x

Smart Living: Businesses offering better titles without pay increase

By: Naomi De Lucia

Related Story

Businesses are setting aside less money for raises and promotions, according to a new survey.

Instead of more money, companies are giving employees different kinds of benefits. So when your boss offers you a promotion, but not an increase in pay, what do you do?

So-called "dry" promotions are becoming more common in an uncertain economy. They offer employees more responsibilities, a better title, but without an increase in pay.

There might be both pros and cons of accepting the offer.

If you do accept, you may be given new tasks that will help you develop important skills and propel your career.

You may also get to supervise or manage others and perks, like a bigger office or invites to special events, might also be on the table.

But a promotion with no increase in pay could result in more responsibilities with less reward, and you might become resentful.

So be sure to ask for more flexibility, visibility and authority, and you may want to try to negotiate a salary increase for a later date.

Propose a timeline for when you can expect a raise, and it's a good idea to get it all in writing.

According to a Pearl Meyer Consultants survey, 13 percent of employers said they are relying on new job titles to reward their employees when money for raises is limited.

News

Radar
7 Days