Alternative Solutions to a Zero Percent Raise
- Even with a nonexistent raise, it's still possible to earn more money.Maria Toutoudaki/Photodisc/Getty Images
Many workers rely on annual raises to help cover expanding expenses at home or to save for their eventual retirement. But, even if your workplace does not offer you an increased salary this year, there are still many options available for those seeking to negotiate additional compensation for their time at work. - Medical expenses can put a pinch in your paycheck, so a great method for ensuring a spike in your take-home pay is to negotiate a better benefits package with your employer. One way is to ask your boss for your company to shoulder a greater portion of your monthly health care premium costs. Another tactic to take is to request that your employer provide you with a dental or vision insurance program. Adding these supplementary benefits can be costly to an individual, but your company might be happy to take on the expense if it is not offering you a raise. While your raw salary won't increase, increased medical coverage can ultimately save you money in the long term.
- Many employees receive two weeks of paid vacation each year, but for the employee forgoing a raise, asking for an additional week or two of vacation time still boosts your compensation when contrasted to your time spent in the office. Extra vacation time can be used to take that long put-off trip, do additional freelance work or start a side business. Your salary may stay flat but - as they say - time is money, so increased vacation days can be an extremely valuable commodity to an employee. Be sure to mention to your employer that you understand why they cannot offer a raise, but offer an extended vacation as a mutually beneficial option that can make both parties happy.
- If you believe that your work merits increased compensation but your employer isn't able to offer you a raise, requesting a performance bonus is a great way to compromise and still potentially earn more income. Propose a performance bonus arrangement to your boss by emphasizing that it is a win-win situation; either you won't earn more money or your employer will see an increased return on their investment in you. If your employer agrees, begin logging what you do with each hour of your work day, what projects you've completed and what exact ways you've helped the office succeed. Be sure to follow up with your boss by presenting a professional-quality report detailing what you've done and how you succeeded in meeting the tenets set to earn your bonus.
