Next new thing — a promotion but no raise?

Along with the unpaid internship you can now add another budding trend in the workplace — a promotion in name only. No raise. That’s according to a new OfficeTeam survey of 508 human resource managers at companies with 20 or more employees.

The great majority of companies — 77% — say promotions without pay are uncommon or not allowed, but more than one in five say it is done at least on some occasions.

“Some companies may want to reward employees for taking on heavier workloads but aren’t able to offer immediate raises due to budget constraints,” said Robert Hosking, executive director of OfficeTeam. “In those situations, the intent may be to provide a higher salary as soon as the firm is more financially stable.”

Hosking advised professionals, however, to think through such an offer.

“Professionals should think carefully about taking on increased responsibilities if a raise isn’t in the offing,” he said. “Before accepting a new role, workers may consider requesting a compensation review in six months or discussing other perks.”

In perhaps what is another sign of the times, more than half of the workers polled — 55% — said they would be willing to accept a promotion that doesn’t include a raise.

If you are going to take a promotion without a raise, OfficeTeam suggested you negotiate other points:

• More vacation time. Consider asking for a few extra days or weeks off each year.
• Bigger bonuses. It may be possible for your company to increase the percentage of your annual bonus or give you a spot bonus.
• Flexible schedules. The ability to work from home or commute during off-hours may save you time and money.
• Professional development. Pursuing training or continuing education can increase your marketability, which could pay off in the long run.
• An equity stake. Perhaps you can negotiate restricted stock in the company based on your performance.

So tell us …