Switching Jobs Still Pays, Just Not as Much

The pay bump workers get for switching jobs is shrinking.

Job seekers had the leverage to demand bigger pay raises during last year’s red-hot job market, as companies competed to attract and retain talent. Switching jobs might still earn workers a raise, just a smaller one. Some workers worry they have missed the window to capitalize on the leverage employees once had over employers, while others are choosing to prioritize stability as employers gear up for an economic slowdown.