(NewsNation) — If you want a big raise, you might also want to start looking for a new job.
About 47 million people changed jobs in the past year, according to the Bureau of Labor Statistics.
Data from the Federal Reserve Bank of Atlanta shows that the pay difference between those who stayed at their current jobs compared to those who changed jobs is growing. People who remained at their jobs for the past three months got raises of about 4.7%. compared to those who left, who received pay increases of 6.4%.
This gap is the largest it’s been in the past two decades.
“Because of inflationary pressures, right now, employees can ask for more money,” economist Rebecca Ryan said. “And if you’ve got to leave your job to get a wage that is more in line with inflation, that’s a choice that’s very personal, but many people are making that choice.”
Wages aren’t keeping up with fast-rising prices on gas, groceries, rent and other essentials because of record-high inflation, the Wall Street Journal reported.
“I think the workers are paying a lot more attention,” Professor Yongseok Shin, an economics professor at Washington University in St. Louis, said. “They are comparing their wage growth with the headline inflation numbers.”
There are some things people should keep in mind before quitting their current job, Ryan cautioned. These are the potential stigma that could come from leaving, and whether the volatility on a job-seeker’s resume could put them at a disadvantage. Offsetting these are what’s best for their family.
“People don’t just leave for money,” Ryan said. “People leave for more responsibility, they leave for more life/work balance. A lot of people are trying to claw back their well-being.”