The recession is over, but the economy continues to perform at lackluster levels. This has prompted businesses, both small and large, to still maintain a lean and mean operation and to tighten their belts, which doesn’t bode well for the average worker who still has yet to receive a cost-of-living wage increase since the economic collapse.
For salaried employees, it can be quite a drag to know that you’re working more than 32 to 40 hours a week, but your weekly paycheck remains the same. Not to mention your productivity figures that regularly inch higher every single quarter.
A worker may have spoken with upper management about a raise, and the response would have been that the company can’t afford it right now, though a recent hiring manager just purchased a brand new BMW. Indeed, there may actually be logical reasons why a corporation can’t give its staff members a raise, but salaried employees can deploy various other options to boost wages.
A raise doesn’t just have to mean a bigger paycheck, but perks that can somehow boost your income.
Here are five clever ways for salaried employees to increase their incomes without a raise:
There are many businesses that maintain various facilities at the office or have memberships for certain places in the city, such as spas, golf clubs, and NBA floor seats. Instead of asking for a raise from the company, why not ask to be handed some of these perks that upper management receives? This will provide you some entertainment at no cost to you, and the chance to network.
One of the biggest trends in the business world is to offer its employees shares in the company. WestJet and Starbucks are just some of the companies to give this special perk to its workforce. If your company is listed on the stock exchange, then ask to have a dozen or so shares rather than a pay raise. Stocks are an incentive for employees to perform at their best.
3. Flexible Work/Telecommute
Due to cloud computing, mobile devices and Wi-Fi, employees can work anywhere they please. Whether it’s from home, a coffee shop or the library, workers can complete their assignments at any location. This is a great feature to have at any enterprise, so ask your supervisor, manager or boss if you can have flex work and telecommuting options if they’re unwilling to give you a raise.
4. Skills Upgrade
If you’re in a special field, sometimes the company or the industry will require its labor force to keep up with their skills and accreditation. Inquire with human resources if you are able to take night courses to improve your skills and certifications that can then be covered by the business. In many cases, a business will agree to these because it’s a tax write-off.
Sometimes, an employee just wants to be recognized and be provided with a bonus to showcase the company’s appreciation. A bonus is a lot more affordable for a company than handing out raises to everyone. Speak with the official responsible for bonuses and find out if you can be given one at the end of the year – be sure to make the case of your quality and productivity.
Let’s face it: if you’re not a public sector worker then it’s quite likely you haven’t received a substantial raise in several years. As your cost of living rises, your pay remains stagnant. Businesses today offer more than just pay, so if you’re not getting a higher income then take advantage of these perks.