Job hopping was all the rage, but the days of big salary increases from switching careers might be over

This month, the global organizational consultancy firm Korn Ferry declared that we’ve entered a nationwide era of “job hugging,” a term to describe the trend of workers increasingly holding onto their positions for dear life amidst economic uncertainty, layoffs, and AI disruption.

Now, a new report from the Bank of America Institute is shedding fresh light on the trend, showing that workers may be choosing to cling onto their current jobs because “job hopping” is no longer profitable.

A few years ago, job hopping—or moving from company to company in search of better opportunities—was seen as a popular way to achieve a salary and resume boost.

In 2023, a Resume Builder survey of 1,000 Gen Zers and millennials found that 62% percent of respondents had left their jobs because they wanted a