Should I stay or should I go? What data says job-switching can get you
Key takeaways
- Millennials who switched companies saw after-tax wages grow twice as fast compared to those who stood still, bank data showed.
- "If the labor market continues to recover, we might see some increase in the pay premium for switching jobs, especially given the premium is currently lower than it was pre-pandemic," the bank said.
- Overall, job switchers saw after-tax and benefit wages grow 8%, better than the 5% increase by those who stayed in the first three months of this year from last year, Bank of America said.
Should I stay or should I go? What data says job-switching can get you Medora Lee, USA TODAY Tue, May 26, 2026 at 4:07 PM GMT+7 3 min read If you haven't gotten much of a pay increase recently and are wondering if it'd be worthwhile to jump ship for a chance at better wages, Bank of America says to go for it if you're young.
Millennials who switched companies saw after-tax wages grow twice as fast compared to those who stood still, bank data showed. Gen Z did even better, with the rate of earnings growth increasing fourfold, it said.
Although the pay increases job switchers may receive are significantly smaller than they were during the "Great Resignation" in 2022 after the COVID-19 pandemic, Bank of America said in a research note this is still a sign "the labor market may be gradually improving."