Want A Pay Raise? Switching Jobs Has Much More Upside Amid Soaring Inflation, Report Finds

A new report from Pew Research Center finds that 60% 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. It really does pay to change jobs. During the second year of the pandemic, according to a new Pew Research Center analysis, half of workers who changed jobs saw their pay increase nearly 10%. The median worker who stayed put saw an inflation-adjusted loss of almost 2%.

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.

The difference was stark: During the second year of the pandemic, half of the workers who changed jobs saw their pay increase 9.7%, while the median worker who stayed in the same job experienced a loss of 1.7%.

In addition to Pew’s analysis of government data, it also surveyed 6,174 U.S. adults about their job search plans, which could reveal concerns about a slowing economy. While 22% of workers surveyed shared plans to search for a new gig within six months, a greater share—37%—said they expect finding a job to be difficult.

“That’s the feeling on the ground, which may or may not contradict what we hear about labor shortages,” says Rakesh Kochhar, who led the research on Pew’s analysis. “But it may be some insight into what lies ahead, or what people are thinking lies ahead.”

Kochhar says the difference between the two groups reporting real wage gains during the first year of the pandemic was not statistically significant. He speculated more workers who switched jobs during those early months may have done so involuntarily, which could explain why more of their new jobs didn’t pay more.

But as the Great Resignation took hold, the benefits for job switchers appear to have grown. The findings are another indicator of how the tight labor market has continued to hand workers a bigger payday while employers struggle to hire.

“Across the board, workers are going to their bosses asking for more money,” says Ben Cook, CEO of the job negotiations firm Riva HQ. “But it’s often difficult to get large percentage increases at your current role, so that’s driving workers to seek other opportunities.” Over the past year, those other opportunities were often coming with a 10% or more jump in pay, according to Cook, who says he believes newfound confidence among employees has had the most impact on the increased turnover rate.

The Pew analysis of government data found that 2.5% of workers, on average, quit their jobs each month in the first quarter of 2022, a rate that suggests some 50 million workers could switch jobs this year. Its survey of U.S. adults also found that Black and Hispanic workers, young adults and those without a high school diploma were more likely to change jobs in any given month, as well as that about half of job switchers also change industries or occupations in a typical month.

The report closely follows the Federal Reserve’s announcement of another move to cool inflation, raising interest rates Wednesday by 75 basis points for only the second time since 1994.

The Fed’s aggressiveness, plus uncertainty in Ukraine and other factors, including Thursday’s report that GDP shrank 0.9% in the second quarter, have stoked fears of a recession. Layoffs in tech have accelerated—Shopify shed about 10% of its workforce earlier this week, for example—and venture-capital funding for startups has slowed. But U.S. employers added 11.3 million jobs in May, and that rate, while down from previous months, still exceeds the pre-pandemic norm.

“We’re not seeing a profound, pervasive decline in labor market activity at all — that’s what you’d normally see in a recession,” says Julia Pollak, chief economist at the online employment marketplace ZipRecruiter.

In a survey published in April of 2,064 U.S. adults who had started a new job within the past six months, Pollak’s team at ZipRecruiter found that 69% of new hires who voluntarily left their old jobs ended up with a higher salary under a new employer..

“We can see in the data that this was not a Great Resignation out of the labor force,” she says. “This Great Resignation was really the ‘Great Trading-Up.’”

While most workers who quit their jobs in 2021 did so for higher pay, others stepped down primarily to escape burnout, which surveys show has reached more than half of American workers.

Whatever the reason for changing jobs, higher pay is often a helpful byproduct. Take Bethlehem, New Hampshire, resident Ashley Willumitis, who a year ago swapped her job as a school admissions director for a program management role at a software company.

“One of my friends actually said to me, ‘if you’re going to be miserable at work, can you at least make some more money?’” recalls Willumitis. The 35-year-old, who earned less than $50,000 in her education job, has more than doubled her paycheck, enabling her partner to step away from work for a break.

After quitting, she met with a career coach and therapist, and first took up a low-stakes marketing job where she practiced shutting off her computer at the end of the work day and letting emails sit more than a few minutes before responding, freeing up more time for activities she loves, like biking.

“You gave your whole self to it and didn’t necessarily make a ton back,” Willumitis says, referring to the way she used to think about work. “It was through having some other people point out my skills to me that I realized I could not only make more money elsewhere, but arguably work a lot less.”

