A recent Survey by PwC has revealed that ‘The Great Resignation’ will continue apace in the year ahead as one in five workers say they are likely to switch to a new employer in the next 12 months.
This was the key finding from PwC’s Global Workforce Hopes and Fears survey of 52,195 workers in 44 countries and territories – one of the largest ever surveys of the global workforce.
The survey found that 35 per cent are planning to ask their employer for more money in the next 12 months; while pressure on pay is highest in the tech sector where 44 per cent of workers surveyed plan to ask for a raise it is lowest in the public sector with 25 per cent.
While an increase in pay is a main motivator for making a job change among 71 per cent, 69 per cent want a fulfilling job and 66 per cent truly want to be themselves at work.
The above factors round out the top three things workers are looking for but nearly half (47 per cent) prioritised being able to choose where they work.
From the survey report, workers who are likely to look for a new employer in the next 12 months are less likely to feel satisfied with their current employer. Compared to those who have no intention of changing jobs, they are:
● 14 percentage points less likely to find their job fulfilling
● 11 percentage points less likely to feel they can truly be their self at work
● 9 percentage points less likely to feel fairly rewarded financially
Global Chairman of PwC, Bob Moritz, said: “There is a tremendous need for business to do more to improve the skills of workers, while being conscious of the risk of polarisation if opportunities to develop aren’t provided right across society.
“At the same time, workers are not just looking for decent pay, they want more control over how they work and they want to derive greater meaning from what they do.
“These are linked: by acquiring skills, workers can gain the control over the work they are looking for. Leaders have to adapt to build the teams needed to successfully deal with the challenges and opportunities of today and those yet to come.”
Discussions about social issues are an everyday feature of the workplace. Employees are benefiting, despite a lack of support from employers.
The survey found that 65 per cent of workers discuss social and political issues with colleagues frequently or sometimes, with the number higher for younger workers coming with 69 per cent and ethnic minorities at 73 per cent.
While business leaders are sometimes nervous about people bringing these potentially polarising issues to work, the impact is net positive.
79 per cent of those who talk about social and political issues at work reported at least one positive consequence from that. With political and social issues alive in the workplace, the job for employers is to create a context which secures the benefits of open conversation while minimising the negative impacts as 41 per cent reported a negative consequence of discussions about social issues. Both numbers were significantly higher for people who consider themselves part of an ethnic minority (84 per cent positive and 59 per cent negative).
According to the report, these discussions are happening despite little active effort on the part of organisations to help secure positive outcomes as only 30 per cent of employees said that their company provides support to help them work effectively with people who share different views.
The survey showed that workers have a particular interest in their employer’s impact on the economy, climate and society. Half of workers (53 per cent) felt it was important that their employer is transparent about their impact on the environment, two-thirds (65 per cent) felt transparency about health and safety was critical, with transparency about economic impact not far behind at 60 per cent, followed by diversity and inclusion efforts at 54 per cent.
Co-Leader of PwC’s Global People and Organisation services, Bhushan Sethi, said: “Diverse workforces will inevitably bring differences of opinion about major societal issues into their workplaces.
“Leaders need to ensure these discussions can benefit teams rather than dividing them.
The role of employers isn’t to tell workers what to think, but to give them a voice, choice and safe environment to share feelings, listen and learn about how these issues are impacting their colleagues.
“Workers, especially younger and ethnic minorities feel the benefits of engaging in respectful and tolerant conversations.”
Skilled employees feel most empowered, increasing workplace inequalities
The survey paints a picture of a workforce polarised on a number of dimensions.
Women were seven points less likely than men to say they are fairly rewarded financially, but still seven points less likely to ask for a raise. Women were also eight points less likely to ask for a promotion, and that request is more likely to fall on deaf ears as women are eight points less likely than men to feel their manager listens to them.
Co-Leader of PwC’s Global People and Organisation services, Pete Brown, said: “It is bad for society and bad for business when there is a failure to ensure women have the same opportunities as men to develop their skills and careers.
“One of the quickest ways to strengthen the workforce is to ensure women are not overlooked which means addressing the culture, systems and structures that can lead to women losing out.”
There were also significant differences between generations, with Gen Z workers less satisfied with their job and twice as likely as Baby Boomers to be concerned that technology will replace their role in the next three years.
One of the most important drivers of polarisation is skills – with large differences between workers who have highly valued skills and those who do not. The data shows that those with in-demand skills (29 per cent of the sample feel they have skills that are in short supply in their country) are more likely to feel satisfied with their job (70 per cent versus 52 per cent), feel listened to by their managers (63 per cent versus 38 per cent) and have money left over after they pay their bills (56 per cent versus 44 per cent).
To close the skills gap, workers said companies are investing in the current workforce through up-skilling and increasing wages. By contrast, workers are less likely to report a focus on automating, outsourcing, and recruiting.
Partner, People and Organisation Advisory Leader, PwC Nigeria, Olusola Adewole, noted that: “In Nigeria, the ‘Great Resignation’ is amplified by socio-political problems.
“People across all career levels are not just leaving their companies or industries, they are leaving the country. There is a global competition for talent- nations are competing for talent.
“Organisations must think about its purpose- in terms of the social dimensions of ESG. Companies need to ask themselves if there is something they can do to create a great employee experience.
“We have an opportunity to move from the ‘Great Resignation’ to exploiting the great opportunity. To do so, companies must reinvent their workforce strategy and build a Human Resources function that is future ready.”
Other key findings from the survey include:
● 45 per cent of respondents said their job could not be done remotely
● Of those who said their job can be done remotely:
○ 63 per cent said they prefer some mix of in-person and remote working – the same proportion who said they expect their employer to offer that mix for at least the next 12 months.
○ 26 per cent of employees would prefer full-time remote work, but only 18 per cent said their employers are likely to adopt that model.
○ Another 18 per cent said that their employers are likely to require full-time in-person work, which just 11 per cent of employees prefer.
In March 2022, PwC surveyed 52,195 individuals who are in work or active in the labour market. The sample was designed to reflect a range of industries, demographic characteristics and working patterns.
The sample was structured across 44 countries and territories and sample sizes were scaled to reflect each territory or region’s share of global GDP.
They ranged from 5,000 to 250 with an average sample size per territory of around 1,200.
The age groups in the survey were categorised as Gen Z (ages 18-25), Millennials (ages 26-41), Gen X (ages 42-57), and Baby Boomers (ages 58-76).