Switch the functions used to mean high salaries. Not anymore.

Switching jobs was once a confirmed way to get a significant increase, but federal data indicates that this is no longer the case.

According to the growth of Atlanta in the Federal Reserve of wages TrackerThe increase in medium wages of job transformers decreased to 4.2 % in February, a sharp decrease of 7.3 % in early 2023.

Positions have also seen slow wages growth, although it decreased somewhat, from 5.8 % to 4.4 % during the same period.

This represents a flagrant shift from the labor market immediately after birth, when the job transformer has continuously outperformed the job employees in payment gains. At their peaks in July 2022, the job transformer got more than 2.6 % of those who took place.

The end of the great resignation

Labor market analysts attribute wages to cool the great resignation-postpartum wave from registered jobs and stop the labor deficiency that has increased wages.

In 2021 alone, about 47 million Americans left their jobs, and they often get higher salaries elsewhere.

“The job transformer enjoyed large wages from late 2021 to early 2023 because employers are facing a significant shortage of employment after the epidemic and they need to provide significant increases in wages to lure workers away from their previous sites,” Nancy Vandin Hoten, Business Insider Business Insider Business Insider.

Now, however, the slowdown of inflation, less Job offers, Reducing the competition for workers has weakened the force of the negotiation of employees.

“The labor markets are still somewhat strong, but anywhere close to the distress as in 2022,” said Harry Holser, an older colleague who is not resident in economic studies in Brookings and Professor of General Policy at Georgetown University.

“The big gains were really in 2022 during the big resignation when the labor market was very narrow, and workers demanded higher wages,” he said. But now, “the resignation has gone down.”

This transformation makes many workers hesitant to leave their current jobs.

“Certainly, in the capital, this feeling is that it is better to stay on a way now with all workers’ demobilization operations,” Elise Gold, a senior economist at the Economic Policy Institute.

She said: “There is some economic insecurity that will lead to this type of phenomenon as people may still be more than that.”

Wage pressure in technology

Technical professionals, in particular, feel the impact of the cooling work market.

Jim Harrington, a major software engineer in Cart.com, who earns more than $ 200,000 annually, told BI that during the 12 -month search search process, he saw wages on job lists of up to $ 180,000.

“It is not a bad reward, but it is not the levels that we are used to seeing over the past few years,” he said.

According to the two levels DataThe wages of software engineers, product designers and technical programs managers decreased 1-2 % in the second half of 2024.

Some professionals even completely left the industry.

Ryan Isaburg, who said he has been working for 21 years as a business development manager At Simultrans, he told Simultrans, a translation and localization services company in Mountain View, California, Bi that he saw his position eliminated in April 2024.

After describing it as a search for “existential” work and low salary offers, “I decided to put my research in an unlimited comment,” I am now training in tennis and very happy. “

Others had to take great wages.

Raymond Trailor, who was demobilized as Pairree’s chief technology official in December 2023, moved from a salary of $ 180,000 to $ 36,000 as a computer analyst in VSORTS, the SAAS platform, from December 2023 to March 2024, and earned between $ 3000 and $ 5,000 per month in the inspector in a fair and founding founder since March 2024.

He told Bi, adding that he hoped to be just a “strange time”: “This recession was multi -year, but we hope this will be much longer, and I hope that we will not return to just a kind of bubble and bubble actor.”

What is the next wage growth?

While the work centers have seen a slightly higher wage increase than the functional transformers in February, their long -term horizons are not much better.

Consulting company at the workplace Willis Towers Watson Projects The American employees who remain in their roles will witness an increase in salaries by 3.7 % in 2025, a decrease from 3.8 % in 2024 and 4.6 % In 2023, although it is still above the 3 % prenatal base.

Some economists warn that this is not just a temporary decline.

Thomas A. Kochnko, co -director of the Massachusetts Institute Institute for Scand

“If there is anything, the labor market will weaken in the coming months.”

“I hope we are not in a stagnation.” “But if that happens, he expects the bargaining force to continue for both functional and job jobs.”