You Don't Have to Get a Pay Raise to Feel Valued

The fears of many US workers were confirmed by a Hewitt Associates survey conducted late last year which showed that average pay raises in 2009 will be below 3%. The survey gathered data from employers on their plans for offering employee pay raises in 2009. More than 600 large companies employing almost 14 million U.S. workers in the manufacturing, retail, financial, technology, telecommunications, energy and other industries participated.

Survey results showed that the average raise for workers in 2009 was going to be about 3% down from 3.8% from the year before. Of course, the majority of the companies, 73%, making changes in their pay raise plans agreed that these changes were expected due to anticipated business results in a bad economy.

Let's face it, many of us see our annual pay raise as a way to feel some amount of value in the workplace. It reaffirms one's place in the company and it is something many people look forward to every year - even more so than the company picnic or Christmas party. If you are one of those workers who might get a lower than expected or get no annual pay raise this year, it is time to explore your options. So what else can you ask for in lieu of a pay raise this year? Consider the options of Title, Time and Transfers.

Title.
What about a change in title? Would that make you feel rewarded? Would that make you feel better about not getting a pay raise? Remember - part of your mission in your current work is to always be preparing for your next opportunity. Could a change in your job title have an impact on your future career?

Time.
Would some extra time off do the trick for you? For many people this could be it, except of course for those workers who can't get to choose when they use the time off. Additionally, there are those workers who think that if the company can't afford to give a pay raise, things must be really bad. That said, the last thing they want to do is be away from the office. You know - out of sight out of mind? Think about asking for time off in lieu of a pay raise this year.

Transfer.
So you can't get a pay raise, don't want a new job title or can't get any time off - could you get a transfer into another position offering a higher base salary? Many people forget the option to transfer into other roles at work. After all this may be the only way for you to get a salary increase you want or need this year.

Which option would work for you?

Source - Hewitt Associates - http://www.hewittassociates.com