Should you accept a promotion without a raise? If you're wondering whether you should accept a promotion without a raise, there is no straight answer.
In the long-term, accepting the promotion might lead to bigger and better things, but in the short term, you might be feeling really irritated about the fact that they would offer you a promotion without a raise. This will mean more work and resposibilites without getting more pay.
Here are four things you can do before accepting the promotion. This will hopefully give you some more clarity.
- Have a conversation with your manager and HR. Let's start by giving your manager and HR the benefit of the doubt, and having a direct conversation about why there isn't a raise included with the promotion. There might be a very good reason, like the salary increases are only given out at a specific time of year, and that's when your salary will change. Make sure your salary is changing to an amount that truly reflects the new job duties. It can be especially helpful if the promotion you got was to fill an open role that that the company was recruiting and interviewing for. If the compensation increase won't happen until a bonus or raise time in a few months, see if you can negotiate the salary change to take place sooner.
- Consider other forms of compensation. There are different types of forms of compensation such as salary, job title, and equity. Keeping that in mind, is there a better job title that you could ask for that could be leveraged into an even bigger job next time? Or maybe you work at a company where cash is limited, but you can negotiate equity in the company. Consider what's happening at the company, and which option offers you the most benefits. Then, consider other resources around you. If you've gotten a promotion, but all that really means is that you're going to be doing your old job and your new job without any additional support or compensation, you're really setting yourself up to be burnt out and unhappy.
- Negotiate for the company to give you some support in terms of an assistant or online resources like software programs that could save you time and assit you along the way.
- Negotiate other benefits. Money isn't everything, and when you put your mind too it there are other benefits such as like ownership over your own schedule that you can consider. If you're being offered a promotion without a raise in compensation, it's a great time to ask for other benefits. Some ideas include, work from home one day a week, 100 percent flexible schedule, more paid time off days, a sabbatical, or opportunities to enroll in skills-based learning classes either in person or online.