During the "Great Resignation", a period of significant hiring activity, changing jobs often meant a substantial pay increase. However, the financial benefit from this practice has now significantly diminished. This shift has led to a "Great Stay" trend, with more workers choosing to remain in their current roles.

Analysis from the Bank of America Institute, based on 1 payroll data, reveals that workers who changed jobs saw an average pay increase of approximately 4% in Q1 compared to the same period last year.

This figure is less than one-third of the peak seen during the 2022 hiring wave and less than one-half of the increases typically achieved by job changers in 2019.

Bonnie Dilber, recruitment director at Zapier, noted that hiring boomed during the post-pandemic recovery, driving significant wage increases as businesses competed fiercely for talent. However, the current abundance of candidates means companies have less reason to aggressively compete on salary.

People queue at a job fair in Uniondale, New York in 2014. *Reuters*

The labor market today differs considerably from that period. Data from the US Bureau of Labor Statistics (BLS) indicates that job openings surged from around 7 million in 2019 to a record 12,2 million in 3/2022. This number has since declined, returning closer to pre-pandemic levels in recent months.

BLS data also shows that US unemployment rose to 4,3% in may, up from a low of 3,4% recorded in 4/2023.

The number of workers voluntarily leaving their jobs has also decreased. The voluntary quit rate has fallen from about 3% in 2022 to around 2% currently.

Further data from the Federal Reserve Bank of Atlanta highlights a sharp reduction in the "reward" for job hopping. During 2022 and 2023, individuals who changed jobs experienced annual wage growth approximately 2% higher than those who remained with the same employer, according to the Fed Atlanta's Wage Growth Tracker.

However, this difference almost vanished in 2025. Wage growth for job changers reached 4,4%, only slightly more than the 3,9% for those who stayed. This margin is significantly smaller compared to 2022 and 2023.

Christina DePasquale, an economics professor at the Carey Business School at Johns Hopkins University, noted that while changing jobs typically leads to higher pay, the current increases are considerably lower than those seen a few years ago.

She explained that as hiring activity cools and the unemployment rate approaches its long-term average, workers tend to be more cautious about leaving their current positions. This partly explains the recent trend of workers choosing to maintain their existing roles rather than seeking new ones.

By Ha Thu (according to CNBC)