A growing number of workers worldwide are considering changing employers within the next year due to rising workloads and the rapid pace of technological change, surpassing the levels seen during the “Great Resignation” of 2022, a report by PwC said.
The 2024 Global Workforce Hopes & Fears Survey, conducted among over 56,000 workers in 50 countries, revealed that a surprising 28% of respondents are likely to switch employers within the next year.
This figure marks a notable increase compared to the peak of the “Great Resignation” in 2022, which saw 19% of workers considering a change, and 26% in 2023.
“As workers face heightened uncertainty, rising workloads, and continue to confront financial stress, they are prioritizing skills growth and embracing new and emerging technologies such as generative AI to accelerate their careers,” Carol Stubbings, Global Markets and Tax & Legal Services Leader at PwC UK said in the report. “Job satisfaction is no longer enough. Employees are placing an increased premium on skills growth in a climate characterized by constant technological change.”
The desire to move is strongly linked to the need for skills development and the adoption of new technologies.
“Employee desires to job-switch will be driven by a multitude of reasons, but notably this year, two-thirds (67%) who said they are likely to switch in the next 12 months said opportunities to learn new skills are a key factor in any decision to job-switch,” Pete Brown, Global Workforce Leader at PwC UK said. “All the while, fewer than half (46%) said they strongly or moderately agree that their employer provides adequate opportunities to learn new skills. Investing in employee upskilling programs will be critical to the retention of talent and ensuring their organizations remain competitive in a constantly evolving marketplace.”
According to another poll conducted by EY in March with over 250 industry leaders, half of the participants expect a trend of simultaneous layoffs and hiring as companies grapple with the evolving skillsets required in the AI era.
“How employees and employers address rising workloads, heightened uncertainty, macroeconomic pressures and technological transformation will vary based on geography, industry, and role,” Brown said. “But survey responses this year highlight employees are embracing new and emerging technology such as GenAI to transform their roles and responsibilities and to create efficiencies.”
What’s driving the shift?
While the specific reasons behind this trend may vary, the report sheds light on several potential contributing factors. A significant number of employees reported experiencing a faster pace of change in their workplaces compared to the previous year.
“Nearly two-thirds (62%) say they have experienced more change at work in the past year than the 12 months prior, with two-fifths (40%) noting their daily responsibilities have changed to a large or very large extent,” the report added.
Nearly half (44%) admitted feeling a lack of clarity regarding the purpose behind these changes, potentially leading to confusion and frustration.
This sense of uncertainty appears to coincide with rising workloads. The survey found that 45% of respondents reported an increase in their daily responsibilities, potentially leading to feelings of overwhelm and dissatisfaction.
Around 45% of respondents said, “I have had to learn to use new tools or technologies in order to do my job.”
In response to these pressures, employees are increasingly looking to AI and other technologies to improve their work efficiency and career prospects.
“Nearly two-thirds (62%) of employees surveyed say it will create efficiencies in their time at work, rising to 82% for daily users of the technology,” Brown said. “However, organizations and business leaders play a critical role. They must drive this change, ensuring they have AI strategies, frameworks, guidance, and training in place to ensure their employees are skills-ready for a constantly evolving workplace.”
Additionally, 76% of daily GenAI users anticipate that these tools will lead to higher salaries.
“Technology is fundamentally changing the way work gets done and the skills employers seek. Employees value organizations that invest in their skills growth, enabling them to stay relevant and thrive in a digital world,” Pete Brown, Global Workforce Leader at PwC UK said in the report highlighting the transformative potential of AI in the workplace. “Proactive upskilling programs and a focus on the employee experience are crucial for businesses looking to retain talent and drive successful transformations.”
The upskilling imperative
Upskilling has become so valuable to employees that they see it as a company differentiator. Almost half of employees say that having opportunities to learn new skills is a key consideration when it comes to their decision to stay with their employer or leave for another job, the report said.
Despite the enthusiasm for AI, there remains a significant gap in access and training. Among employees who have not used GenAI at work in the past year, one-third (33%) do not see opportunities to use the technology, 24% lack access to the tools, and 23% do not know how to use them.
This gap underscores the need for employers to invest in comprehensive training and technology access to ensure all employees can benefit from advancements in AI.
“Leaders must provide a clear and transparent roadmap for the future, which includes laying out their ambitions and the steps required to meet those objectives,” Brown added. “When it comes to ensuring employees are skilled for the AI age, organizations must ensure they are developing AI strategies, frameworks, guidance, and training programs. More broadly, they also need to create guidance and mentoring about the types of skills employees need to build as technology transforms all industries. It’s also important to create a culture of learning and experimentation, recognizing that new and emerging technologies and their impact on roles and responsibilities are constantly evolving.”
The survey also revealed that less than half (46%) of all employees believe their employer provides adequate opportunities to learn new skills that will be beneficial to their careers. This lack of development opportunities is a driving force behind the high percentage of workers considering job changes.
While challenges remain, there are also positive signs. Job satisfaction has increased, with 60% of workers expressing at least moderate satisfaction, up from 56% in 2023. Additionally, financial stress has slightly eased, with 45% of workers having money left over each month, an increase from 38% last year. However, more than half (52%) still report experiencing some degree of financial stress.
“Taken together, these stats show how critical it is for companies to create ample opportunities for all employees to develop skills on the job and to ensure that leaders are providing guidance and mentoring about what kinds of skills employees need to build,” the report suggested. “It’s also important to create a culture of learning, where creating time for learning on the job is part of the organization’s DNA.”
