Workers demand higher pay and meaningful work amidst rising costs
As the cost of living continues to soar, workers are increasingly seeking better-paying jobs, contributing to the ongoing phenomenon known as the Great Resignation, states a recent survey by PwC. The study indicates that 26% of employees plan to switch jobs within the next year, a notable increase from the 19% recorded last year.
The report uncovers a global trend where employees are feeling financially strained due to a cooling economy and inflationary challenges. The survey reveals a decline in the percentage of the global workforce that manages to save money by month-end, dropping from 47% in 2022 to 38%.
Bhushan Sethi, a strategy and principal executive at PwC US, emphasized the significance of addressing the workforce’s growing desire for higher pay and a sense of purpose in their work amidst the ongoing economic uncertainty. Sethi believes that meeting these needs will be crucial for leaders looking to reshape their workplaces, drive profitable growth, and foster job creation.
Another notable finding from the survey is that 21% of workers are now juggling multiple jobs, with 69% doing so out of financial necessity. Furthermore, the financial pressure experienced by these workers has led to an increase in demands for higher wages, with 42% planning to ask for a pay raise compared to 35% in the previous year. Among those planning to request a salary increase, 46% are currently grappling with financial difficulties.
The report also highlights the challenges faced by financially struggling workers in terms of meeting future demands, such as acquiring new skills and adapting to the evolving landscape of artificial intelligence. In comparison to workers who can comfortably manage their bills, those who struggle financially are 12 percentage points less likely to actively seek opportunities for skill development.
However, skilled workers are approaching the rapidly changing economic and work environment with greater confidence, as the report indicates. Employees who believe their jobs require specialized skills demonstrate a higher propensity for anticipating forthcoming changes.
PwC’s survey encompassed the input of 53,912 individuals currently employed or actively engaged in the labor market. The research, conducted in April, included responses from workers in 46 different countries.