Most of us rely on annual appraisals (however small or large they may be) to help us cope with the rising cost of living, so it's normal to be stressed and worried if your employer has decided not to give you an appropriate or a no raise this year. You've already heard it before, but let's remember: this is not a normal time at all.
With unemployment at an all-time high and many businesses are struggling financially and have had made or are considering layoffs, furloughs, and budget cuts to stay alive, expecting an increase now might sound a little absurd. It's important to be self-aware and sensitive to your company's current position and business needs.
While you deserve recognition for your sacrifices and accomplishments during these difficult times, It's important to be self-aware and sensitive to your company's current position and business needs. You might want to put this discussion on hold for the time being, but don't give up hope just yet. Even during this pandemic, there are always opportunities to be recognized for your efforts. Many employers can negotiate with their workers to provide alternative compensation in place of an increase.
But if your company is coping with deadlines and adapting to the new digital era workspace, then an annual appraisal is in the cards this year. If your employer isn't offering you, request them yourself. You'll need to be tactful, open-minded, and, above all, prepared. Prepare to persuade your boss that the raise is good for the organization too. Take the time to document your successes and challenges. Provide metrics or applicable data to highlight your wins. These will go a long way in justifying your request.
It's not a surprise if your employer may not be able to accommodate you at this time. But keep in mind that just because it's not an option right now doesn't mean it won't be in the future until things settle down.
A raise may not be feasible right now, but there are other perks you can expect.
It's not all bad news though, an employer's job is to keep their loyal, and hardworking employees motivated and satisfied. So you might be rewarded with alternate compensations in lieu of an annual appraisal.
What perks can you negotiate?
" Depending on the size of the company, there are many other benefits to ask for in lieu of a raise," Trina Patel, financial advice manager at money management app Albert, said. "You can get creative here as each industry and company is different — consider what your employer will be able to offer, even if it's nonmonetary (i.e. a flexible work schedule). Employers understand this is a difficult time, and while their hands may be tied on your salary, they may be willing to work with you."
The annual appraisal isn't the only thing that motivates employees; there are other perks too. Quick research into your company's competitors will give you an idea of what they offer before you appeal.
Here are a few perks that you can consider requesting:
- Work from home setup (i.e., work chair & desk, internet reimbursements, and other necessities)
- Achievement awards (i.e., cash rewards)
- Company stock options/equity
- Loan repayment
- Education assistance
- Child care assistance
- Loan repayment
"It may be better to take advantage of this time to increase your value to your organization so that when the economy improves, the request for a raise can be bold and robust and more likely to be honored."
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