Job Switchers Hoping for a Big Pay Raise Are in for Some Disappointment [Video]

Here’s some less-than-great news if you’re looking to job-hop because of your pay: People changing roles likely won’t be getting as big of a wage bump as past job switchers.

“If you’d have done the same thing a year ago or 18 months ago, you’d have probably got double the pay rise you’re going to get today,” David Tinsley, senior economist at the Bank of America Institute, told Business Insider.

A new Bank of America Institute report found the median pay gain for those switching jobs was around 20% during the Great Resignation in 2021 and 2022, based on the bank’s internal data. However, the report said that “median pay raises appear to have moderated to around 10%” as of this past May.

“People are still moving, but at the same time, the pay rises they’re getting are below pre-pandemic levels,” Tinsley said. “That seems to suggest there’s been a sort of supply shift.”

He added, “the desire to move jobs might be outpacing …

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