US Job Switching Rises to 13.5% in Q1 as Wage Premium Over Staying Narrows

1 articles · Updated · Financial Times · Jun 16

Bank of America data showed 13.5% of US workers with steady paychecks changed jobs in Q1, up slightly from a year earlier but still well below the 2022 peak above 16%.
That modest rise came even as the payoff from switching weakened: job-hoppers still saw faster wage growth than stayers, but the gap has narrowed, making moves less compelling in a cooler market.
Higher earners were an exception, with loyalty paying better, while weak entry-level hiring and employer preference for experienced candidates made switching riskier for younger workers.
Women may face an added constraint: research and recruiters say caring responsibilities can reduce mobility, limiting pay gains that often come with changing roles.
A broader hiring slowdown, AI-driven headcount concerns and growing side hustles suggest the pandemic-era "Great Resignation" has given way to a more cautious labor market.