The “Great Resignation” trend we saw a few years back is dead, and the job-switching premium has basically evaporated. Four years ago, people who switched companies saw their after-tax wages jump 18% year-over-year, while loyalists saw theirs rise 7%. Nowadays, switchers are at 8%, stayers at 5% Lower-income workers are still switching—16% job-hopped, compared with 13% of higher earners. And within that, the top 5% by income literally inverted the game.