Do You Deserve a Raise?
Jobs are plentiful out in the workforce. Here in Sioux Falls, some business owners are spending advertising dollars to attract employees, rather than customers.
It wasn't that long ago, that people were losing jobs all across the nation. That was when we were hit with the Great Recession in 2008.
Since that crisis ended, the economy continues to produce jobs, driving the unemployment rate way down.
The latest report shows employers adding 222,000 jobs nationally and the unemployment rate at 4.4 percent. But the negative thing is, pay rate lags.
Average hourly earnings rose 4 cents to $26.25, keeping annual gains at 2.5%. That's well below the 3% to 3.5% average pay raises that have been typical in a healthy economy.
One thing that is causing this, is older, higher paid workers are retiring in droves. There are a large amount of Baby Boomers turning 65 every day.
The retiring workers are being replaced with younger, less experienced workers. Many even lack advanced education, thus are receiving lower pay.
A typical American in the 25-to-34 age range earned $34,800 in 2016, according to the Census Bureau.
Asking for a raise is never easy. But according to Forbes, there are some easy steps to follow. Be prepared and keep in mind that over half the people who ask for raises, get one.