Even with the jobless rate at 3.7%, near a 50-year low, you may have to speak up if you want to get a raise in the year ahead.
Wage growth has been sluggish throughout the economic expansion, only recently breaking 3%, despite low unemployment and a tight labor market.
Still, most of those gains have gone to the highest-paid employees, according to the Pew Research Center. For most U.S. workers, real wages have barely budged in decades, Pew found.
Next year promises to be no different. U.S. employers plan to hold the line on pay raises in 2020, according to a new report by Willis Towers Watson, a benefits consulting firm.
“Most employers are either not willing or fiscally unable to increase their fixed costs across the board by bolstering their salary budgets,” said Catherine Hartmann, the North America rewards leader at Willis Towers Watson. “Instead, many companies are doubling down on providing significantly larger market adjustments to employees in high-skill roles and selective…