Should I accept a promotion without a pay rise?
Yes, you should accept a promotion without a pay rise.
Think about the longer term benefits rather than the short term monetary increase. If you don’t get the initial reward straight away, don’t worry. I always say the money will come provided you do a good job. By not receiving the initial pay rise at promotion this can be used as a bargaining chip at salary review time and can be backed up further by you delivering well in your new role.
A promotion furthers your CV and skill set making you more marketable and attractive to potential future employees. It also opens the door to more senior roles both internally and externally in the market place. If you reject the promotion, someone will take it internally or externally and it could also reflect your commitment to the firm longer term.
My colleague is paid X, how can I get the same salary?
Your pay rise should only ever be negotiated on the back of your individual performance and not related to other individuals in your team. This is a dangerous subject and you need to be careful around this, I always recommend looking at the overall package and not just the basic salary. Your packages might well be different depending on how well they negotiated at offer stage or in a review meeting.
However do keep track of all your individual achievements both day to day and over and beyond your core job responsibilities. Anything that shows you go the extra mile and are committed to your role, you can use these achievements in your salary review. Do not bring your colleague into the discussion though, this will not represent you in a good light and salaries are best kept confidential at all times.
My company has just been taken over, what does this mean for me?
This is a very open question and really depends on the size of your current team and future employer. There is no need to panic straight away, although this is usually peoples first reaction. Your firm will make an initial statement on the future of the business and potential structure going forward. This should you give you a bit of reassurance one way or the other, however some people do get left in the dark. Try to gain clarification from your boss as soon as possible, although quite often your boss will have limited knowledge too.
In takeovers/mergers new and exciting opportunities can arise internally so there is a good chance you can even secure a better and bigger role, often with more pay. There can also be the potential of retention bonuses depending on your level and the firms plans.
However there is also the risk of redundancy, this isn’t anything to be embarrassed or ashamed about. This can be financially beneficial and gives you the opportunity to secure a new and challenging opportunity. Do seek advice from a trusted recruiter, who will be able to give you a non-biased opinion based on their in-depth knowledge of the market.