Infographic: Promotions without pay raises
A better job title doesn't always come with a bigger paycheck, according to new research from staffing firm OfficeTeam. Nearly two in five HR managers (39 percent) said it's common for their company to offer employees promotions without salary increases. That's a 17-point jump from a similar 2011 survey.
How do professionals feel about this practice? Nearly two-thirds of workers (64 percent) reported they'd be willing to accept an advanced title that doesn't include a raise, up from 55 percent in 2011.
More male employees (72 percent) are open to accepting a promotion without a salary increase than women (55 percent).
Workers ages 18 to 34 (72 percent) are most willing to take a new title that doesn't include a raise, compared to those ages 35 to 54 (61 percent) and 55 and older (53 percent).
Professionals are promoted after two years and five months in a role, on average.
"One way employers can motivate and retain their workers is by providing advancement opportunities to those who have excelled in their positions," said Brandi Britton, a district president for OfficeTeam.
"Awarding promotions without raises isn't ideal, but budgets are often a limiting factor. The employee's existing salary may also be a consideration, particularly if they're already making an above-market rate,” added Britton.
The survey includes responses from more than 300 HR managers at US companies with 20 or more employees, as well as more than 1,000 US workers who are employed in office environments, and who are aged 18 and older.
Check out the full results of the survey in the form of a colourful infographic, below: