Updated: Jul 13
According to PwC, employers worldwide may lose 20% of their employees in the upcoming year.
According to a recent global survey by consulting company PricewaterhouseCoopers (PwC), one in five workers are likely to change employment in the upcoming year, signaling that the Great Resignation is not about to slow down.
Earlier this week, PwC presented its "Global Workforce Hopes and Fears Survey 2022" at the World Economic Forum in Davos. In March, the company surveyed more than 52,000 workers across 44 nations.
The primary motivator for job switching is a higher salary. Other motivations, though, are less rational. Workers want a supportive team, the freedom to "be themselves" at work, and a fulfilling career. The least significant criteria were listed as work hours and job location.
Employers should be careful not to take their employees for granted if the 'Great Resignation' has taught us anything. Yet many businesses run the risk of doing just that, according to the press release posted on the company website.
The phrase "Great Resignation," which was first used by an American university professor in the spring of last year, describes a current global economic trend in which workers are voluntarily leaving their jobs in large numbers in search of better employment amid a competitive job market as economies start to recover from the Covid-19 pandemic.
PwC estimates that about 35% of respondents intend to request a pay raise from their employers in the upcoming 12 months. According to the report, younger workers are likewise worried that technology may take their jobs.
The results are quite apparent; you can see that many employees are worried about their future employment and job security, according to Bob Moritz, global chairman of PwC, who spoke at the summit, as quoted by CNBC. "We would claim that the people who are employed today hold the power."
According to government data, a record 4.5 million US workers left their employment in March, but there were over 11 million unfilled opportunities as firms struggled to find qualified candidates in the face of rising inflation. Companies that are struggling to fill positions must raise wages and offer incentives to recruit workers, which causes more workers to leave their current positions.