As employees, we too often experience the feeling of being stuck at a certain level of compensation, or hitting a “glass ceiling.” We have a desire to change that, however, asking for a raise can be stressful and awkward. Additionally, if on the edge of a tax bracket, getting that raise can result in moving to a higher bracket and actually mean a decrease, yes, a decrease, in the amount of take-home pay.
Here are 7 tips to earning more in your job without asking for a raise. As an additional selling point, they give your employer an additional tax incentive. As in any negotiation, a win-win scenario works best and this is a great way to approach the conversation.
1. Education
Education is a great commodity in careers where a higher degree equals bigger bucks. Of course, it is generally useful when bettering oneself. However, with the price of education rising, the option is not as readily available as it was before. Asking your employer to pay for your education is essentially increasing your net worth but at the employers’ expense. There is some benefit in it for them, of course (use this when pitching if necessary). This makes their employees more competitive to clients in some industries and also creates a generally happier atmosphere.
A few companies known for paying for education ranging from $2,000-12,000 per year: Starbucks, Apple, Oracle, Bank of America, Wells Fargo and Mckesson.
2. Food
Hey, we all need to eat to survive. Quite a bit of the income that we earn is spent on food. Many companies will offer free lunches and dinners as a perk. In some accounting firms, they will offer dinners and drink carts for their busy season to keep employee morale high.
Additionally, when working for Google there is no need to figure out what to bring for lunch. Employees simply go down to their free cafeteria for lunch or dinner.
3. Travel
More specifically broken down, airfare and hotel. If your job is willing to send you on a trip for a conference or job-related activity, you can very easily turn it into the cheapest vacation of the year. Opt to extend your stay over the weekend and all you have to worry about is your additional hotel costs, given that they pay for your airfare to and from to begin with.
4. Service sabbatical
It sounds crazy to think that some companies would pay while you fulfill your calling to serve and helping others, but that is what several well-known companies are doing to keep their employees happy and help make the world a better place.
Two companies known for offering this are Deloitte and Timberland.
5. Flexible spending account / per diem
When working, and especially traveling, for many companies, they will cover your per diem (“per day” in Latin), which is the amount allocated for expenses or expenses covered. They usually vary in price depending on the cost of living in the area that you are visiting. For those frugal individuals, you may not end up spending all of the per diem on food or other expenses, therefore you will essentially net the additional cash. Additionally, something that can be negotiated into the per diem or otherwise is the car allowance. A car allowance is a set amount of money that a company agrees to pay its employees for their vehicles, and sometimes gas. It is usually just added to their income and not taxed. A car allowance is easier to manage than a company car and gives many benefits to employees.
6. Gym membership
Many companies are emphasizing the benefits of preventative healthcare and one way to work this to your advantage is to convince your boss to cover your gym membership. This will be untaxable income in your pocket.
7. Telecommuting / work from home
While this doesn’t immediately seem like a way to earn more, working from home poses significant benefits. The first being time. You eliminate the morning and afternoon commute to and from work. Working from home for three days per week can add six additional hours to your schedule you did not have before. Additionally, you are saving on gas, as well as wear and tear on your car.
Featured photo credit: just get my money, forget the haters ;* / Megan mjdweuirjhfiu via flickr.com
