Monday, January 23, 2012
No Pay Raise; What Else Could You Ask For?
Let's face it, many of us see our annual pay raise as a way to feel some amount of value in the workplace. It reaffirms one's place in the company and it is something many people look forward to even more than they do the company picnic or Christmas party.
Hewitt Associates research shows that average raises in 2010 were only 2.7%. Although still lower than the prior average of 3%, the 2010 rate was higher than the average 1.8% in 2009.
If you are one of those workers who might get a lower than expected or get no annual pay raise this year, it is time to explore your options. What else can you ask your employers for in lieu of a pay raise this year?
Consider asking about Titles, Time or Transfers.
What about a change in title? Would that make you feel rewarded? Would that make you feel better about not getting a pay raise? Remember - part of your mission in your current work is to always be preparing for your next opportunity. Could a change in your job title have an impact on your future career? Would a more contemporary job title mean something to you?
Would some extra time off do the trick for you? For many people this could be it. Except of course for those workers who can't get to choose when they use the time off. There are those workers who think that if the company can't afford to give a pay raise, things must be really bad. That said, the last thing they want to do is be away from the office. You know - out of sight out of mind? Think about asking for time off in lieu of a pay raise this year.
So you can't get a pay raise, don't want a new job title or can't get any time off - could you get a transfer into another position offering a higher base salary? Many people forget the option to transfer into other roles at work. After all this may be the only way for you to get a salary increase you want or need this year.
Look around for abandoned assignments if others have been laid off. Ask about picking up some of these assignments for a bump in salary. After all you will be saving the company money long term.
What would you consider in lieu of a raise?