The Job Market After the Great Resignation

During the pandemic hiring boom, switching jobs often meant huge salary increases. Some workers saw raises of around 14% when they moved companies. But the labor market has changed. Recent data from Bank of America Institute shows that job switchers are now seeing pay increases closer to 4%. The gap between workers who switch jobs and those who stay has nearly disappeared. Economists are calling this shift the Great Stay, as fewer workers are leaving their roles and companies face a larger pool of candidates. The job hopping strategy that worked during the Great Resignation may not work the sa…