No Pay Raise? Here’s What Else Could You Ask For
Let's face it, many of us see our annual pay raise as a way to feel value at work. It reaffirms our importance to the company and it is something employees look forward to — even more than they do the company picnic or Christmas party.
CNBC reported, based on survey data from Willis Towers Watson (a compensation consulting firm) that U.S. employers are planning to give pay raises averaging 4% in 2024. This is slightly lower than the 4.4% average raise in 2023. However, if you are one of those workers who might be getting no pay raise this year, then what can you do? What else can you ask your employers for in lieu of a pay raise this year? Consider asking about Titles, Time or Transfers.
Title.
What about a change in title? Would that make you feel rewarded? 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 as your career progresses? Think about these things as you evaluate whether or not to ask for a title change at work in lieu of a raise.
Time.
Would some extra time off be a good reward for you? For many people this could be a good option. Some people don't necessarily appreciate time off in lieu of a raise, especially those 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? Well, if a raise is not an option, think about asking for time off in lieu of a pay raise this year.
Transfer.
So let's say this year, there is no pay raise, you can't get 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?