Should You Accept a Promotion Without a Raise? Here's What Experts Say. You can learn to navigate this tricky situation and see what your next steps should be.

It can be tough if you're offered a promotion without a raise. The upside of a promotion is that new opportunities can arise, increased responsibilities can be assumed, and job satisfaction can be improved. Alternatively, a lack of a pay raise can signal that you aren't being fairly compensated.

So why would a company offer you a promotion without raising your salary? There may be valid reasons for them to do so. There may be no budget available for an employer to increase the salary of an employee. Rather than not offering a raise to a hardworking employee, companies may offer promotions without raises. Clearly, the company is trying to show that it appreciates and recognizes you by making this offer.

Related: 5 Tips for Practicing Self-promotion Without Being Totally Annoying

But if their justification is murky or lacking substance, it could indicate a poor workplace. In some situations, companies will offer you a promotion without a pay raise if they overwork you without appreciating you. It's also a way for them to avoid paying you more for the extra workload.

Whatever the reason, what should you do if you're offered a promotion without a raise? According to experts, here's what you need to know.

Weigh the pros and cons

To decide whether a promotion without a raise is right for you, consider the pros and cons.

Pros:

• An increase in responsibility and visibility.
• A new opportunity for growth, advancement, and a higher salary in the future.
• Adding an impressive title to your resume.
• A feeling of accomplishment and a sense of achievement.

Cons:

• There is no immediate financial benefit.
• An increase in workload and stress.
• There is the possibility of conflict with your manager or coworkers.
• Feeling undervalued.

Talk to your manager

When you weigh the pros and cons, you should discuss your decision with your manager or employer. Your company may not be able to provide you with a raise, so explain why you are considering accepting a promotion without a raise.

Related: Should You Wait To Get A Promotion Or Make A Lateral Move Inside Your Company?

In order to have a productive and respectful discussion, it is essential to conduct it professionally. In other words, keep accusations and blaming your manager to a minimum. Consider how the promotion can benefit you and the company instead of focusing on its negative aspects.

Research compensation

Your next step should be to research the average salaries for the job title — what people with this title typically earn in the industry in which you work. Alternatively, you can check the salaries of similar jobs on sites such as Glassdoor and PayScale.

Also, look into how people with this title are compensated at your organization. Since most people are reluctant to share personal salary details, it can be difficult to ask. There are, however, some companies with pay transparency policies that share salary information.

You can make a compelling case for a raise and a title change if you have a general idea of the typical price for this role -- at your company and elsewhere.

Related: The Dark Side of Pay Transparency — And What to Do If You Find Out You're Being Underpaid

Consider your long-term goals

You should take your long-term goals into account when making a decision. For example, promotions are great ways to advance your career. In other words, even if you aren't given a raise, the increased responsibility and experience will make you more marketable to other employers.

However, a promotion without a raise might not be worth it if you don't care about advancing your career. In the long run, it may be more beneficial for you to stay in your current position and continue to receive raises regularly.

Take the promotion, but ask about pay increases in the future.

What if you were glad to get the promotion and did not expect a raise? Just say "thank you," and you're done.

However, if you're taking on additional responsibilities, you may want to ask when your salary will increase. It would be helpful if you could define a timeline for when this salary reassessment will take place.

Negotiate a raise anyway

If you're determined to accept the promotion, you might be able to negotiate a raise even though you weren't offered one. Just note that the chances of this happening are higher if you convince the company that you are a valuable asset.

When negotiating a raise, show the company how valuable you are. A performance review, your contributions to the team, and any awards or recognition you've received may be included.

In addition, you should be realistic with your expectations. If the company cannot afford to give you a significant raise, you may have to compromise. You can ask for a gradual raise, as well as additional benefits like more vacation time and a signing bonus.

Related: 4 Ways To Negotiate For A Good Salary

Negotiate other benefits

Believe it or not, a pay raise isn't everything. According to a LinkedIn survey, 50% of respondents value the flexibility of hours or location more now than they did in the past.

In this case, if you're offered a promotion but not a salary raise, ask to work from home one day a week or for a 100 percent flexible schedule.

Related: Remote Work Is Here to Stay. It's Time to Update the Way You Lead.

Additionally, you could reduce your workload from 100 percent to 70 or 80 percent, increase your PTO, or take a month-long sabbatical. Additionally, the position may offer perks to help you do the job, such as Six Sigma training, more conferences, or continuing education.

Also, equity can be negotiated if you work for a startup.

Related: The Ultimate Guide to Equity Compensation

Use the promotion to boost your resume for a job search

Vicki Salemi, a career expert at Monster, says companies are getting creative to fill open positions and save money by promoting without raising salaries. However, there is one unfortunate truth, "Your boss expects you to do work at a higher level and contribute at that level without compensating you fairly," she says.

This is your signal to begin looking for a new job that will pay you what you deserve and provide the benefits you need. When finding a new job, Salami suggests taking on the position and gaining as much knowledge and experience as possible.

Cynthia Shapiro, author of What Does Someone Have to Do to Get a Job Around Here? says that if you leave before the year ends, you won't appear as a job hopper. "Job hopping isn't a problem if you do it strategically," she explains.

Make a decision that's right for you

At the end of the day, it's up to you whether or not to accept a promotion without a raise. Individual circumstances determine the best decision, so there is no right or wrong answer.

You may want to seek advice from a career counselor or a financial planner if you don't know what to do. Your counselor can help you weigh the pros and cons and make the best choice.

Be willing to walk away

According to Tom McMullen, Korn Ferry's North America Total Rewards expertise group leader and senior client partner, promotions are not set in stone but rather opportunities. Employees can lose flexibility, increase workloads and stress, move away from respected colleagues, and lose other things they value when they take on new roles, even ones that come with raises.

As a result, if the negatives outweigh the positives, it's alright to decline the promotion and walk away. "'You're asking me to do complex, higher-level work, and more work while you have no intention of increasing my pay? No, thank you,'" McMullen says.