For years, job hopping was the surest path to a hefty raise. • Not anymore — now, pay raises for those who switch employers are the same as for those who stick around.

Why it matters: The slowing job market — particularly for professionals — is giving employers the upper hand on pay, a new Bank of America Institute report points out. • "The balance of power is shifting back towards firms that are hiring," the report states. • There's also been a tariff-related pullback, with employers pressing pause on hiring.

How it works: Switching jobs is defined as having a different occupation from a year ago, or changing one's employer or job duties in the past three months.

By the numbers: The switchers saw a 4.3% average wage increase in July — the same as for those who stayed put, per gov

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