No salary increase possible due to Covid? Here’s 6 non-financial perks you may be able to negotiate instead.
This year has been a difficult one for business and where usually at this time of year, many staff would be receiving their bonuses or salary increases, the stark reality is that currently, many companies just can’t afford it due to the impacts of Covid19.
So what do you do if you know you are in line for a pay rise or bonus? It’s completely natural to not want to sell yourself short and if your performance has been excellent then you may very well deserve a bonus or pay-rise but how do you approach the topic without appearing insensitive at such a difficult time?
Ask the Question.
There is no harm in asking your boss if there is any possibility of a pay increase or annual bonus (as long as you are polite and not aggressive about it of course). If the company is in a healthy financial position then you may well receive what you are hoping for. However, if the answer is no, be prepared with some other, non-financial benefits you may be able to ask for instead.
If Covid has taught us anything, it’s that offices and many workplaces have the capability to be more flexible than was previously believed and that agile thinking in regards to how we approach our work is imperative. That makes this an excellent time to negotiate benefits that are not financial and/or outside the box.
These could include:
- Flexible Hours – not necessarily just working from home (since we’re all doing that anyway), but maybe the ability to start earlier and finish earlier or continue working from home after the pandemic is over.
- Extra Leave – ask for extra annual leave, birthday leave, a monthly RDO (rostered day off) or any other time off that might enrich your life but not financially affect the company.
- Professional Development – many companies are using the ‘downtime’ of Covid to upskill and cross-train their employees. This could be a great opportunity to pick up qualifications or skills you don’t have but need for your career aspirations.
- A Promotion – not all promotions involve a salary increase (and if it does, you can negotiate a salary increase dependent on business improvement). You may be able to negotiate yourself a better title & responsibilities.
- Lateral Career Movement – have you been wanting to change your focus within the business? This could be the perfect time to change your career within the business.
- Review in 6 Months – add into your negotiations that you would like a salary review in 6 months’ time if business has improved.