I’m an editorial intern on the Leadership and Communities team, covering founders, small business and Under 30. Previously, I worked in business development for a startup

Source: Want A Pay Raise? Switching Jobs Has Much More Upside Amid Soaring Inflation, Report Finds

Related links:

Stocks Lower, Earnings, Jobs and Inflation In Focus – Five Things To Know TheStreet

10:13 Mon, 01 Aug
19:51 Fri, 22 Jul
19:18 Fri, 22 Jul

21:32Caterpillar Currency Markets China

More Remote Working Apps:

https://quintexcapital.com/?ref=arminham     Quintex Capital

https://www.genesis-mining.com/a/2535466   Genesis Mining

 http://www.bevtraders.com/?ref=arminham   BevTraders

https://www.litefinance.com/?uid=929237543  LiteTrading

https://alpariforex.org/fa/registration/?cpa_partner_id=13687690   Alpari Forex Trading

https://dealcheck.io?fp_ref=armin16   Dealcheck Real Estate Evaluator

https://jvz8.com/c/202927/369164  prime stocks

 https://jvz1.com/c/202927/373449  forrk   

https://jvz3.com/c/202927/194909  keysearch  

 https://jvz4.com/c/202927/296191  gluten free   

https://jvz1.com/c/202927/286851  diet fitness diabetes  

https://jvz8.com/c/202927/213027  writing job  

 https://jvz6.com/c/202927/108695  postradamus

https://jvz1.com/c/202927/372094  stoodaio

 https://jvz4.com/c/202927/358049  profile mate  

 https://jvz6.com/c/202927/279944  senuke  

 https://jvz8.com/c/202927/54245   asin   

https://jvz8.com/c/202927/370227  appimize

 https://jvz8.com/c/202927/376524  super backdrop

 https://jvz6.com/c/202927/302715  audiencetoolkit

 https://jvz1.com/c/202927/375487  4brandcommercial

https://jvz2.com/c/202927/375358  talkingfaces

 https://jvz6.com/c/202927/375706  socifeed

 https://jvz2.com/c/202927/184902  gaming jobs

 https://jvz6.com/c/202927/88118   backlinkindexer

 https://jvz1.com/c/202927/376361  powrsuite  

https://jvz3.com/c/202927/370472  tubeserp  

https://jvz4.com/c/202927/343405  PR Rage  

https://jvz6.com/c/202927/371547  design beast  

https://jvz3.com/c/202927/376879  commission smasher

 https://jvz2.com/c/202927/376925  MT4Code System

https://jvz6.com/c/202927/375959  viral dash

https://jvz1.com/c/202927/376527  coursova

 https://jvz4.com/c/202927/144349  fanpage

https://jvz1.com/c/202927/376877  forex expert  

https://jvz6.com/c/202927/374258  appointomatic

https://jvz2.com/c/202927/377003  woocommerce

https://jvz6.com/c/202927/377005  domainname

 https://jvz8.com/c/202927/376842  maxslides

https://jvz8.com/c/202927/376381  ada leadz

https://jvz2.com/c/202927/333637  eyeslick

https://jvz1.com/c/202927/376986  creaitecontentcreator

https://jvz4.com/c/202927/376095  vidcentric

https://jvz1.com/c/202927/374965  studioninja

https://jvz6.com/c/202927/374934  marketingblocks

https://jvz3.com/c/202927/372682  clipsreel  

https://jvz2.com/c/202927/372916  VideoEnginePro

https://jvz1.com/c/202927/144577  BarclaysForexExpert

https://jvz8.com/c/202927/370806  Clientfinda

https://jvz3.com/c/202927/375550  Talkingfaces

https://jvz1.com/c/202927/370769  IMSyndicator

https://jvz6.com/c/202927/283867  SqribbleEbook

https://jvz8.com/c/202927/376524  superbackdrop

https://jvz8.com/c/202927/376849  VirtualReel

https://jvz2.com/c/202927/369837  MarketPresso

https://jvz1.com/c/202927/342854  voiceBuddy

https://jvz6.com/c/202927/377211  tubeTargeter

https://jvz6.com/c/202927/377557  InstantWebsiteBundle

