In this paper, using the RLMS - HSE data for 2006-2013, we explore two interconnected forms of labour mobility: vertical intrafirm promotions and horizontal inter-firm transitions. Our focus is on the dynamics and driving factors of this mobility, on how the latter relates to accumulation and utilization of the human capital, and what are payoffs in wage terms to job changes. During the period under study, about every fifth worker changed annually their employers or moved to new positions within firms. The external mobility was almost three times higher than the internal one, and promotions were much more frequent than demotions. Gradually the intensity of mobility tended to decrease. Averages hide considerable variation in mobility across groups: men generally are more mobile than women, youth are more mobile than older age workers and higher educated workers are more stable than less educated. One can speculate about the division on "movers" (those who are in permanent job-to-job motion), "careerists" (workers climbing up the job ladder within the same organization), and stayers in status-quo over years. Labour mobility emerges as a rational strategy that matches wage to productivity. Job-to-job moves lead to higher wage but may disrupt stability of labour relations. Before changing job externally mobile workers earn on average a little lower than the prevailing market rate, while internally mobile get the market wage. Return to the external mobility decreased gradually, eroding incentives to voluntary inter-firm transitions.