SoFi Blog

If you feel like you’re underpaid in your your current position, there is a wealth of recent economic data to suggest you’re probably right – and you’re not alone. SoFi’s Q4 2015 Career Trends Report revealed two overarching themes that suggest 2016 is a great year to ask for a pay raise: low unemployment numbers and an ongoing lag in wages.

Asking for a raise can be an intimidating prospect, but the truth is that it’s more dangerous not to ask. The longer you stay in one job without a significant pay increase, the more likely you are to make below market rate when compared to your peers. 

We build and manage our careers one conversation at a time.  Some of those conversations are easy, some hard, but few cause more stress than negotiating an offer.

In fact, salary negotiations can be so stressful that many people avoid them altogether.  According to a recent PayScale study, 57 percent of those surveyed have never asked for a raise in their current field.

What’s stopping you?

If you’re thinking about getting an MBA to advance your career, you’ll first want to conduct due diligence to ensure the return on investment is what you need it to be. After all, the average cost for top MBA programs in 2013 was $111,418, according to U.S. News & World Report.

The SoFi Quarterly Career Trends Report takes a look at job market and compensation trends from the past quarter and helps professionals understand how this data may impact their careers going forward. Heading into the second half of 2015, wages continue to lag behind job creation, making it difficult for job-seekers to find high paying jobs. If your goal is salary progression, you should enter the market with caution.

Here are some highlights from the report: