Employees hoping for a pay raise in 2016 may be disappointed. The outlook isn't favorable except for the select few who are at the top of the corporate hierarchy or have skills essential to their employer.
Annual raises and cost-of-living increases were common before the 2008 financial crisis. Since then, pay raises have been hard to come by.
Today pay raises are all about results, says Michael Lazarchick, a professional employment counselor in Mays Landing, New Jersey.
"If (the employer) perceives somebody as talented -- doing more and making money for them -- they will pay to get those people, and those people will do well," Lazarchick says. "But the average person? No. They aren't necessarily going to get a pay raise."Read more: