Now Is a Good Time to Switch Jobs

“Rarely has the payoff for switching jobs been greater than it is right now,” the Wall Street Journal reports.

“Labor shortages and inflation are lifting wages across the economy, particularly for workers changing employers. Those who recently left for a new employer netted an annual raise of about 8.5% as of July, up from 7.9% in June and the biggest median pay increase for job hoppers in more than 20 years, according to the Federal Reserve Bank of Atlanta.”

“The gap in pay raises for job switchers versus those who stay put is also the widest it’s been in decades: People who kept at the same job reaped a median annual wage increase of 5.9% in July, a slightly smaller gain than workers reported the month before, the Fed data show.”