You got promoted (yay!) but didn’t get a raise (ugh) Remember, even if your promotion doesn’t earn you extra money at your current job, working at a higher level might help you get a job elsewhere.
From asking for more vacay or just turning it down, what to do next
You’ve worked hard, delivered results and are finally getting the acknowledgement you deserve in the form of a long-awaited promotion.
There’s just one problem: Your glorious new role doesn’t actually come with a bump in compensation.
It’s the sort of thing that happens more often than you’d think, so here’s how to handle the situation if it (unfortunately) arises.
CALL YOUR COMPANY OUT — POLITELY
There may be a very good reason why your promotion doesn’t come with a raise. For example, if your company’s policy is to only give out raises at the start of the new calendar year, and you’re promoted in July, you may have to wait to get your hands on that extra cash.
Still, you deserve an explanation, and if your manager doesn’t offer one, you should know that you have every right to ask. As long as you inquire respectfully, your question shouldn’t trigger a whole lot of backlash. NEGOTIATE OTHER BENEFITS Perhaps your company is on some sort of budgetary freeze or doesn’t have enough money to offer additional compensation immediately. If that’s the case, and you know your promotion is going to increase your workload, then it pays to negotiate some added perks in lieu of cash.
Try requesting an extra week of vacation, or the option to work from home more frequently to shave down your commuting costs.
Furthermore, if your absent raise is truly a matter of lacking finances, you might negotiate some sort of deal wherein you get priority the moment that cash flow picks up. DECIDE WHETHER IT PAYS TO DECLINE If, despite your best efforts, you’re unable to secure an alternative means of compensation and your company is unwilling to make any raise-related promises with regard to your new role, then you’ll need to figure out whether it makes sense to accept it in the first place. Start by thinking about the responsibilities you’ll be taking on. Will they help boost your skill set and advance your career, or will you simply be doing more of the things you’re already doing in your current role?
Remember, even if your promotion doesn’t earn you extra money at your current job, working at a higher level for, say, a year might offer an opportunity to pursue a better-paying job elsewhere.
Will passing up that promotion impact your job security? There’s always the chance your company will view you as less of a team player if you decline a promotion that betters the business, but not you individually.
On the other hand, if your company’s management is reasonable, and you respectfully make your case, they might come to appreciate your honesty. Either way, take it as a sign that it may be time to start looking for a new job elsewhere. The Motley Fool is a USA TODAY content partner offering financial news, analysis and commentary designed to help people take control of their financial lives. Its content is produced independently of USA TODAY.