Americans deserve a raise, but they don’t know how to get one. That’s especially true of the youngest college-educated professionals, who also bear record levels of student debt.
To change this - SoFi, a new kind of finance company, is presenting Raise Week on May 15, a weeklong public campaign to encourage Americans to think about their value in the workplace and take action to help them get what they’re worth. The campaign seeks to educate young professionals on how ask for a raise, how to ask for other non-monetary benefits, how to know when it’s time to change jobs/industries, and for managers on how to handle advancement conversations.
Economic data and survey analysis of Americans paint a large scale problem in compensation:
· U.S. companies are planning to boost pay in 2017 by around 3% on average (the same as in 2015 and 2016), but economists expect inflation of 2.5%, reflecting a downward trend in real wages;
· According to a recent SoFi survey, 50% of young, college educated professionals did not negotiate salary for their current or new jobs; and,
· 54% of that same survey group said they don’t know their market value.
Mark Gasche, a trained career coach and VP of Career Strategy at online personal finance company, SoFi, sees first-hand that people are not earning what they are worth and during this tour will educate us on how to properly navigate compensation and provide coaching on how to ask for a raise as well as how to ask for non-monetary benefits and when it is could be time to change jobs/industries to earn what you are worth.