5 Alternatives to a Salary Increase

Picture this: You’re a young professional who’s been working in an organization for about a year. You feel like you’ve paid your dues, made ample progress, and sealed your position in the company. You’ve also gone above and beyond by taking on projects you didn’t necessarily have to and coming to the table with new thoughts and ideas.

Here’s the rub: While you understand you’re a newbie, you believe you deserve an increase in pay, but your organization can’t afford it. Money is important, but you can’t negotiate more if it’s not there. If you feel you’re not being compensated for your time and effort properly at work, what are some alternatives you can suggest? Here are a few:

Telecommuting

Studies show 45 percent of Millennial employees would chose workplace flexibility over higher pay. See if your boss is open to allowing you to telecommute one day a week or more. Telecommuting and remote work options are not only great perks, they are also a benefit that positively contributes to your work-life balance. While you might not be getting paid more, you’ll have more time to squeeze in errands, cleaning, or any other activity you wouldn’t be able to complete being stuck in an office all day. Telecommuting will help ease your stress levels and boost overall workplace happiness.

Social recognition

Not getting a salary increase may seem like an employer doesn’t care about you, but there are other ways to show appreciation besides money. Social recognition means singing your praises through tools like social media, newsletters, or through internal communication platforms. Not only is this a huge ego boost, it also allows others to see what you do well.

Project ownership

If you can’t get a bigger paycheck, suggest taking ownership of a project or a goal. For instance, you may have only been an assistant or a project contributor in the past. Once you’ve made enough accomplishments in your job, you have the backing to suggest taking the lead on a project. While it’s no salary increase, it can boost your career, beef up your resume, give you leadership experience, and add credibility to you as a professional.

Professional development

Want to be better in your field? Ask your boss to fund or contribute to professional development opportunities. Professional development may mean going to industry conferences, getting involved in a mentoring program, taking classes, or even learning new software that can help you to be a better worker. No matter what you suggest, remember that professional development can get you reinvigorated while also helping you to become more knowledgeable in your field. The combination of the two is a huge plus because you’re feeding your brain and helping your organization overall.

Temporary bonuses

If there’s not enough money, you can’t get a raise, right? Not necessarily. If your boss claims they can’t pay you more, suggest a temporary bonus. These bonuses may only last a few months, but it’s an option that still results in a fatter paycheck. While a permanent salary increase is obviously ideal, temporary bonuses can still give you the feeling of being rewarded for your work, albeit for a shorter time period.

As the saying goes, “Money makes the world go round.” However, there are alternatives to more money if a salary increase isn’t an option. Start fueling your career in different ways and give the above options a try!

What do you think about salary alternatives? What are some other alternatives to a salary increase?

Photo courtesy of 401(K) 2012; Flickr