No Raise For Most Workers This Year
Didn't get a raise this year? You've got plenty of company. A survey by the personal finance site Bankrate found 62% of workers did not get a raise or better paying job in the last 12 months.
That's a big jump from the 2017 survey when 52% of full- and part-time workers got no raise.
It's not entirely clear why so many workers are seeing their wages flatline. Greg McBride, chief financial analyst for Bankrate.com, suggested it has to do with the lack of productivity increases.
“The economy might be doing better, but employees aren’t cranking out more output per hour of work,” he says. “A technological advancement or breakthrough could help, and in a lot of ways, just how work is done could be more efficient in the workplace."
While 27% of workers did get a raise from their current employer, 6% got a better paying job. The other 5% got both a raise where they were working and they also switched jobs,
Job changes typically come with a pay increase, yet the Bankrate survey found only 25% of the survey takers saying they'll be job searing in 2019. That tracks behind what the Labor Department's numbers show for voluntary quits over the last 12 months. In 2017, the rate for the private sector was 29%. When the official count is released next month, the count is expected to be about the same.
Millennials, though, show a strong willingness to job shop. The Bankrate survey found about a third of them will look for a new job next year.