the next 12 months if that is your goal. Recent surveys show that companies plan to increase salaries by only 4.4%. With inflation at 8.3%, your paycheck will be much less. 

Senior correspondent Aki Ito writes that, after adjusting for inflation, most employees will see their earnings shrink next year — meaning you’ll work just as much, but your salary won’t buy as much.

Aki explains the reasons why raises are going down.

Is Elon Musk falling behind?

Linette Lopez, senior correspondent, writes that Elon Musk was successful because he was the first. Musk was the first to recognize the potential of mass-producing electric vehicles and reusable rockets. It seems that Musk will have to honor his deal to buy Twitter. This is a clear sign that Musk has lost sight of two of his most important bets, Twitter and Tesla.

If he can bring some light to the darkened markets, his survival will be dependent on it.

Read Linette’s complete analysis.

Also, read:

Facebook begins ‘quiet layoffs’

Insider was told by several employees that Meta, formerly Facebook, is now going through quiet layoffs because it has changed its performance expectations. 

Last week, company directors were informed that at least 15% of their employees should be designated as “needs assistance” during an internal review. The move is broadly seen by workers as a “performance-improvement plan” — and a precursor to losing your job.

Here are the details that employees shared with us about quiet layoffs.

Florida homeowners are in for the worst

After Hurricane Ian which left more than 100 dead, another storm is on the horizon for homeowners. 

First, flood-insurance costs in Florida’s high-risk areas are almost certain to rise in the future. Higher ownership costs could lead to a drop in home values. Researchers predict that the risk of flooding and hurricanes will only rise. 

Here’s what Florida homeowners face.

Also, read:

This week’s quote

“I feel like I have my whole life. I want to use it for art and connecting with my ancestors. I want to make sure that my last breath is fresh.

Here are more of the week’s top picks

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Matt Turner is the curator. Jordan Parker Erb and Hallam Bullock edited the book. Subscribe to more Insider newsletters.