And the financial incentive for workers to take the leap to a new job has been steadily declining for years, as employees cling to their roles and hiring stagnates.
“This softening matters because job changing remains one of the most effective ways workers secure higher pay.”
In 2023, the wage gain for job-hopping stood at around 9%, lowering to about 8% in 2024, and roughly 6% in 2025, according to the Bank of America report.
“Looking ahead, if ‘low-hire, low-fire’ continues to characterize the labor market, the job‑change premium could compress further, limiting the extent to which workers can secure meaningful pay bumps by switching roles,” the report explains.
