More people are now considering their options as they increasingly feel overworked and underpaid amid constant cost pressures.
Employees are so caught up in work that many more people are considering quitting now than during the mass layoffs we saw in 2022, auditor PwC found in its Global Workforce Hopes and Fears Survey, released Tuesday, covering more than 56,000 workers around the world. to the world.
The report, with nearly half of respondents being millennials, followed by Gen X and Gen Z employees, found a staggering 28% increase in the number of people planning to change jobs, up from 19% during the Great Retirement in 2022.
Their reasons? Increased workload, career ambitions and new technologies entering the workplace.
Nearly half of those surveyed said their workload had increased “significantly” over the past 12 months. Workers are also concerned about how much they are paid, with 43% wanting to ask for a pay rise. That’s not all: 62% of employees believe that the pace of change in the workplace has also accelerated over the same period, especially as they have had to adapt to new technological tools in their work and increased financial pressure.
In addition to this, employees’ personal goals to expand their skill set and further career growth also encourage them to consider jumping ship.
Overall, more workers are feeling better about moving into a new role in hopes of finding some breathing room.
“Workers around the world are increasingly prioritizing long-term skills development and are turning to organizations that can help them achieve this,” said Carol Stubbings, PwC UK Global Markets, Tax and Legal Leader. Luckadding that new technologies such as generative artificial intelligence and its applications at work remain a focus for employees.
“Ultimately, employees may seek to transition for a variety of reasons, many of which will depend on their unique circumstances and the broader trends facing their geography, industry and role.”
Other studies on the topic have also shown similar results – for example, a LinkedIn and Microsoft survey published earlier this year and covering 31,000 people worldwide found that an even higher proportion of people were likely to quit their jobs in the coming year than in the previous year. pandemic time.
Europe and its growing pool of quitters
The Great Resignation may have begun in the United States, but Europeans have not been left out. Countries such as France and Germany have also faced dilemmas related to work, pay and benefits. the last few years.
Even in the UK, more workers considered leaving their jobs after the pandemic than during it. Worker dissatisfaction comes at a time of elevated interest rates and the cost of living, prompting more people to consider seeking greener pastures. It doesn’t help that employees also abandon their jobs by quietly leaving the workplace, which affects their productivity.
“It is critical that leaders prioritize well-being as a core value and critical driver of performance in their organizations. Overstressed and distracted workers are less likely to perform well,” says the PwC report.
These trends point to a continuation of the Great Resignation. The only difference? We have moved from a period marred by lockdowns and remote working to a period that is relatively “normal” but still facing new challenges.
AI is one of them, says a PwC report. Such platforms can help improve efficiency, making them invaluable in the workplace of the future.
Most executives believe technology is driving new changes in work, but very few employees regularly use AI-powered generative tools. That doesn’t mean they aren’t optimistic about AI, Stubbings said.
The study found that 72% of infrequent AI users believe the technology will improve the quality of their work, and half of them believe it will lead to higher salaries.
The catch for employees looking elsewhere is that exactly this Of those who quit their jobs, the data shows that they end up regretting their decision.
But will this stop the growing tide of workers considering quitting? Probably no. However, PwC encourages managers to do more to help employees find the tricky balance between all the changes in the workplace and not feel squeezed while working.
“Companies need to create guidance and mentoring around the skills that employees need to develop. It is also important to create a learning culture in which providing learning opportunities is part of the organization’s DNA,” says the PwC report.