https://jvz6.com/c/202927/368736  soronity

https://jvz2.com/c/202927/337292  DFY Suite 3.0 Agency+ information

https://jvz8.com/c/202927/291061  VideoRobot Enterprise

https://jvz8.com/c/202927/327447  Klippyo Kreators

https://jvz8.com/c/202927/324615  ChatterPal Commercial

https://jvz8.com/c/202927/299907  WP GDPR Fix Elite Unltd Sites

https://jvz8.com/c/202927/328172  EngagerMate

https://jvz3.com/c/202927/342585  VidSnatcher Commercial

https://jvz3.com/c/202927/292919  myMailIt

https://jvz3.com/c/202927/320972  Storymate Luxury Edition

https://jvz2.com/c/202927/320466  iTraffic X – Platinum Edition

https://jvz2.com/c/202927/330783  Content Gorilla One-time

https://jvz2.com/c/202927/301402  Push Button Traffic 3.0 – Brand New

https://jvz2.com/c/202927/321987  SociCake Commercial

https://jvz2.com/c/202927/289944  The Internet Marketing

 https://jvz2.com/c/202927/297271  Designa Suite License

https://jvz2.com/c/202927/310335  XFUNNELS FE Commercial 

https://jvz2.com/c/202927/291955  ShopABot

https://jvz2.com/c/202927/312692  Inboxr

https://jvz2.com/c/202927/343635  MediaCloudPro 2.0 – Agency

 https://jvz2.com/c/202927/353558  MyTrafficJacker 2.0 Pro+

https://jvz2.com/c/202927/365061  AIWA Commercial

https://jvz2.com/c/202927/357201  Toon Video Maker Premium

https://jvz2.com/c/202927/351754  Steven Alvey’s Signature Series

https://jvz2.com/c/202927/344541  Fade To Black

https://jvz2.com/c/202927/290487  Adsense Machine

https://jvz2.com/c/202927/315596  Diddly Pay’s DLCM DFY Club

https://jvz2.com/c/202927/355249  CourseReel Professional

https://jvz2.com/c/202927/309649  SociJam System

https://jvz2.com/c/202927/263380  360Apps Certification

 https://jvz2.com/c/202927/359468  LocalAgencyBox

https://jvz2.com/c/202927/377557  Instant Website Bundle                                        

https://jvz2.com/c/202927/377194  GMB Magic Content

https://jvz2.com/c/202927/376962  PlayerNeos VR

https://jvz8.com/c/202927/381812/  BrandElevate Bundle information

https://jvz4.com/c/202927/381807/ BrandElevate Ultimate

https://jvz2.com/c/202927/381556/ WowBackgraounds Plus

https://jvz4.com/c/202927/381689/  Your3DPal Ultimate

https://jvz2.com/c/202927/380877/  BigAudio Club Fast Pass

https://jvz3.com/c/202927/379998/ Podcast Masterclass

https://jvz3.com/c/202927/366537/  VideoGameSuite Exclusive

https://jvz8.com/c/202927/381148/ AffiliateMatic

https://jvzoo.com/c/202927/381179  YTSuite Advanced

https://jvz1.com/c/202927/381749/  Xinemax 2.0 Commercial

https://jvzoo.com/c/202927/382455  Living An Intentional Life

https://jvzoo.com/c/202927/381812  BrandElevate Bundle

https://jvzoo.com/c/202927/381935 Ezy MultiStores

https://jvz2.com/c/202927/381194/  DFY Suite 4.0 Agency

https://jvzoo.com/c/202927/381761  ReVideo

https://jvz4.com/c/202927/381976/  AppOwls Bundle

https://jvz8.com/c/202927/381950/  TrafficForU

https://jvz3.com/c/202927/381615/  WOW Backgrounds 2.0

https://jvz4.com/c/202927/381560   ALL-in-One HD Stock Bundle

https://jvz6.com/c/202927/382326/   Viddeyo Bundle

https://jvz8.com/c/202927/381617/  The Forex Joustar

https://jvz3.com/c/202927/383751/ ADA Web Accessibility Compliance 

https://jvz3.com/c/202927/383942/  10 Bold Actions In Positive Life & Work

https://jvz3.com/c/202927/383706/  Adtivate Agency

https://jvz1.com/c/202927/384099/   My Passive Income Blueprints

