4 Things to do When Offered a Promotion Without a Raise
While receiving a promotion without a raise isn’t ideal, Mitch Goldstein, President of The Mason Group, says that “when an employee has the opportunity to take on a new title, but there is no expected pay increase, it’s time to be strategic, as an upgrade in your job title is a win for your long-term success.”
If the promotion is valuable to the progression of your career, just because it comes without an increase in pay, doesn’t mean that you should reject it right off the bat. You may consider taking the promotion as a strategic way to gain new skill sets that could be useful in achieving your career goals.
Here are 4 things you can do if you’re offered a promotion without a raise:
1) Consider your options
There’s a big difference between a title change that doesn’t impact your job description and responsibilities, and one that comes with more responsibility and the chance to manage a team. Taking some time to analyze those factors is very important, so asking your boss for extra time to think the job offer over is a completely acceptable and reasonable response when you’re first presented with the promotion.
2) Set a precise date to review compensation
When accepting a promotion without a raise, it’s a good idea to ask your boss for a precise date to re-visit the compensation component. Make sure you ask for this in person, rather than by email, text, or phone.
How your boss reacts to your request can be a good indicator as to whether not a pay raise is actually possible in the near future, or if you just need to start looking for another job.
3) Negotiate other perks
If more money isn’t an immediate option, there are other benefits and perks you can ask for to better leverage your new role. For example, you could ask if there’s budget for online trainings, big conferences, or seminars. Another option is to ask if you could work remotely. Come prepared to demonstrate why these things would benefit not only your career, but the company as a whole.
Regardless of what you’re able to negotiate, stay focused on your long-term career goals, and think of your current promotion without a raise as something that’s actually helping you strengthen your skill set and helping to build your resume for future growth.
4) Use the promotion to boost your resume and start looking for new opportunities
If salary discussions and other benefits negotiations aren’t going the way you had wished, start looking for other opportunities, which may include ones outside of your current company.
This new promotion can be looked at as a way to help you prepare for your ideal job, which may have seemed out of reach in the past, but now has come into view with where you currently are in your career.
The first step in beginning your job search is to create a strong resume which includes your new responsibilities. At The Mason Group, our accounting and finance recruiters see hundreds of resumes a day, and have come up with a list of proven strategies that will make your resume stand out among other applicants. To guide you through this process, check out “WRITING A STELLAR RESUME: 8 PROVEN STRATEGIES”.
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At The Mason Group, our mission is to help accounting and finance professionals like you reach their optimal career potential. If you have not already connected with one of our recruitment consultants, register with us today! We will be sure to contact you if we have an opportunity that matches your profile.