Gen Z and millennial job jumpers are reaping the financial benefits of the current labor market according to a report released May 24 by the Bank of America.
Bank of America reviewed anonymized data to determine which groups of people are benefiting the most from the Great Resignation and the tight labor market.
Between May 2021 and April 2022, workers of all generations reported a 9.2 percent pay increase compared to the same period a year prior. Generation Z (aged up to 25) and millennials (aged 26-41) saw pay rises of 19.9 percent and 11.3 percent respectively over the same period. Switching jobs also boosted salaries with the average pay rise for a job jumper sitting at 17.6 percent. Younger workers are also benefiting more from job switching than others, with Gen Zers grabbing an average pay rise of 29.7 percent and millennials receiving a 20 percent increase on average.