Job Switching Oppty Now Closed (Patreon)

TLDR

Hold onto your job and do not be too quick to bounce to a new gig. Altho US Data I am pretty sure it is same around the world.

Details

During COVID wage growth for job switchers spiked dramatically, job switchers were ofeten gaining roughly 25% more in wage growth compared to stayers. The economic disruption of COVID, labor shortages, and high demand for workers (especially in sectors like tech, healthcare, and logistics) gave employees leverage to negotiate higher salaries by switching jobs.

Fast fwd to today, the trend reversed. Wage growth for switchers declined sharply and now it makes little or no sense to switch on average or put another way, the advantage of switching jobs for higher wages has largely disappeared.

h/t Sanjay for the chart.