{"id":10307,"date":"2025-04-01T07:25:44","date_gmt":"2025-04-01T11:25:44","guid":{"rendered":"https:\/\/kerryhannon.com\/?p=10307"},"modified":"2025-04-01T07:25:44","modified_gmt":"2025-04-01T11:25:44","slug":"with-labor-market-on-ice-job-hopping-has-taken-a-back-seat","status":"publish","type":"post","link":"https:\/\/kerryhannon.com\/?p=10307","title":{"rendered":"With labor market ‘on ice,’ job-hopping has taken a back seat"},"content":{"rendered":"
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Job-hopping has lost its luster.<\/div>\n<\/div>\n
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The median pay increase for workers switching jobs sank substantially to 4.8% last month from a pinnacle of 7.7% two years ago, according to\u00a0recently released data\u00a0<\/a>from the Atlanta Fed.<\/p>\n

While job changers tend to receive higher pay increases than job stayers, the gap between job stayers and those who switch roles has fizzled and is now at its lowest level in a decade. A worker who stayed put and received an annual raise saw nearly the same bump in pay \u2014 4.6%, the Atlanta Fed found.<\/p>\n

Read on Yahoo Finance<\/a><\/strong><\/em><\/p>\n

\u201cThe pendulum is swinging back from the pandemic premium for new hires,\u201d Julia Pollak, chief economist at employment search site ZipRecruiter, told Yahoo Finance.<\/p>\n

\u201cThe gap between wage growth for job switchers and job stayers ballooned to the widest gap on record during the Great Resignation,\u201d she said. \u201cCompanies rushed to rehire after the pandemic, and the No. 1 focus was on hiring incentives \u2014 signing bonuses and raising starting pay.\u201d<\/p>\n

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The problem is that many companies felt burned by offering huge salaries and bonuses to people who stayed only a short while and then left for better opportunities.<\/p>\n

Now the focus is on longer-term retention incentives such as retirement and health insurance benefits that make workers want to stay, Pollak said.<\/p>\n

Federal job cuts and\u00a0layoff<\/a>s by large companies are contributing to a chilly job market overall, flashing the warning signs that the golden era for job seekers has ground to a halt. A recent Harris\u00a0Poll\u00a0<\/a>found that 7 in 10 Americans think it\u2019s difficult to find a better position than the one they have now \u2014 and three-quarters say employers hold the power in the market.<\/p>\n

\u201cHiring is so weak and unemployment durations are growing,\u201d Pollak said. \u201cEmployers are opportunistically able to pick up great talents on the cheap.\u201d<\/p>\n

Talk about glum. A record-low 13% of job seekers described their search as going well, per the findings in a new ZipRecruiter\u00a0report<\/a>. Gloomier still \u2014 more than 6 in 10 job seekers reported zero job offers, the highest level in three years.<\/p>\n