There’s more to life than a pay rise
WOULD you accept a promotion without a pay rise? Recruitment agency Robert Half found nine out of ten finance professionals it surveyed claimed they would promote staff without offering them more pay.
Ben Saunders, head of HR at Bircham Dyson Bell Law, says: ‘Each opportunity needs to be considered on its own merits. But I would not rule it out.
‘A promotion might offer you new skills or experiences that will stand you in good stead. Or perhaps it would let you enjoy a better work/ life balance.’
Should you accept the promotion on the condition that you’ll be considered for a pay rise soon?
Ben says: ‘It depends on whether you are in a strong enough position. I’ve found that delivering speaks louder than words and shows potential that is often rewarded.
‘Explore the terms and conditions, including remuneration, and consider carefully before deciding. If you believe there is goodwill, this leaves the door open for future discussions.’
If you are offered a promotion without a rise, try asking for other perks. Phil Sheridan, senior managing director of Robert Half UK, UAE and South America, says: ‘Offering employees increased responsibility and the opportunity to learn and develop can boost employee retention, loyalty and motivation.
‘The long-term risk is employees start to feel undervalued and with their new skills, look to greener pastures.’
So when is it best to ask? Finance and accounting employees are most likely to be successful during their performance review or at a businesscritical juncture, such as the start of a major project or when taking on new responsibility.