BANK ON A BREAK

The Weekend Post - - News -

IF your em­ployer’s bud­gets aren’t grow­ing — or worse, are shrink­ing — it is go­ing to be pretty dif­fi­cult to get a pay rise,

It may be that your boss wants to bump up your in­come, but sim­ply can’t: she or he just doesn’t have ex­tra money in the kitty for you.

But is cash the only work­place ben­e­fit that has value for you?

For ex­am­ple, how does an ex­tra two weeks a year of hol­i­day sound?

Get­ting an in­crease from four weeks’ leave to six is equiv­a­lent to a 4 per cent pay rise.

As long as you take the ex­tra break time and don’t ac­cu­mu­late it, there is no added cost to your em­ployer.

It doesn’t put ex­tra cash in your hand at the end of the month or year, but it is valu­able.

And when times im­prove for your em­ployer, you could al­ways trade it away for a pay in­crease.

Another bar­gain­ing chip I’ve used to get most of my in­creases is a ri­val of­fer. If you are a val­ued em­ployee, your boss will not want to lose you.

It’s the equiv­a­lent of threat­en­ing to take your busi­ness to another bank of­fer­ing a bet­ter rate. And as we showed in the first of these guides, that’s a very ef­fec­tive weapon for get­ting bet­ter terms.

But just as was the case with the mort­gage ne­go­ti­a­tion, the threat to leave has to be real.

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