The Great Resignation is here to stay

The Global Workforce Hopes and Fears Survey, 2022 has also found that, 35% of workers plan to ask their current employer for a raise. Consequently, the pressure on employers to increase compensation will be intense over the next 12 months.

The consulting firm said in a press release on Tuesday higher pay, more job fulfilment and wanting to be ‘truly themselves’ at work are the factors pushing workers to change jobs.

One in five workers around the world is likely to look for a new job in the next 12 months, according to a new global survey by PwC. The desire for better compensation is the primary driver for a good 71% of those seeking new roles.

“More money is the biggest motivator for a job change, yet finding fulfilment at work is ‘just as important’, according to PwC. While pay is the main factor, purpose and authenticity round out the top three characteristics employees are looking for at work.

The consulting firm said in a press release on Tuesday higher pay, more job fulfilment and wanting to be ‘truly themselves’ at work are the factors pushing workers to change jobs. The Global Workforce Hopes and Fears Survey, 2022 has also found that, 35% of workers plan to ask their current employer for a raise. Consequently, the pressure on employers to increase compensation will be intense over the next 12 months. The survey showed pay pressures are highest in the tech sector, where 44% of workers plan to ask for a raise. In the public sector, the number falls to just 25%.

“Skilled employees are most likely to ask for promotions and pay raises and to feel listened to by their manager, while those lacking skills lack power in the workplace,” PwC wrote in the press release. The industries with the highest share of respondents who feel their skills are scarce are healthcare, technology, media and telecommunications.

“If those people feel they have the skills, they are more confident to ask for new and different opportunities, they are more confident … to have a conversation about total rewards packages, they are more confident in terms of the purpose that they believe they are fulfiling,” Bob Moritz, global chairman of PwC, said at the WEF meet on Tuesday.

Indeed, the findings reveal that employers must resign themselves to The Great Resignation which is not about to go away anytime soon. It is apparent that multi-decade high inflation and tight labour markets have given workers more bargaining power putting employers in a bit of a spot.

The survey, launched at the World Economic Forum in Davos on Tuesday, covered 52,195 workers in 44 countries and territories.

“The findings are very clear … you see a significant number of employees concerned about their future employment and their job security,” Moritz said.

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