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Changing jobs has increased wages at record rates


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“Should I stay or should I go?”

If you’re asking yourself this question about your current job, the answer might be to jump ship now, at least if you want to make more money.

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A new report from the Federal Reserve Bank of Atlanta showed that people who changed jobs earned 6.7% more with the change between July 2021 and July 2022. Those who remained in their current job saw no than a 4.9% increase, the Fed reported.

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Another Pew Research Center study found that those who changed jobs saw their wages increase by 9.7% from April 2021 to March 2022. And that’s after inflation. Those who stayed in the same location actually suffered a 1.7% loss after factoring in record inflation rates in recent months, CNBC reported.

Workers generally see their earnings rise after changing jobs, but the increase hasn’t been this big – according to the Fed’s report – since 1997, which was close to the start of the dot.com boom.

The Great Resignation (or The Great Shakeup as it’s sometimes called), the ability to work remotely from anywhere, and the pandemic — all of which have caused people to re-examine their values ​​and priorities — have triggered increases in salary as employers desperately try to attract high quality workers. But these factors may not remain in play indefinitely.

Job postings recently fell to 10.7 million, the lowest number since September 2021. Meanwhile, quit rates have stabilized at 4.2 million, Bloomberg reported. But employers are still looking to fill a large number of positions, so employees still have bargaining power.

The Great Resignation Record: How Are Workers Who Quit Their Employers Faring Now?
Conversely: 7 Ways Taking a Job with a Pay Cut Could Help You Live Richer

Bottom line: If you feel like there’s something more out there, now might be a great time to dust off your resume, update your LinkedIn profile, and start pitching a new position at a new company.

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About the Author

Dawn Allcot is a full-time freelance writer and content marketer with interests in finance, e-commerce, technology, and real estate. His long list of publishing credits includes Bankrate, Lending Tree and Chase Bank. She is the founder and owner of GeekTravelGuide.net, a travel, technology and entertainment website. She lives in Long Island, New York, with a veritable menagerie that includes 2 cats, a rambunctious kitten and three lizards of different sizes and personalities – plus her two children and her husband. Find her on Twitter, @DawnAllcot.

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