Over 28% may switch jobs, far exceeding the 'Great Resignation,' focusing on skills and AI
Among more than 56,000 workers across 50 countries and territories, many are prioritising long-term skills growth to accelerate their careers.
They do so amid rising workloads and heightened workplace uncertainty, according to PwC’s 2024 Global Workforce Hopes & Fears Survey, published today.
In the last 12 months, 45 percent of workers have experienced rising workloads and an accelerating pace of workplace change. Nearly 62 percent have seen more change at work in the past year compared to the previous 12 months, with 40 percent noting significant changes in their daily responsibilities.
Almost 44 percent do not understand the purpose of the changes taking place.
Amid these growing pressures, workers are alert to opportunities elsewhere and are highly focused on skills growth and embracing AI. More than 28 percent are likely to switch employers in the next 12 months, a percentage far higher than during the ‘Great Resignation’ (19 percent) of 2022.
Sixty-seven percent of those considering a move say skills are an important factor in their decision to stay with their current employer or switch to a new one.
“As workers navigate through uncertain times, increasing workloads, and financial stress, prioritising skills development is key,” said Alistair McNeish, director, People and Organisation, PwC Bermuda. “Our survey finds that the focus has shifted from job satisfaction to skill enhancement in a tech-driven landscape. Employers will need to invest in employees and technology to ease pressures and retain top talent.”
Workers are embracing AI to ease workplace pressures and unlock personal growth. Among employees who use GenAI daily, 82 percent expect it to make their work time more efficient in the next 12 months. Employees are also optimistic about opportunities for GenAI to support their growth.
Half of all users (49 percent) expect GenAI to lead to higher salaries – an expectation even higher (76 percent) among daily users. More than 70 percent of users agree that GenAI tools will create opportunities to be more creative at work (73 percent) and improve the quality of their work (72 percent).
Workers are placing an increased premium on skills growth to mitigate their concerns and accelerate their careers.
Employees likely to switch employers in the next 12 months are nearly twice as likely to strongly consider upskilling in that decision compared to those planning to stay (67 percent vs 36 percent).
Fewer than half (46 percent) of all employees moderately or strongly agree that their employer provides adequate opportunities to learn new skills that will be helpful to their careers.
Employees likely to leave in the next year may be more attuned to the necessary skills changes than the general workforce, with 51 percent moderately or strongly agreeing that the skills their job requires will change in the next five years (vs 29 percent of those unlikely to change employer).
There is particular interest in the impact of AI on skills development, with 76 percent of all users expecting it to create opportunities to learn new skills at work. However, employers will need to invest heavily in new and emerging technology training and access.
Among employees who have not used GenAI at work in the last 12 months, one-third (33 percent) do not think there are opportunities to use the technology in their line of work, while 24 percent do not have access to the tools at work, and 23 percent do not know how to use the tools.
Despite the pace of change, there are also signs of optimism and engagement at work. Sixty percent of workers expressed at least moderate job satisfaction (up from 56 percent in 2023), while more than half (57 percent) of employees who view fair pay as important agree that their job is fairly paid.
Cost-of-living pressures have slightly eased since 2023 (the proportion of workers with money left over each month has risen to 45 percent, up from 38 percent). However, more than half (52 percent) say they are still financially stressed to some degree.
