Beyond a Pay Raise: Ask for Benefits

CareerJanuary 25, 2023 16:00

Your performance appraisal with your manager is coming up soon—and from the looks of it, your manager is satisfied with your performance at work. You may be wondering if that will be an appropriate time to ask for a pay raise. However, you are also aware that your company’s salary budget may remain tight in the face of macroeconomic uncertainties. What, then, should you do?

Instead of fixating on the amount of increment you desire, realise that there’s more to compensation than just salary. You can receive compensation in other forms of employee benefits, which can value-add to your life and boost your overall job satisfaction. We will explore 5 benefits you should consider asking for beyond a pay raise.

1. Equity

If your company is a startup, you can consider asking for equity. Startups often struggle with limited cash flows in the beginning; thus, giving pay raises is an unsustainable move. Yet, inquire whether your company has an employee stock ownership plan in place.

As your company continues to expand, you can share in your company’s roaring success. Having a financial stake will thus give you a sense of ownership in the company you work for. Likewise, this is applicable if your company is a public company listed on the stock exchange, particularly in the tech industry.

2. Allowances for Work-Related Expenses

It is rather common for companies to offer allowances for work-related expenses such as transportation and mobile phone usage. You may greatly benefit from these allowances, especially if you have to take numerous overseas business calls or travel long distances to meet various clients. For instance, Reeracoen offers a monthly transport allowance of up to $200 when our employees work in the office at least 20 days in a month.

3. Flexible Work Arrangements

As the saying goes, time is money. Besides asking your company for a pay raise, you can request for a flexible work arrangement, whether it be in terms of time or location.

By working remotely from home and setting your own schedule, you will have greater autonomy over how you perform your role. This increased autonomy will allow you—who may be shouldering caregiving responsibilities for your aged parents and young children—to better integrate your work with your personal lives.

4. Sponsored Educational Opportunities

As an ambitious individual, you are likely hungry for professional growth and development. Upskilling will not only increase your marketability as a professional but also enhance the quality of your company’s workforce.

In this regard, check with your manager if your company is willing to reimburse you for relevant courses and certification fees. Some companies even sponsor their employees’ postgraduate studies (Master's in Business Administration).

5. Health and Wellness Perks

Ultimately, preserving your physical as well as mental health is the most important. Aside from the aforementioned benefits, you can consider asking for health and wellness perks to engage in self-care. These perks include but are not limited to health screenings, gym subscriptions, and therapy sessions.

For example, Reeracoen has implemented a flexible benefits scheme for all our employees since 2022. We give our employees freedom to choose from a wide-ranging list of perks—even a full body massage at a spa is not off the table!

Seeking your next career move?
Visit our job portal or Submit your CV.

We’re also hiring—join the Reeracoen family today!

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3 Strategies to Start the New Year Right

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