More people saying they’ll change jobs

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The so-called ‘Great Resignation’ appears to be continuing on strong as more people told a global study that they’ll be looking for a new job in the next 12 months.

Last year, one in five (19 per cent) said they would do so — that number is now at 26 per cent, according to PwC’s 2023 Global Workforce Hopes & Fears Survey

Those who said they’re most likely to change employers include those who feel overworked (44 per cent), are struggling to pay the bills every month (38 per cent) and Gen Z (35 per cent).

PwC noted that employees are feeling more and more cash-strapped — a cooling economy and inflationary challenges are impacting their wallets. A year ago, nearly half (47 per cent) said they have money left over at the end of the month — that’s now down to 38 per cent.

One in five workers (21 per cent) now work multiple jobs, with 69 per cent doing so because they need additional income. The share of workers with multiple jobs is higher for Gen Z (30 per cent) and ethnic minorities (28 per cent).

And don’t be surprised by pay raise requests. The proportion of workers planning to ask for a pay increase jumped from 35 per cent to 42 per cent year on year.

“The global workforce is divided into two: Those with valuable skills who are well set to keep learning, and those without,” said Bob Moritz, PwC’s global chair. “We found that, often, those without the skills are less financially secure and less able to access 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. It is in no one’s interest for businesses to chase the same group of skilled workers while the rest of society gets left behind.”

Learning new or enhancing skills is not an option for cash-strapped workers. To use the automotive aftermarket as an example, there is a large need to upgrade skills given technological enhancements in today’s vehicles. The survey found a 12-point difference between workers who can pay their bills comfortably and those who struggle or cannot pay their bills when asked if they are actively seeking out opportunities to develop new skills (62 per cent vs. 50 per cent).

In order to attract talent, workers need confidence the business will be around years from now. If automotive service providers are not adapting to change, it’s unlikely they will be able to attract skilled talent.

PwC noted that workers who believe their company won’t survive a decade on its current path are more than twice as likely to leave in the next 12 months — 43% side they are likely to leave compared to 19% of workers who believe their company will survive longer than a decade.