According to a new survey conducted by PwC, a quarter of employees plan to change jobs in the next 12 months, up from 19% last year, as the cooling economy and high inflation leave them cash-strapped. As a result, 42% of the global workforce surveyed said they plan to demand a pay rise in order to cope with the higher cost of living, an increase from 35% last year. The survey, which polled 54,000 workers in 46 countries, found that 46% of respondents said that either their households were struggling to pay bills every month, or that they couldn’t pay bills most of the time. Furthermore, 38% said they had no money left at the end of the month down from 47% in 2020.
The ‘2023 Hopes and Fears Global Workforce Survey’ revealed that younger workers, including Gen Z and millennials, expect to see a positive impact from artificial intelligence (AI) on their careers in the next five years. The survey also found that workers who are struggling financially are less able to invest in developing new skills and adapting to the rise of artificial intelligence. Workers who were thriving financially were more positive about AI, with over one-third saying that AI will improve their productivity and a quarter said it would create new job opportunities.
Purpose, company culture and inclusion also remain key to employee concerns, the survey stated. It asserted that workers who are struggling financially are less capable of meeting future challenges. Currently, around one worker in five is doing multiple jobs, with 69% of those stating that they do so for supplementary income.
Bhushan Sethi, joint global leader of PwC’s people & organization practice, said with the ongoing economic uncertainty, we see a global workforce that wants more pay and more meaning from their work. As a result, purpose, company culture, and inclusivity are significant factors for employee concerns. The survey concluded that maintaining employee well-being, financial stability, and investing in employees’ skills must be the foremost considerations of employers.
