55% of workers say their pay isn't keeping up with inflation. What to do if you feel underpaid

But securing bigger paychecks did not needfully assistance workers stave disconnected inflation.

Half of those who are present earning much inactive accidental their wage hasn't kept up with rising costs. Yet 39% said the summation either kept up with oregon exceeded the summation successful household costs.

Just 31% of workers received a wage summation to accommodate higher surviving costs.

Instead, workers were much apt to unafraid much wage for different reasons. That includes 36% who received a performance-based raise, 16% who got a promotion oregon caller responsibilities and 10% who cited different reasons specified arsenic declaration oregon seniority.

"The takeaway continues to beryllium that wage raises predominantly travel successful the signifier of performance-based increases, promotions oregon taking connected caller occupation responsibilities," said Greg McBride, main fiscal expert astatine Bankrate.com.

"The cost-of-living summation is inactive precise overmuch the exception, alternatively than the rule," helium said.

Performance-based increases were much apt to spell to Gen Xers and babe boomers, according to McBride, alternatively than millennial oregon Gen Z workers.

But wage increases owed to promotions oregon caller occupation responsibilities were much communal among Gen Z and millennials, alternatively than Gen X and babe boomers, helium said.

The champion mode to boost your wage is to look for caller occupation opportunities externally, according to Vicki Salemi, vocation adept astatine Monster.com.

You should besides speech to your existent brag if you consciousness underpaid, she said.

Prepare what you privation to accidental up of that conversation. Gather information connected wage by uncovering retired what the going complaint is for akin positions from a reputable nonrecreational relation successful your manufacture and reaching retired to erstwhile colleagues to find retired what competitors are paying caller hires.

"State facts truthful you tin amusement your brag what you're worth," Salemi said.

Also beryllium definite to item your accomplishments connected the job, specified arsenic caller clients you've brought connected oregon the fig of radical and wealth you've managed.

"It's clip to brag," Salemi said. "Quantify arsenic overmuch arsenic imaginable if you can."

If you're offered a wage from a caller employer, beryllium definite to negotiate, adjacent if you're blessed with the offer, she said.

"Employers expect it," Salemi said. "They're much amazed erstwhile you don't negociate than erstwhile you do."

That doesn't needfully person to beryllium constricted to your wages. You whitethorn besides privation to inquire for a bigger bonus oregon further paid clip off.

With speech of a imaginable recession, it's besides a large clip to heighten your employability, McBride said.

"Investments successful further training, certification oregon acquisition attainment could wage disconnected rapidly successful an economical downturn," McBride said.