As job hopping slows, the median pay bump for changing employers has fallen from 20% to 10% [Fortune]
Bank of America Corporation (BAC)
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Source: Fortune
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. J2J moves are still above 2019 levels, according to the report . However, the most recent change rate is estimated to be around 3% on average. Moves are starting to moderate from the unprecedented highs of the Great Resignation when the change rate reached almost 4%. However, there has been somewhat of a rebound in the J2J rate of higher-income customers (earning $100,000 or more, with the year-over-year change surpassing
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