Job Changers See 4.7% Pay Increase, Stayers at 3% in August

In August, base pay for job changers in the private sector rose 4.7%, compared to a 3% increase for job stayers, according to ADP. Gross pay for job changers increased by 7.3% year over year, while job stayers saw a 4.4% rise. The median pay increase for job switchers reached 5% last month, up from 4.4% in July. These trends indicate that switching jobs may offer significant pay benefits, particularly as nearly 70% of HR professionals face challenges in filling positions, impacting overall wage dynamics.