10/31/2023 0 Comments Paystub adp generateWe’re able to compare the pay trends of both groups.Īfter peaking at 16.4% in June 2022, median year-over-year pay gains for job switchers fell to 14.7% in January 2023. The ADP Research Institute, which tracks the pay of roughly 22 million workers nationwide, can distinguish between individuals who have been with the same employer for 12 months and those who have quit in the past year to start a new job. Those gains now are slowing almost as rapidly as they accelerated. By June 2022, the median year-over-year increase for job changers had hit a record 16.4 % as abundant job opportunities and labor shortages combined to deliver big pay bumps to workers who quit one job to take another. Pay gains from switching jobs began to accelerate dramatically in the spring of 2021. Money was a key driving force behind the Great Resignation. Now, they’re hunkering down and sticking with the same employer.Ī deep inspection of ADP payroll data could provide an explanation for the Big Stay’s staying power: Workers who change jobs are no longer being rewarded with pay gains. For a while, workers were changing their jobs at rates well above historic levels. We are witnessing another shift in the post-pandemic labor market.
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