Don’t call it quits if you cannot get a raise this year. Ask for more benefits instead.
While U.S. employers are planning to give their employees a 3% pay raise this year, you should not keep your hopes up since not all companies adjust compensation on a yearly basis. So, if you happen to work in a smaller company with considerably lower profit margins, there is a high possibility that you will not get any raise this year.
While most people would decide to quit their jobs if they feel they are not being fairly compensated for their work, don’t hand in your resignation just yet. If you can’t get a pay raise, try to negotiate with your boss and ask for more benefits. If your boss wants to keep you, she may just give in to your request. After all, no one wants to go through all the trouble of hiring a new employee.
Hiring a new employee entails a lot of costs. Aside from salary and benefits, your employer will also need to provide for recruitment costs and other related expenses such as advertisements and sign-on bonuses, create a new workspace, and provide equipment and the necessary training. In some cases, employers may also need to pay for relocation expenses.
So, what are some of the benefits that you should ask in lieu of a pay raise? Here are some of them:
Ask your boss to invest in honing your talents. If you are not up for a raise anytime soon, you should try to convince your boss to invest in developing your potential. See if she would be open to the idea of paying for your tuition as you take a course that can help improve your skills on the job. Alternatively, you may ask your boss to allow you to cross-train in other departments. Learning new skills can help you advance your career and get the pay raise you deserve later on.
Request for upgraded equipment. No one deserves to be underpaid. However, working with outdated equipment in need of constant repairs is like adding insult to injury. If you cannot get a raise this year, ask your boss to provide upgraded equipment. You can increase your chances of having your request granted if you can make him see how this will help you do your job better.
Ask for a more flexible work schedule. You may not be getting a raise any time soon, but imagine how much better your life would be if you could get a more flexible work schedule or be allowed to telecommute. You would have a better shot at having your request granted if you managed to have a stellar annual review. It would also help your case if you can make your employer see how this move will improve your productivity.
While no one deserves to get less than what they deserve, you can still make the best of the situation if you can convince your boss to give you any of these benefits.