Gen Z's job-hopping for raises is declining significantly

The trend of changing jobs for better pay may be coming to an end, especially for Gen Z workers. Recent data shows that staying with a job has become just as rewarding as hopping to a new one. In January and February, employees who remained in their positions saw a salary increase of 4.6%, while those who changed jobs received a slightly higher increase of 4.8%. This is a significant change compared to 2023, when job-hoppers enjoyed a median raise of 7.7%. Furthermore, the current quit rates are the lowest since 2020. Last year, about 39.6 million Americans left their jobs, down from more than 50 million in 2022, according to US Labor Department data. A survey revealed that 70% of American workers feel they would struggle to find a better job, indicating that many believe employers have more power in today's job market. Gen Z has been known for job-hopping. In 2023, 83% of Gen Z employees identified as job-hoppers, and a study found that nearly one-third had switched jobs for better pay. Despite this trend, experts suggest that workers should also focus on job stability. They advise that while moving jobs can be beneficial, showing commitment to one position is important for long-term career growth. Sarah Walker, the UK chief executive at Cisco, highlighted the importance of patience in career progression. She noted that quick promotions are not always achievable and that many people's expectations have shifted towards immediate results. Overall, the job market is changing, and employees might need to adapt their strategies for career advancement.