Survey 62% of working Americans did not get a raise this year

Survey 62% of working Americans did not get a raise this yearSurvey 62% of working Americans did not get a raise this yearRaises are on the run. 6 in 10 employed Americans reported no pay raise or higher-paying job in the last year up from last year, when 5 in 10 reported the same, according to a new survey from Bankrate.com.Yet, this wont spur the overwhelming majority to seek new work only 25% reported that they plan to look for a new job in the New Year.Those whomore likely to go after a new job were Millennials, at 37%.Lower-income households are more likely to look for work than higher income households.Those that were least likely to receive a raise or a higher-paying job were low-income households (76%) and Baby Boomers (79%).Those that received a pay raise came in at 27%.Respondents said that when they did last receive a raise, 37% received a performance-based raise, 29% received a promotion or responsibility-based raise, and 27% said they received a cost of living-based ra ise.What you can do to be proactive about getting a raise can depend on your age. Greg McBride, the chief financial analyst for Bankrate.com, says workers need to change jobs to make more especially younger ones. Career advancement often involves a willingness to change jobs, particularly in the early career years, he said. Yet only one-third of all Millennials intend to capitalize on this tight labor market and look for a new job in the next 12 months.As for Baby Boomers, a career switch might not be the solution, but they need to re-skill, according to McBride. They should continue to grow and acquire more skill, stay on top of technology, and be forward thinkers.There are other ways to try for a raise as well by being more proactive at workand anticipating your companys needs, and bymaking your case in your year-end performance review.