According to a new survey, when presented with a promotion, more than half of employees would be willing to say, “Forget the king’s ransom; just call me King.” The survey, conducted by OfficeTeam, reveals that 55% of workers would accept a promotion that didn’t include a pay raise.
I do not understand this, and neither do many HR managers, as most (63%) told OfficeTeam that their firms rarely or never offer a promotion without a salary increase.
Surprisingly, one in five (22%) respondents revealed this practice is at least somewhat common at their companies. Not surprisingly, I do not want to work at any of these companies.
To me, promoting without pay just sounds like title inflation (a legal no-no, according to an EBN podcast.)
However, Robert Hosking, executive director of OfficeTeam, doesn’t believe employers have nefarious motives when promoting without pay. "Some companies may want to reward employees for taking on heavier workloads but aren't able to offer immediate raises due to budget constraints," he says. However, Hosking adds, “professionals should think carefully about taking on increased responsibilities if a raise isn't in the offing. Before accepting a new role, workers may consider requesting a compensation review in six months or discussing other perks."
What other perks, you ask? Something like these, OfficeTeam suggests:
1. More vacation time.
2. Bigger bonuses.
3. Flexible schedules.
4. Professional development.
5. An equity stake in the company based on performance.
Okay, bonuses and flex scheduling definitely is tempting, but I’m still not certain I’d sacrifice cash for any of these things. Just saying.
What do you think? Would your company promote an employee without a pay raise? Would any of the five perks mentioned above be enough to make you accept a promotion without a raise? Share your thoughts in the comments.
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