How does bump pay work?

Bump pay, also known as a pay bump, refers to an increase in salary, often as a result of acquiring new skills or certifications. For instance, having advanced tech skills can lead to a significant bump in pay, with some studies showing that workers with these skills earn about 49% more. Certain skills, such as machine learning, are highly valued in the job market, and obtaining a certificate in this area can potentially increase income by nearly $40,000. Bump pay is a reward for professional development and acquiring marketable skills.