Bonus is now a dirty word in Ireland and there are few financial services organisations that are willing (or able) to offer their employees pay rises.

Even in the funds sector, which is considered among the most buoyant in Ireland, there's little in the way of salary inflation despite an increase in opportunities.

So, if playing hard ball over pay is no longer an option, what other things should you be pushing for in order to either enhance your career prospects or make your working life a little better?

1. Additional responsibility

With redundancies relatively commonplace in financial services, many teams have been slimmed down and the employees that remain have been asked to take on extra work, usually for no increase in salary or a formal promotion.

In the short-term, this doesn't seem like an appealing option, but it could pay off down the line. For instance, since its restructure, AIB has given formal promotions to its employees that have taken on extra work, saying that it looks to "recognise the added responsibility that staff have taken on".

"People in financial services are increasingly thinking long term and recognising the value of taking on additional responsibility and expanding their skill-set," says Paul Smyth, senior consultant at headhunters FK International.

2. Time off in lieu

We've mentioned previously that some of the domestic banks were paying overtime to their employees who work beyond regular working hours. Unfortunately, this is not commonplace.

Recent research by recruiters Robert Walters suggested that 62% of the nearly 600 Irish professionals it surveyed received no recognition for working overtime. More people are working longer hours simply because firms have reduced their headcount and not replaced departing employees.

However, some firms are now acknowledging this extra contribution.

"Being paid for overtime is a thing of the past," says Ken Harbourne, managing director of recruiters Wallace Myers International. "However, it's increasingly necessary to work beyond normal office hours, and more financial services firms are giving staff time off in lieu if they regularly exceed their contracted hours."

3. More training

Again, this is a case of planning for the long-term and ensuring that you're in a good position when the market picks up again. While taking on more responsibility will undoubtedly improve your employability, a new emphasis on professional qualifications in the industry means that pushing for formal training should be a priority.

"Some businesses are taking training their employees more seriously in an effort to increase morale and retention," says Paul Cotter, director of Cotter Personnel. "This benefits the company, but also improves financial professionals' job prospects down the line."

4. Greater holiday allocation

"There are a lot of international financial services firms in Ireland which are realising that it's easier to retain their staff if they have more time to recharge their batteries," says Harbourne. "A lot of jobs used to offer 20-22 days holiday, but now 25 days is the norm and 30 days for more senior executives.

5. Performance-related…vouchers

As we've said, few firms are willing to dig deep in terms of offering cash bonuses, and the high tax rates make variable compensation something of a mixed blessing anyway. More companies, on an ad hoc basis, are therefore offering their employees something else – vouchers.

"It's not uncommon for companies to offer vouchers of around £250 for employees who have performed well over a short period of time," says Cotter. "Employers recognise the importance of keeping their staff motivated even if they're restricted financially, and these vouchers can be a nice little reward."