If you're offered a job promotion, you probably expect a pay raise. I know most people would think that more responsibility equals more money. That's not necessarily the case, especially in these tough economic times.
According to an OfficeTeam survey, a promotion and a raise don't necessarily go hand-in-hand. 22% of human resources managers said it's at least somewhat common for their company to award promotions without pay increases. Plus, 55% of workers surveyed said they would be willing to accept a promotion without a raise.
What to do if you don't get offered the money to go along with the promotion? Robert Hosking, executive director of OfficeTeam says "Professionals should think carefully about taking on increased responsibilities if a raise isn't in the offing. Before accepting a new role, workers may consider requesting a compensation review in six months or discussing other perks."
OfficeTeam has suggestions for what workers might be able to negotiate, aside from pay, when offered a promotion:
- More vacation time. Consider asking for a few extra days or weeks off each year.
- Bigger bonuses. It may be possible for your company to increase the percentage of your annual bonus or give you a spot bonus.
- Flexible schedules. The ability to work from home or commute during off-hours may save you time and money.
- Professional development. Pursuing training or continuing education can increase your marketability, which could pay off in the long run.
- An equity stake. Perhaps you can negotiate restricted stock in the company based on your performance.
Copyright Photographer's Choice / Getty Images