Job Hopping Craze Cools as Pay Gains and Hiring Slow Dramatically

Job hopping pay gains are slowing dramatically, per ADP data. The median pay bump for job switchers has fallen from 16.4% to just 9% since June 2022.

Fewer workers are new hires now. In the past 3 months, less than 4% of employees were new hires vs over 9% in the same period last year.

Even industries with high turnover are seeing fewer new hires, suggesting job churn is slowing overall.

New hire pay growth has slowed to a near standstill. Median pay for new hires is up just 2.9% vs 10% last year.

With smaller new hire pay bumps, the decision to stay put is more likely to stick. Non-pay factors also influence quitting.