economy
March 9, 2026
Switching jobs meant big raises just a few years ago—here’s what the pay bump looks like now
Pay increases for workers who switch jobs are now roughly a third of what they were at the peak of the pandemic hiring boom, a new study shows.
TL;DR
- Job switching no longer offers the substantial pay raises seen during the pandemic's "Great Resignation."
- Median pay increases for job switchers have dropped significantly, from about 14% in 2022 to around 4% currently.
- The labor market has cooled, with fewer job openings and a lower "quits rate" (workers voluntarily changing jobs).
- Employers are less pressured to compete aggressively on salary due to a larger candidate pool.
- Workers are becoming more cautious about leaving their current jobs, leading to the "Great Stay" trend.
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