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‘Great Resignation’ continues as quarter of workers look to change jobs, PwC says

Great resignation

According to a recent study conducted by PwC, a quarter of the surveyed workforce expects to change jobs within the next year. Marking an increase from 19% reported last year. This trend, known as the ‘Great Resignation,’ is fuelled by the financial strains experienced. Amid a cooling economy and the impact of rising inflation.

Inflation and Negotiation for Higher Salaries

Despite the ongoing wave of job transitions, PwC’s study also highlights that approximately 42% of employees surveyed plan to negotiate higher salaries to counter the effects of the escalating cost of living. This figure demonstrates a significant rise from the 35% recorded in the previous year.

Nearly half of the participants in the ‘2023 Hopes and Fears Global Workforce Survey,’ which surveyed 54,000 workers across 46 countries, revealed that their households faced challenges in meeting monthly expenses. Specifically, 46% of respondents indicated that they either struggled to pay bills every month. Or they were unable to do so most of the time.

“With the ongoing economic uncertainty, we see a global workforce that wants more pay and more meaning from their work,”. Said Bhushan Sethi, joint global leader of PwC’s people & organisation practice.

Hurdles faced by Employees

The survey findings indicate that 38% of the respondents reported having leftover money at the end of the month. Marking a decline from the 47% figure reported in the previous year. Additionally, approximately 20% of workers stated that they were engaged in multiple jobs. With 69% of those individuals citing the pursuit of additional income as the primary reason for taking on multiple employment roles.

“Purpose, company culture and inclusion also remain key to employee concerns,” the survey found.

Financially distressed workers face additional hurdles in preparing for the future. Such as investing in skill development and adapting to the increasing prominence of artificial intelligence (AI).

According to the survey, respondents who were in a more stable financial position demonstrated a more optimistic outlook. Over one-third of these individuals believed that AI would enhance their productivity. Meanwhile, a quarter anticipated that AI would generate new job prospects.

The study also revealed that younger workers, specifically those belonging to Generation Z and millennials, held positive expectations regarding the influence of AI on their professional trajectories in the next five years.

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