Want A Pay Raise? Switching Jobs Has Much More Upside Amid Soaring Inflation, Report Finds
28 Jul 2022
It’s long been thought that changing companies leads to bigger bumps in pay than asking for a raise from the same employer. Now, a new analysis of government data confirms that conventional wisdom—but appears to suggest a growing gap in the fortunes of those who stay put versus those who switch jobs, as high inflation and record turnover rates amid the Great Resignation have shaken up the job market.
Sixty percent of workers who changed jobs between April 2021 and March of this year reported an increase in their wages, as adjusted for inflation, significantly more than the 51% of job switchers who said they saw wage gains the year before, according to a new report released Thursday from Pew Research Center that analyzed data from the Census Bureau’s Current Population Survey. Among workers who stayed with their employers, the share that reported an increase in real wage gains fell from 54% to 47% over the same period.