Although money is important, can you really afford to reject a promotion without considering the other factors?
In today’s unpredictable work environment, your promotion may not come with a guaranteed salary spike. And while more money is terrific and necessary, there may be cases you can consider accepting a promotion without the pay.
Why doesn’t the promotion come with a pay raise (just yet)
A new title signifies more responsibility and work; the reason why employees expect an injection in compensation. Nonetheless, if a promotion is lateral, a pay increase may not be immediate. Lateral moves are great for exposing you to other areas of the business.
Maybe your boss also sees some great potential in you but wants you to reach certain goals and expectations before giving you a raise. In this case, it’s up to you to prove your worth.
Whatever you do, avoid the following if you want an increase.
Can you be supported in other ways?
Instead of walking around all gloom and doom, consider if your company can support you in other ways. Perhaps they can offer you access to training and resources to help you reduce the skills gap. Udemy, an international learning marketplace, will enable you to gain the necessary knowledge to take your career to the next level.
Browse thousands of online short courses available at a fraction of the price of a university degree.
If money is the problem, then ask for different perks such as flexible working hours or working from home on certain days of the week. If your employer can trust you enough to offer a promotion (mind you, with no pay), surely he has enough confidence to allow you to work from home from time to time.
Read our tips on how to make your boss pay.
Are you being unnecessary?
Sure it’s easy to develop feelings of resentment towards your boss when your promotion doesn’t come with a salary increase. But you shouldn’t allow these feelings to cloud your judgement. Bear in mind that although you may be entitled to a new job title, it won’t necessarily mean more money.
It’s important that you evaluate your new job title as you would do with any other company. PayScale is usually a good tool for comparing the compensation packages of your peers in the same industry.
Remember also that even though the promotion may not lead to greater pay, there may be chances the job advancement will give your career the boost it needs. If this is the case, you don’t want to lose the chance of long-term career growth over short-term monetary expectations, right?
Can you afford to take the risk?In the end, only you can determine whether your promotion without the pay is worth the title. If you decide not to take promotion, be careful not reject it solely based on the money portion. If you’ve looked at all the angles and are certain there are better career opportunities elsewhere, let Careers24 connect you with the right employers.