Job-hopping got workers an 18% raise in 2022. Now it's 8%—and Gen Z is hurt the most

Side view of smiling businesswoman shaking hands with coworker in modern office (Credit: Klaus Vedfelt/Getty Images)

For decades, job-hopping was one of the surest ways to climb the career ladder and boost your earning potential. But just as Gen Z settles into adulthood, that payoff has shrunk dramatically.

Workers are quitting at some of the lowest rates in years. Only 1.9% of nonfarm employees quit their jobs in August, according to the Bureau of Labor Statistics, keeping the quits rate near its lowest level since 2020. Data from the Bank of America Institute also shows the few who do move aren’t seeing the same financial rewards workers enjoyed just a few years ago.