RELEASE: Cost of Living Concerns, According to PwC Global Workforce Hopes

- One in four workers seek new employment due to cost-of-living concerns, according to PwC Global Workforce Hopes.

RELEASE: Cost of Living Concerns, According to PwC Global Workforce Hopes

- One in four workers seek new employment due to cost-of-living concerns, according to PwC Global Workforce Hopes

LONDON, June 22, 2023 /PRNewswire/ -- Today, PwC released the 2023 Global Workforce Hopes survey

Despite the weakening of the world economy, "The Great Resignation" seems to continue. One in four (26%) employees say they are likely to change jobs in the next 12 months, up from 19% last year. Workers who said they are more likely to change employers include those who feel overworked (44%), struggle to pay bills every month (38%), and Generation Z (35%).

Purpose, company culture and inclusion also remain key to employee concerns. Among workers who said they are likely to change employers, less than half (47%) said they find their job satisfying compared to 57% of those who are unlikely to change employers. Those who are likely to change employers are also eight percentage points less likely to say they can truly be themselves at work than their counterparts who intend to stay (51% vs. 59%).

The cooling of the current economy is creating a cash-strapped workforce

Globally, employees are feeling increasingly cash-strapped as the economy cools and inflationary challenges continue to weigh on workforce portfolios. The share of the global workforce that said they had money left over at the end of the month dropped to 38%, down from 47% last year. One in five workers (21%) now work multiple jobs, with 69% doing so because they need extra income. The proportion of workers with multiple jobs is higher for Generation Z (30%) and ethnic minorities (28%).

The economic squeeze is also increasing wage demands, with the proportion of workers planning to ask for a pay increase jumping from 35% to 42% over the previous year. Among workers experiencing financial difficulties, that number rises to nearly half (46%).

Bob Moritz, Chairman of PwC Global, commented:

"The global workforce is split in two: those with valuable skills who are well-prepared for further learning, and those without. We found that often those without the skills are less financially secure and less able to access information. training in the skills of the future.In a world where CEOs know they need to transform their businesses to succeed, they need to combine the benefits of technology with a plan to unlock the talents of all workers.No one cares that companies chase the same pool of skilled workers while the rest of society lags behind.

There is a negative feedback loop as cash strapped workers are less likely to access training

Financially struggling workers are also less able to cope with the challenges of the future, including the need to develop new skills and adapt to the rise of AI. Compared to workers who can comfortably pay their bills, those who struggle or cannot pay their bills are 12 percentage points less likely to say they are actively seeking opportunities to develop new skills (62% vs. 50%). Similarly, workers who are more financially secure are more likely to seek feedback at work and use it to improve their performance (57%) than those who are financially challenged (45%).

More than a third (37%) of workers who are doing better financially say that AI will improve their productivity compared to workers who are not doing well financially (24%). Those workers who have better financial results also believe that AI will create new job opportunities (24% vs. 19%). They are less likely to think it will change the nature of their job in a negative way (13% vs. 18%).

Skilled workers are more optimistic

By contrast, skilled workers are more confident in a rapidly changing economic and employment environment. Workers who said their job requires specialized skills are more likely to anticipate the change ahead. More than half (51%) say the skills their job requires will change significantly in the next five years, compared to just 15% of employees with no specialist qualification. About two-thirds trust their employer to help them develop the digital, analytical and collaboration skills they'll need. These numbers drop to less than half for those currently doing jobs that require specialized training.

Legacy hiring practices hamper confidence in employee mobility

In a competitive job market, employers are missing out on valuable talent due to outdated hiring and development approaches. More than a third (35%) of workers with specialized skills moderately or strongly agree that they have missed out on job opportunities because they don't know the right people.

Meanwhile, more than a third (35%) of workers say they have skills that are not evident in their CV or work history, indicating that companies may be overlooking talent within the ranks. Recent research published by the World Economic Forum in collaboration with PwC found that creating skills-first labor markets could help more than 100 million people around the world get better jobs.

Bhushan Sethi, Head of Strategy, PwC US, said:

"With the current economic uncertainty, we see a global workforce that wants more pay and more meaning from their work. Addressing these needs will be critical as leaders look to transform their workplaces to enable business model reinvention, profitable growth and job creation.A key part of this transformation agenda will include access to alternative talent pools through a skills-first hiring approach to address current skill and labor shortages.Assess and improve The skills of people based on what they can do in the future, not just what they have demonstrated in the past, can deliver sustainable economic, business and social results."

Employers have a key role to play in employee retention

PwC's 2023 CEO Survey found that four in 10 CEOs think their company will not survive more than 10 years without transformation. The workforce is a little more optimistic in the Hopes Survey

Pete Brown, Global Leader of People and Organizations, PwC UK, commented:

"At all times, CEOs know they must reinvent their business to survive the next challenge. We see that leadership is needed more than ever to retain talent, while recruiting those with the human skills to weather any storm. C-suites must listen to their people today if they want to create a viable workforce of the future, for tomorrow."

Younger generations are more optimistic about the impact of AI on their careers

More than half (52%) of employees globally expect to see some positive impact from AI in their career over the next five years, and a third (31%) say it will increase their productivity/efficiency at work. Many workers also see AI as an opportunity to learn new skills (27%).

The survey also reveals stark demographic disparities in employee attitudes toward AI. Younger generations are much more likely to expect AI to impact their careers across all surveyed impacts, both positive and negative, while just over a third (34%) of Baby Boomers think AI will not. their careers, only 14% of Gen Z respondents and 17% of millennials agree.

Notes to editors:

About PwC: At PwC, our purpose is to build trust in society and solve important problems. We are a network of firms in 152 countries with nearly 328,000 people who are committed to providing quality audit, advisory and tax services. Learn more and tell us what matters to you by visiting us at PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. See for more details. © 2023 PwC. All rights reserved.

About PwC's Global Workforce Hopes and Fears Survey 2023: In April 2023, PwC surveyed 53,912 people who are working or active in the labor market. The sample was designed to reflect a variety of industries, demographics, and work patterns. The sample was structured into 46 countries and territories, and the sample sizes were scaled to reflect the share of each territory or region in global GDP.

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