As job hopping slows, the median pay bump for changing employers has fallen from 20% to 10%

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Good morning. CFOs are concerned about retaining exceptional talent. And Gen Z workers don’t tend to stay in the same jobs for too long. But new research by the Bank of America Institute suggests that job hoppers could be taking a pause as pay bumps for changing jobs fizzle.

During the height of the Great Resignation in 2022, a record 4.5 million workers quit their jobs, according to Bureau of Labor Statistics data. Bank of America researchers looked at aggregated and anonymized internal deposit account data across millions of customers to track job-to-job (J2J) moves. They found out the rate at which people are making these J2J changes by identifying changes in payroll within deposit accounts.