The “major resignation” is set to continue, according to a new global survey by PricewaterhouseCoopers, where one in five said they are likely to change jobs in the next 12 months.
PricewaterhouseCoopers launched the “Global Workforce Hopes and Fears 2022 Survey” at the World Economic Forum in Davos on Tuesday, which included more than 52,000 workers in 44 countries.
In a press release, the consultancy said higher wages, increased job fulfillment and a desire to be “really themselves” at work are the factors driving workers to change jobs.
About 35% of survey respondents plan to ask for more money from their employers in the next 12 months.
“The results are very clear…you see a large number of employees worried about their future employment and their job security,” Bob Moretz, global head of PwC, said at the forum.
However, “power is now, we argue – in the hands of working individuals.”
The pressure for more compensation is highest in the tech sector, with 44% of respondents working in the industry saying they plan to ask for a raise, according to PwC. In contrast, only 25% in the public sector said they plan to do the same.
“Skilled employees are more likely to demand promotions and salary increases and feel that their manager is listening to them, while those who lack skills are more likely to lack strength in the workplace,” PwC wrote in a press release published on Tuesday.
Industries with the highest percentage of respondents who feel that their skills are scarce Healthcare, Technology, Media and Communications.
“If these people feel that they have the skills, they are more confident in asking for new and different opportunities, they are more confident … To have a conversation about total reward packages, they are more confident about the purpose they think they are achieving,” Moritz said.
Other survey results indicate more differences in the workforce:
- 70% of those with rare skills are satisfied with their work, compared to 52% of those with non-rare skills.
- Women are 7 percentage points less likely than men to say they have been fairly compensated, but 7 percentage points less likely to ask for a raise.
- Women are 8 percentage points less likely to feel that their managers listen to them.
- Generation Z workers (aged 18-25) are less satisfied with their jobs and twice as likely as baby boomers (aged 58-76) that technology will replace their roles in the next three years.
In a tight labor market, it is critical for organizations to take a “human-led and technology-enabled approach,” said Carol Stabbings, global tax and legal services leader at PricewaterhouseCoopers.
“This means investing in both digital transformation and in skills…with a focus on enhancing the capabilities of skilled employees, providing access for those who lack skills and automation that frees people to do what only people can do.”
More money is the biggest driver of a job change, yet finding fulfillment at work is “just as important,” according to PwC.
About 71% of survey respondents said that a wage increase would prompt them to change jobs, yet 69% said they would change employers in order to achieve better jobs as well.
“Rewarding” [work] It should be defined in new and different ways, said Moretz, “Employees are looking for changes in this business, especially when you think about how automation can help reduce the monotony and some of the routine types of things that they do.”
“They are also concerned with making sure that … the work is beneficial not only to the strategy of the organization, but also to the purpose of that organization.”
Workers want a workplace that allows them to be themselves too, with 66% of those surveyed citing this as an important factor.
said Bhushan Sethi, associate president of Global People and Organizations Services at PricewaterhouseCoopers.
“Workers, especially younger ethnic minorities, feel the benefits of engaging in respectful and tolerant conversations,” Sethi said.
While higher wages remain the biggest driver of a job change, finding fulfillment at work is “just as important,” says PwC.
According to the survey, 65% of workers discuss “social and political issues” with their colleagues frequently or sometimes. These conversations are more common among younger workers (69%) and ethnic minorities (73%).
Nearly 80% of those who talk about social and political issues at work report at least one positive outcome, while 41% report a negative outcome from talking about social issues.
“A diverse workforce will inevitably lead to differences of opinion on key societal issues in their workplace,” Sethi said. “Leaders need to make sure that these discussions can benefit teams rather than divide them.”
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