Decide between staying in your work or changing roles for a higher salary? The new federal data show that the difference in the increased salary between those who stay and those who go through has dropped to its lowest level in a decade.
According to salary Performed by the Bureau of Labor Statistics in the US and the Federal Bank of Atlanta earlier this month, those who stayed in their current roles saw their salaries increase by 4.6% in January and February while the working changes saw only a slightly higher increase for the same period to 4.8%.
The difference between the two groups was wider in January 2023, when workers who stayed in their roles saw the salaries increased by 5.5% and the shifts increased by 7.7%, but the gap is narrowed over time.
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US Department of Labor Department shows that more Americans are choosing to stay in their jobs, with the level of abandonment Its lowest point in 2024 Since 2020. Compared to 2022, when over 50 million Americans left their jobs, only 39.6 million people left in 2024.
Workers are keeping their jobs because they think it would be difficult to find another job that compares – and they do not think they have as much negotiating power as employers. By A survey of Harris survey Last week, 70% of Americans think they would have problems finding a better job than their current, with three in four respondents saying that employers currently have more lever in the labor market than employees.
Work researchers are also experiencing the creation of lower salaries between a competitive labor market. Customer Specialist Specialist Josh Vogel said Wall Street Journal Since being fired in October in a job that paid him $ 170,000 a year plus an annual bonus, he recently accepted a role playing $ 120,000 a year.
“No one is paying what it once was,” said little at the exit. “If you don't like it, there are 50 people behind you who will call right afterwards.”
Employers are also hiring lower rates, increasing competition among job seekers for open positions. Data of the Bureau of Work Statistics in the US indicates that the level of receipt has stayed about 3.3% from June, from about 4.6% to 2021. The US today Notes that the rate of hiring is now similar to what was in 2013 when the labor market was returning after the big recession.
The only sector not influenced by lower wages when job change is finance, according to WSJ.
Many banks that had record income in 2024 are paying job candidates for higher salaries when changing roles. However, JPMORGAN gave to employees lower rewards that some waited this year.