The “Great Resignation” is Shaping Workforce Priorities

What’s going on:     

The “Great Resignation” persists, as 25% of workers surveyed by PwC expect to change jobs in the next 12 months, which is up from 19% last year, according to Reuters.  

The 2023 Global Workforce Hopes and Fears Survey, which surveyed 54,000 workers across 46 countries and territories, found that 46% of respondents struggle to pay bills every month or cannot pay them most of the time. Additionally, 42% of employees plan to demand pay raises to cope with the higher cost of living, up from 35% last year.

Why it matters:     

The data highlights the financial pressure faced by many employees in an economy that is still experiencing high inflation. Workers are seeking more pay and meaning from their work, and those who are struggling financially are less likely to invest in developing new skills needed to adapt to the evolving landscape, like AI.

How it’ll impact the future:       

The ongoing Great Resignation, due in part to the financial struggles of workers, will likely lead to increased demands for better pay and working conditions. With more employees placing greater emphasis on pay, purpose, and company culture, more businesses might reevaluate their compensation packages and company culture to retain and attract talent.   

The workforce might also experience increased job mobility as workers seek better opportunities and pay. Additionally, if widespread financial struggles increase and persist, the workforce may face challenges in keeping up with technological advancements if financially struggling workers cannot invest in skill development.