It’s not your imagination: New hires command big pay bumps these days.
Nearly a third of professionals who have left their organization during the pandemic are now making over 30% more than they did in their last job, according to a new Conference Board survey of 2,600 “predominantly professional/office workers” across sectors in the U.S.
Bigger pay bumps were more common, the survey revealed, though one in five recent job-hoppers reported 10-20% raises. But compensation isn’t everything: 27% of those surveyed reported that they now make about the same or less than what they made in their last job, indicating that other factors were at play when those workers made the jump.
Senior leaders were more likely to get a 30% boost than others: 35% of vice presidents and C-level executives got a 30% raise when changing jobs, while fewer than one in four individual contributors got the same.
And while men were more likely than women to get a 10% or higher raise when changing jobs in the last two years, women were slightly more likely to get a 30% raise.
The Great Resignation and concerns about inflation are likely both driving trends toward higher pay—62% of workers said they were worried about their salary keeping pace with inflation. Millennials were even more likely than older workers to have this concern, at 72%.
The data is revealing at a time when some tech employers are throwing money around to hire and retain great talent. 21% of workers considering leaving said they would stay for a 21% to 30% raise, and the same percentage said they would need a 30% or higher raise to stay at their job.
But there are other ways to retain talent. Some on-the-fence workers told the Conference Board that they would stay at their current company for a promotion (29%) or more flexibility or a different work location (20%).