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Changing jobs is paying off again for American workers, with Gen Z seeing the largest gains, according to a new Bank of America study.
Pay increases associated with switching jobs reached their highest level in more than three years in July, according to an analysis published on Wednesday by the Bank of America Institute. The annual average of those pay gains has also begun to rise after declining for several years.
“Gen Z continue to benefit the most from changing jobs, while workers paid by the hour are also making particularly large gains from switching,” the report said.
The findings are based on aggregated and anonymized Bank of America deposit-account data. The bank estimates pay gains by comparing a worker’s first three months of pay at a new employer with the same three-month period a year prior….
Pay increases associated with switching jobs reached their highest level in more than three years in July, according to an analysis published on Wednesday by the Bank of America Institute. The annual average of those pay gains has also begun to rise after declining for several years.
“Gen Z continue to benefit the most from changing jobs, while workers paid by the hour are also making particularly large gains from switching,” the report said.
The findings are based on aggregated and anonymized Bank of America deposit-account data. The bank estimates pay gains by comparing a worker’s first three months of pay at a new employer with the same three-month period a year prior….
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