According to data from the Federal Reserve Bank of Atlanta, workers who shifted jobs in April, May and June boosted their wages by 6.4 percent, The Wall Street Journal reported July 25.
The current gap in wages between those who stay with an employer and those who switch is the largest it's been in two years. As of June, those who stayed with a job within the last three months saw a wage increase of 4.7 percent, according to the report. But those who switched jobs saw their wages go up 6.4 percent, the report said.
With the rise in inflation, workers everywhere are seeing lower pay raises, according to the Journal.
"It will put some pressure on wages for even those who are not willing or not ready to switch their jobs," Yongseok Shin, PhD, an economics professor at Washington University in St. Louis, told the publication.
Those switching jobs can also benefit those who stay, by encouraging companies to consider raising wages. But this heightens inflation levels as well, and there are individual risks with job- switching, including a sacrifice of security and opportunity to advance in a career.
The U.S. Bureau of Labor Statistics reported 47 million Americans changed jobs in the last year.