Changing jobs and pursuing new opportunities once commonly came with a salary boost.
Job hopping describes when workers to switch jobs frequently based on salary expectations and motivations.
While it comes with risk, it became a steadfast tool workers used to increase income and speed up career growth.
A Glassdoor study revealed that job hoppers could see an average salary increase of 10-20% compared to those who stayed remained in their role over an extended period.
However, current economic volatility is changing this.
Falling flat
Recent US federal data shows the salary gap between job hoppers and stayers is at its lowest in 10 years.
In January and February, job stayers experienced a 4.6% wage increase. Job switchers bumped up slightly higher at 4.8%.
In contrast, those who changed job in 2023 often received a 7.7% pay increase compared to 5.5% for those who choose to stay.
The Wall Street Journal indicated that workers are staying in their roles longer for job security amidst the economic climate.
Many job offers are also offering much less than expected compared to other years.
Smaller salaries are especially noticeable in leadership roles across industries, including tech and AI. Senior executives and mid-level managers have seen $10,000 to $40,000 cut off their annual pay.
How do you think this trend will develop over the next few months? Will the job market itself be as lush as previous times?
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