You took on a new role and exceeded expectations, delivered projects ahead of schedule and under budget. You got great feedback all year long and expected to earn a raise.
But the economy is still tight, and many employers are not offering pay increases for their employees. And if your company is tightening its belt, asking for a raise at your next performance review may not be the best move.
Instead, consider negotiating for alternative perks at work that may be as good as cash.
Most companies want to keep their most valuable team members on board. That’s why they’re often willing to work with employees if asked about receiving these five perks at work.
1. Flexible schedule
Even if your company upholds a 9-to-5 schedule, do not rule out the idea of flexible hours. In 2013, four out of five employers offered employees flex options, according to a report from Catalyst.
Compressed work weeks, staggered start times, and job sharing are all potential options for flex schedules. And they are increasingly common perks at work, both for small startups and large corporations.
To get what you want, enter discussions with your boss with a specific goal in mind. For example, request a compressed workweek with every Friday off. Then, explain how you would continue to fulfill or even exceed your current responsibilities with the modified schedule.
One argument you can make is that having extended work days Monday through Thursday gives you more time to focus uninterrupted. Since you will be in the office longer than core hours, you will be available for last minute projects or changes that need your attention.
If your supervisor is reluctant to offer a flexible schedule, suggest a trial period to see how it goes. Once they see how it works, they may be more likely to agree to it in the long-term.
2. Title change
If a raise is not an option, a title change could be the next best thing.
A new title can show you’ve progressed in your career and have taken on new responsibilities, which will look good on your resume. If you’ve added value to the organization, talk to your manager about updating your role.
For example, after killing it on a major project or milestone, ask for a meeting with your boss. Explain how your responsibilities expanded and how much more you delivered than expected.
Discuss how you think your job description has evolved past your original title, and your new responsibilities line up more closely with the next level up. Having solid examples and results to back you up will help your case.
3. Education and training
Education and training can be a great backup plan if a raise is not an option. Empowering yourself with more skills can benefit your earning potential and the company, so it’s a win-win situation for everyone.
Improving your skill sets will help position you for better roles later on, so it’s one of those perks at work that is also an investment in your future.
Research what skills you need to progress to the next level. Perhaps it’s a design course, or spending some time in ToastMasters to improve your public speaking abilities. Either way, approach your manager with ideas on how the course will help you add value to the business.
Great work perks include attending business conventions. Like asking your company to pay for classes, conferences are a great investment in your career.
By sending you to an industry convention, you can network with other leaders, stay on top of the latest business trends, and build your own executive presence.
When requesting your company to pay for you to attend a conference, make a business case for why it’s worthwhile. Point to specific examples of sessions you will attend, people you plan to meet, and what you think you can bring back to the business.
5. Paid vacation
The average U.S. worker gets just ten paid vacation days, according to a 2013 report from the Center for Economic Policy and Research. But if you’re a high-performing employee, you can ask for more than is usually offered.
If it’s time for your annual review, you can ask for an increase in vacation time as part of your compensation. Otherwise, you have the best chance of getting more vacation days if there are extenuating circumstances, such as a honeymoon or other major life event.
Either way, position the request well in advance of when you want to take days off. Show how your work will not slip through the cracks while you are out of the office, like being available out-of-pocket via email.
Be your own advocate for perks at work
While a pay increase may not be in the cards right now, that does not mean all your hard work has to go unnoticed or unrewarded.
Do some brainstorming on what perks at work you would find meaningful and beneficial, both to your life and career. Then, come up with some alternatives. Remember, if you have had a great year at work, you come to the negotiation from a place of power.
Employers ultimately want to keep their best talent satisfied. And by coming to them with ideas for great work perks, you make their job a whole lot easier. Not to mention, in the end, you reap the rewards.
Interested in refinancing student loans?Here are the top 6 lenders of 2019!
|Lender||Variable APR||Eligible Degrees|
|Check out the testimonials and our in-depth reviews!
1 Important Disclosures for SoFi.
2 Important Disclosures for Earnest.
To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest fixed rate loan rates range from 3.89% APR (with Auto Pay) to 7.89% APR (with Auto Pay). Variable rate loan rates range from 2.50% APR (with Auto Pay) to 7.27% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of April 17, 2019, and are subject to change based on market conditions and borrower eligibility.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 04/17/2019. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at firstname.lastname@example.org, or call 888-601-2801 for more information on our student loan refinance product.
© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.
3 Important Disclosures for Laurel Road.
Laurel Road Disclosures
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the fixed rate will decrease by 0.25%, and will increase back up to the regular fixed interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the variable rate will decrease by 0.25%, and will increase back up to the regular variable interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
All credit products are subject to credit approval.
Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $4 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products and personal loans that help simplify lending through customized technology and personalized service. In April 2019, Laurel Road was acquired by KeyBank, one of the nation’s largest bank-based financial services companies. Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. All loans are provided by KeyBank National Association, a nationally chartered bank. Member FDIC. For more information, visit www.laurelroad.com.
4 Important Disclosures for LendKey.
Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
5 Important Disclosures for CommonBond.
Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown.
All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 2.49% effective March 10, 2019.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|2.50% – 7.27%1||Undergrad & Graduate|
|2.50% – 7.12%3||Undergrad & Graduate|
|2.81% – 8.79%4||Undergrad & Graduate|
|2.50% – 6.65%2||Undergrad & Graduate|
|2.55% – 7.12%5||Undergrad & Graduate|
|3.00% – 9.74%6||Undergrad & Graduate|