A new report says employers plan to hold off on pay raises next year.
The benefits consulting firm Willis Towers Watson found more and more employers are unwilling or unable to boost their fixed costs and offer pay raises. This is despite a jobless rate that is at a 50-year low.
But what if you truly feel you deserve a raise? Is there a way to make more money? And if so, how?
While it's uncomfortable and stressful for many to ask for a raise, it can pay off.
A report from Zoro, a seller of business products, found 80% of workers were able to negotiate a pay raise at their current job.
On average, salaried workers were able to increase their annual pay by $2,370. Hourly workers were able to bump up their pay by $1.60 an hour.
Monster.com rounded up some tips.
They say, first, speak up and build a case for yourself. Companies are often most focused on the bottom line, so demonstrate the value you bring.
If you can save them money, perhaps that leaves more room in the budget for your boost.
Also, consider a change in title. Moving to a new level can help your boss provide a higher salary.
If you are not successful at negotiating a raise, there might be other ways to win.
Maybe you can get the okay on a flexible schedule or more paid time off.
Also, think about asking for more paid travel and reimbursements for training classes, certifications, and other continuing educations classes that will benefit both you and your company.
And if all else fails, another way to boost your pay? Switch jobs.
New data from the Federal Reserve Bank of Atlanta found that people who landed a new job got a pay raise of almost 4%.
What's The Deal: How to negotiate a pay raise