Job switchers see minimal pay increase, affecting tech sector

Recent federal data shows that the salary increase for job switchers has dropped to a 10-year low. In early 2025, job switchers received a 4.8% pay increase, while job stayers saw a 4.6% rise, narrowing the pay gap significantly. Tech employees are particularly affected, with median salaries declining by 1% to 2% in late 2024. Many are receiving promotions without pay raises, leading to fewer employees leaving their jobs. The number of American workers who quit in 2024 was the lowest since 2020. As job opportunities decrease, employees are less likely to switch jobs for better pay. The average projected raise for those staying in their positions is now 3.7%, down from 4% last year.