Roughly 39 percent of HR managers today say it’s common for their company to offer employees a promotion without a raise, according to data from the staffing firm OfficeTeam. That’s a 17-point increase from HR managers who said the same in 2011.
While receiving a promotion without extra pay isn’t ideal, career expert Lindsey Pollak says it can be okay to accept this deal — if the new promotion is in alignment with your long-term goals.
“If it is tremendously valuable to you to have that career title because of your career profile and the job you want next, then I don’t think you should not accept, ” she tells CNBC Make It. But Pollak warns that this situation should be temporary.
Below, Pollak and Monster.com career expert Vicki Salemi outline three things you should do now if you’re offered a promotion without a raise:
1. Set a timeline
If you work for an organization where finances are tight, then it’s likely common for promotions to be offered without additional pay. But that doesn’t mean you should avoid initiating the conversation.
In fact, Pollak says when you are first offered the promotion you should ask your boss for an exact date when you can revisit the conversation about compensation. She says you can tell your boss something like, “I am very happy to take on this additional title and role, but in six months I would like for us to revisit the compensation component.”
Salemi agrees and says that whenever you have the discussion around pay, you should be sure to have the conversation in person or over the phone, rather than via email or text.
“The key is to just do what you can because at some point it is out of your control” she says. “But, what you can control is checking in, staying on top of your pay, following up and keeping track of your accomplishments.”
She adds that “how your boss reacts could be more motivation for you to just look for another job.”
2. Negotiate for other benefits
Aside from negotiating pay, Salemi says there are other benefits you can ask for that will help you to better leverage your new position.
“Think of all the ways you can polish up and learn a new skill set that you can incorporate into your newly-revised resume,” she says. “Maybe there isn’t a budget for a raise, but you can ask if there is one for online learning or for traveling to attend a big conference in another area.”
Regardless of what you’re able to negotiate, Salemi says, you should “always keep your eyes on the prize” and think of your current promotion without pay as a temporary situation that’s helping you to build your resume.
3. Start applying for other opportunities
If salary conversations aren’t going in the direction you had hoped, then Salemi says it’s time for you to start seeking opportunities outside of your company.
As a suggestion, she says you should set up job alerts so that you can stay in the loop on any new positions that match your skill sets. She also advises employees to keep their resume updated and to be as detailed as possible about their new position and responsibilities.
“Let’s say before you were an associate director and now your new title is director,” Salemi explains. “You will need to get really quantifiable in your resume about the amount of the budget you’re managing, how many people you are managing, etc.”
Your promotion, she says, can be viewed as a way to help prepare you for the “job that maybe seemed out of reach” at one point, but is now in line with where you are career-wise.
This article was first published by CNBC https://www.cnbc.com/2019/01/25/what-to-do-youre-offered-a-promotion-without-a-raise.html and is republished with its permission.