Job Hoppers Get Smaller Bumps 3/31/26 - Your Money Minute

Summary2 min read

Podcast Summary: Your Money Minute

Episode Title: Job Hoppers Get Smaller Bumps
Host: Jessica Ettinger, CNBC
Air Date: March 31, 2026
Duration: ~1 minute (excluding ads)

Episode Overview

This episode explores a shift in the rewards for changing jobs. Whereas switching employers once meant a guaranteed and significant raise, current data shows the financial incentives for job-hopping have shrunk to record lows. Host Jessica Ettinger and guest insights from ADP economist Neela Richardson and CNBC's Becky Quick break down this data, focusing on real-world impact for employees considering a move.

Key Discussion Points & Insights

Salary Bumps from Job-Hopping vs. Staying

Market Trend: Job-hopping for large salary increases is no longer as effective as it was in recent years.
- “It used to be that if you wanted a big bump up in salary, you'd have to go get a new job and plenty of people were doing that. But these days it's not working so well…” (Jessica Ettinger, 00:04)
Current Pay Premiums: The difference in raises between workers who stay and those who switch jobs has shrunk considerably.
- Citing ADP data: “Pay premiums... are so low that the returns to job switching is the lowest on record.” (Neela Richardson, 00:12)
Actual Raise Numbers (provided by Becky Quick):
- “Job stayers 4.5% [raise], job changers 6.3%.” (Becky Quick, 00:23)
- Historically, job hoppers could expect a significantly bigger jump.

Employment Market Conditions

Market Inertia: Fewer people are leaving their jobs; turnover is low.
- “There's not a lot of turnover in this market. It's very inert…” (Neela Richardson, 00:32)
Fading Era: The boom in large pay jumps for changing jobs seems over, at least for now.
- “For many, gone are the days of massive job change salary increases. For now.” (Neela Richardson, 00:36)

Notable Quotes & Memorable Moments

On the shift in job market rewards:

“Pay premiums... are so low that the returns to job switching is the lowest on record.”
— Neela Richardson, ADP economist (00:12)
Comparing job stayer vs. hopper raises:

“Job stayers 4.5% [raise], job changers 6.3%.”
— Becky Quick, CNBC (00:23)
On the current hiring climate:

“There's not a lot of turnover in this market. It's very inert for many. Gone are the days of massive job change salary increases. For now.”
— Neela Richardson (00:32-00:36)

Important Segment Timestamps

00:00–00:10 — Jessica Ettinger discusses the traditional incentive to job-hop for higher pay.
00:11–00:18 — Neela Richardson highlights historically low pay premiums for job changers.
00:19–00:27 — Becky Quick provides current raise differentials for job stayers vs. changers.
00:28–00:38 — Neela Richardson discusses low turnover and cooled opportunities for large pay increases via job changes.
00:39–01:01 — Episode wrap-up and contact info for further inquiries.

Episode Takeaways

Changing jobs could still result in a raise, but the gap between what job hoppers and job stayers receive has narrowed sharply.
Today’s market is characterized by stability and limited turnover, signaling that major pay raises via job switching are rare.
Listeners looking to maximize salary should recognize that the current environment may not reward job-hopping as generously as the past few years.

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Transcript2 lines

[00:00]
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With a CNBC your Money Minute. I'm Jessica Edinger. It used to be that if you wanted a big bump up in salary, you'd have to go get a new job and plenty of people were doing that. But these days it's not working so well looking at pay premiums that are so low that the returns to jobs switching is the lowest on record. That's ADP economist Neela Richardson on CNBC, and CNBC's Becky Quick has the raise tracker numbers. You can still make more money if you change jobs, but the differential is not as much as it has been historically. Job stayers 4.5% job changers 6.3% ADP is a payroll firm. It analyzes data from thousands of companies paying their workers using its systems. Here's Neila again. There's not a lot of turnover in this market. It's very inert for many, gone are the days of massive job change. Salary increases. For now, lots more unemployment making money@cnbc.com I'm Jessica Edinger, CNBC.
[01:01]
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