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PwC released the latest 2023 Global Workforce Hopes and Fears Survey.
We summarised the key highlights for you (3 min read) detailing the attitudes and behaviours of nearly 54,000 workers in 46 countries and territories.
‘The Great Resignation’ trend continues
As the global economy softens, ‘The Great Resignation’ trend continues, with 26% of employees considering changing jobs within the next 12 months, up from 19% the previous year. Factors contributing to this shift include feeling overworked (44%), financial struggles (38%), and Gen Z’s inclinations (35%). Employee concerns revolve around purpose, company culture, and inclusion, with those intending to change jobs less likely to find fulfilment at work (47% compared to 57%).
Financial strain on the workforce, particularly among Gen Z and ethnic minorities
The cooling economy is causing financial strain on the workforce, with only 38% having money left over at the end of the month, down from 47% the previous year. This has led to an increase in the number of workers with multiple jobs (21%), driven by the need for additional income, particularly among Gen Z (30%) and ethnic minorities (28%). As a result, demands for pay increases are on the rise, with 42% of workers planning to ask for one.
Impact on new skill development, re-skilling, and rise of AI
A significant divide exists between workers with valuable skills, who are optimistic about their future and those without access to training and financial security. Financially strained workers find it challenging to seek opportunities for skill development (50% vs. 62%), hindering their ability to adapt to the changing workplace, including the rise of AI.
Skilled workers, on the other hand, are more confident in facing the changing economic landscape, with 51% anticipating significant skill changes in the next five years. However, outdated recruitment practices are preventing employers from tapping into alternative talent pools. Many skilled workers believe they have missed out on opportunities due to not having the right connections (35%).
"Skilled Workers believe they have missed out on opportunities due to not having the right connections (35%)."
Talent retention and decision to leave a company
Employers play a crucial role in retaining talent, with 40% of CEOs acknowledging their companies may not survive more than a decade without transformation. This pessimism impacts employee retention, as workers who lack confidence in their company’s longevity are more likely to leave (43% vs. 19%).
Despite challenges, younger generations are optimistic about AI’s impact on their careers, with over half (52%) expecting positive outcomes within the next five years. This perception differs significantly from Baby Boomers’ views, with only 34% believing AI will not affect their careers.
Conclusion
The ‘Great Resignation’ is a growing trend amid a cooling economy, driven by financial struggles and unmet needs. Business professionals must adopt modern recruitment practices, invest in skill development, and create a distinctive personal brand to succeed in the ever-changing workforce landscape.
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