Chat with us, powered by LiveChat

The Great Resignation Is Set To Continue-According To PwC Survey

the great resignation
Print Friendly, PDF & Email

EDITOR'S NOTE: The job market is extremely tight. This means that bargaining power, according to consulting firm PwC, “is in the hands of the individuals that are employed.” Based on the firm’s recent survey, the Great Resignation has shifted to a new phase in which employed individuals are in a position to quit their jobs for more competitive pay and other demands. These demands are highest in the tech sector, where skilled labor holds the upper hand in dictating the terms of employment. As inflation continues to eat away at household incomes, it's understandable that employees would demand higher pay to compensate. Workers are in the best position to present their services up for bidding among competitive companies. But are we seeing the beginnings of a wage inflation spiral? Until the participation rate increases to a point where job openings are truly near full employment, higher wage demand will likely fan the flames of an overheating economy, causing businesses to raise prices across various sectors which, in turn, will prompt employees to demand even higher wages.

KEY POINTS
  • A survey by PwC of more than 52,000 workers in 44 countries indicates the Great Resignation is set to continue.
  • Some 35% say they plan to ask their employers for a pay raise, with the pressure highest in the tech sector.
  • More money is the biggest motivator for a job change, yet finding fulfillment at work is “just as important,” according to PwC.

The Great Resignation is set to continue, according to a new global survey by PwC, with one in five saying they are likely to switch jobs in the next 12 months.

PwC launched its “Global Workforce Hopes and Fears Survey 2022” at the World Economic Forum in Davos on Tuesday, which surveyed more than 52,000 workers in 44 countries.

The consulting firm said in a press release that higher pay, more job fulfillment and wanting to be “truly themselves” at work are the factors pushing workers to change jobs.

Some 35% of respondents are planning to ask their employers for more money in the next 12 months.

“The findings are very clear ... you see a significant number of employees concerned about their future employment and their job security,” Bob Moritz, global chairman of PwC, said at the forum.

However, “the power is now, we would argue — in the hands of individuals that are employed.”

A polarized workforce

The pressure for more compensation is highest in the tech sector, where 44% of respondents who work in the industry said they plan to ask for a raise, according to PwC. Conversely, only 25% in the public sector said they plan to do the same.

“Skilled employees are most likely to ask for promotions and pay raises and to feel listened to by their manager, while those lacking skills lack power in the workplace,” PwC wrote in a press release published Tuesday.

The industries with the highest share of respondents who feel their skills are scarce are health caretechnology, media and telecommunications.

“If those people feel they have the skills, they are more confident to ask for new and different opportunities, they are more confident ... to have a conversation about total rewards packages, they are more confident in terms of the purpose that they believe they are fulfilling,” Moritz said.

No Investment Advice

GSI Exchange is a publisher and precious metals retailer. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You understand that the Content on the Site is provided for information purposes only, and none of the information contained on the Site constitutes an offer, solicitation or recommendation to buy or sell a security. You understand that the GSI Exchange receives neither monetary or securities compensation for our services. GSI stands to benefit from the sell of retail cost precious metals on this site. To avoid hidden costs all prices are listed live 24/7 on this site. Read the full disclaimer

2022 Info Kit

GET YOUR FREE

GOLD SILVER INFO KIT

Precious Metals and Currency Data Powered by nFusion Solutions