From Yahoo Finance: 2025-03-22 09:00:00

Job-hopping has lost its allure, with the median pay increase for workers switching jobs dropping to 4.8% from 7.7% two years ago. The gap between job stayers and switchers is now at its lowest in a decade, prompting companies to focus on longer-term retention incentives like retirement and health insurance benefits.

Federal job cuts and layoffs by large companies signal a tough job market, with the Harris Poll revealing that 7 in 10 Americans find it difficult to secure a better position. The low quits rate and weak hiring indicate that employers have the upper hand in the market, picking up top talent inexpensively.

Wage growth has led to more people staying put in their current roles, as competition among companies to hire workers has decreased. This shift has made leaving for higher-paying jobs less attractive, contributing to a freeze in the labor market.

Despite the challenging job market, some workers are finding success in transitioning to new careers by keeping an open mind, expanding their search, and acquiring new skills. The key is to invest in personal growth and follow opportunities to secure a fulfilling role.

Career changes are not solely motivated by money, as many workers seek professional development and job satisfaction. It is essential for job seekers to identify what they want in their next role to ensure a good fit and maximize career growth and fulfillment.



Read more at Yahoo Finance: With labor market ‘on ice,’ job-hopping has lost its luster