According to the Bank of America Institute, job-hoppers are no longer seeing significant pay boosts when switching employers. Median raises for job switchers fell to around 7% in July, a steep drop from the more than 20% increases seen during the Great Resignation in 2022. Those who stay in their current roles are now earning raises on par with job switchers.

The labor market is no longer as tight, shifting power back to employers. Economic uncertainty and trade-related slowdowns are leading companies to cut back on hiring and investment, resulting in fewer lucrative offers for new hires. Tariff-related pressures are cooling off hiring plans and weakening overall wage growth across sectors.

Industries like finance and information are seeing fewer job changes, while construction and manufacturing have more switching. The overall job change rate in July was just 2% above the 2019 average, suggesting fewer people are changing jobs in higher-paying industries. Staying put may be the smarter move in today’s job market for those seeking pay increases.

Read more at Yahoo Finance: Job-Hopping Has Long Been The Path To Higher Pay. For The First Time Since 2010, Staying Put Is Doing Better