PwC survey: Next Great Resignation wave driven by overworked, underpaid workers

Many people are now considering their options as they increasingly feel overworked and underpaid amid constant cost pressures.

Workers feel so stressed by work that more people are considering resigning now than during the mass resignations we saw in 2022, auditor PwC found in the Global Workforce Hopes & Fears Survey published on Tuesday, covering more than 56,000 workers worldwide.

The report, of which nearly half of respondents were Millennials, followed by Gen X and Gen Z workers, found an impressive 28% increase in the number of people planning to change careers, compared to 19% during the Great Resignation in 2022.

Their reasons? Higher workloads, career aspirations and new technologies are moving into the workplace.

Almost half of those surveyed said their work had grown “a lot” in the past 12 months. Employees are also afraid of how much they are paid as 43% are willing to ask for a salary increase. That’s not all—62% of employees feel that the pace of change at work has also increased over the same period, especially as they have had to adapt to new technology tools in their jobs and increased financial pressures.

In addition to this integration, employees’ personal goals to expand their skills and advance their careers also prompt them to consider jumping ship.

In general, most employees feel better when they move to a new role, hoping to get some rest.

“Employees around the world are increasingly prioritizing long-term skills development and are looking to organizations that can help them do this,” Carol Stubbings, PwC UK’s global market leader and tax and legal, said. Good luckit adds that emerging technologies such as generative AI and its applications in the workplace remain at the forefront and focus on employees.

“Ultimately, employees may want to change for a variety of reasons, many of which will depend on their unique circumstances and broader approaches to their country, industry and role.”

Other research on the subject has also produced similar results — for example, a survey by LinkedIn and Microsoft published earlier this year involving 31,000 people around the world revealed that a much larger proportion of people would like to quit their jobs next year than during the violence.

Europe and the growing pool of quitters

The Great Resignation may have started in the US, but Europeans were not spared. Countries like France and Germany have also faced issues surrounding their work, wages and benefits over the past few years.

Even in the UK, more workers have considered quitting their jobs following the pandemic than during it. Labor discontent comes at a time of rising interest rates and the cost of living, forcing many to consider looking for greener pastures. It does not help that the employees also quit their jobs by quietly quitting the job, it has an impact on their performance.

“It is important for leaders to prioritize well-being as a key factor that allows for good performance in their organization. Employees who are highly stressed and distracted are less likely to perform well,” said the PwC report.

These trends point to the continuation of the great retreat. The only difference? We have moved from an era marred by lockdowns and remote working to one that is “normal” but still facing new challenges.

AI is one of them, a PwC report found. Such platforms can help increase efficiency, making them valuable in the workplace of the future.

Many CEOs think that technology is the reason for new changes in the workplace, but very few employees use AI-powered tools on a regular basis. That doesn’t mean they don’t have hope for AI, Stubbings said.

The study found that 72% of the rare AI users among the respondents think that the technology will improve the quality of their work, while half of them believe that it will lead to higher salaries.

What is interesting about the workers who move their eyes to other places is that most of those who quit their jobs end up regretting their decision, the information says.

But will that stop the masses of workers considering quitting their jobs? Maybe not. However, PwC suggests that managers step up to help employees navigate the tricky balance between all the changes at work and not feel overwhelmed while there.

“Companies must create guidance and advice on the types of skills that employees need. It is also important to create a culture of learning, where unlocking learning opportunities is part of the organisation’s DNA,” said PwC in its report.