https://jvz3.com/c/202927/329145/  Content Tool Kit

https://jvz6.com/c/202927/382663/    ReviewReel

https://jvz3.com/c/202927/383865/     QR Verse Bundle

https://jvz4.com/c/202927/379307/    VIADZ Ad Template

https://jvz2.com/c/202927/383051/    EngageYard Ad Creator

https://jvz4.com/c/202927/381011/   Videevolve

https://jvz4.com/c/202927/383751/  Local Leader Bundle

https://jvz8.com/c/202927/383119/   Tonai Voice Content

https://jvz2.com/c/202927/383848/   Vocalic Commercial

https://jvz3.com/c/202927/383483/  Dropshiply Store Creator

https://jvz6.com/c/202927/384025/  Levidio Royal Podcasting

https://jvz6.com/c/202927/383094/  Develop Self Empowerment

https://jvz1.com/c/202927/379223/   Hostley Domain Creator

https://jvz6.com/c/202927/383447/   Mech Forex Robot

https://jvz4.com/c/202927/383177/   Motion Kingdom Studio

https://jvz8.com/c/202927/144577/   Forex Blizz Trading

https://jvz3.com/c/202927/382851/  AdRaven

https://jvz2.com/c/202927/383307/   Animaxime V2

https://jvz8.com/c/202927/375692/  Promovidz Promotion Videos

https://jvz3.com/c/202927/381148/  AffiliateMatic

https://jvz4.com/c/202927/379051/  CanvaKitz Business Templates

https://jvz1.com/c/202927/383113/  Agencyscale Business Agency

https://jvz3.com/c/202927/347847/  Pitchdeck Professional Presentations

https://jvz2.com/c/202927/381179/   YTSuite YouTube Ads Campaigns

https://jvz8.com/c/202927/382455/     Living an International Life

https://jvz1.com/c/202927/188236/    Galactic Dimension backgrounds

https://jvz6.com/c/202927/381749/    Xinemax Hollywood Creator

https://jvz3.com/c/202927/381194/   DFY Suite 4.0 Agency

https://jvz4.com/c/202927/381231/    Appowls Mobile Apps

https://jvz1.com/c/202927/381935/   Ezy Multi Stores

https://jvz3.com/c/202927/381950/  TrafficForU

https://jvz2.com/c/202927/381556/  WOW Backgrounds

https://jvz2.com/c/202927/381685/   Your 3DPal

https://jvz6.com/c/202927/381617/   Forex Joustar

https://jvz2.com/c/202927/381129/   Ultrafunnels A.I

https://jvz3.com/c/202927/128215/   DUX Forex Signals

https://jvz3.com/c/202927/381003/   Trendio Keyword Content

https://jvz1.com/c/202927/381439/  FX Goldminer

https://jvz2.com/c/202927/380937/  Linkomatic

https://jvz2.com/c/202927/378775/  Pixal 2.022

https://jvz1.com/c/202927/379983/   VidVoicer

https://jvz6.com/c/202927/380087/   Big Audio Club

https://jvz1.com/c/202927/379995/  Podcast Advantage

https://jvz8.com/c/202927/380159/  Reputor

https://jvz6.com/c/202927/379863/  TubePal

https://jvz4.com/c/202927/380543/  Local Sites

https://jvz1.com/c/202927/369500/   PodKastr Commercial

https://jvz6.com/c/202927/351606/ Insta Keyword

https://jvz1.com/c/202927/376325/   Facedrip

https://jvz8.com/c/202927/374505/  7 Minutes Kit

https://jvz6.com/c/202927/383057/  Aweber Crash Course

https://jvz3.com/c/202927/46987/   WP Simulator

https://jvz8.com/c/202927/379995/  Podcast Advantage

https://jvz2.com/c/202927/380692/  Boost Optimism

https://jvz1.com/c/202927/36517/   Superior Muscle Growth

https://jvz6.com/c/202927/379480/  TV Boss Fire

https://jvz1.com/c/202927/379455/  Webprimo Website Builder

https://jvz2.com/c/202927/379339/  LocalCentric

https://jvz4.com/c/202927/378683/  WebCop

https://jvz3.com/c/202927/384619/  Agency Client Finder

https://jvz8.com/c/202927/384625/  Power Reviews

https://jvz8.com/c/202927/380933/   Survai

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: