So your company wants you to take on more work, for the same money – but you’ll get a new title! Hmph. Here’s how to turn the situation to your best advantage.
Here’s a surprise. Employers are asking IT professionals to take on greater responsibilities and even offering them better titles, without giving them a raise.
Sounds like there’s an outbreak of phantom promotions. What can you do about it? Let’s see. I’m Cat Miller and this is DiceTV.
Of course it’s up to you to decide if you want to accept a moneyless promotion. Assuming that it’s in your best interest, here are some ways to deal with the financial issues.
The problem may lie with your company’s salary administration program. Some plans don’t allow employees to receive another raise if they’ve recently gotten a merit or cost of living adjustment. Others cap yearly salary increases.
Study your company’s program because timing is critical and it might be best to assume the additional duties now and ask for a title change and pay raise later.
If your boss thinks your current salary is adequate, accept the position but request new performance goals. Then document your added value and bottom-line impact during the first few months, and use the data to justify a higher salary or bonus.
If your boss can’t pay you more money because of the economy, negotiate for other perks. You might be able to score additional vacation, educational reimbursements, expense account privileges or even a seat at the decision making table while you wait for the economy to improve.
Whatever you do, don’t accept a phantom promotion without considering the wear and tear on your psyche, and possibly even an exit strategy. If you can master the new responsibilities within six months, it probably makes sense to take the position, then update your resume and hit the job market if you can’t score a raise. At the very least, you’ll gain on-the-job training and experience that may yield financial dividends in the long run.
I’m Cat Miller, this has been DiceTV, and we now return you to your regular desktop.