Think carefully about taking on increased responsibilities if a raise isn’t in the offing, advises Robert Hosking, executive director of OfficeTeam.
“Before accepting a new role, workers may consider requesting a compensation review in six months or discussing other perks.”
Like, what other perks? Hosking identifies five beyond-pay incentives:
1. More vacation time. Consider asking for a few extra days or weeks off each year.
2. Bigger bonus. It may be possible for your company to increase the percentage of your annual bonus or give you a spot bonus.
3. Flexible schedule. The ability to work from home or commute during off-hours may save you time and money.
4. Professional development. Pursuing training or continuing education can increase your marketability, which could pay off in the long run.
5. An equity stake. Perhaps you can negotiate restricted stock in the company based on your performance.