A quarter of workers in global survey look to change jobs amid cost of living struggle, Latest World News - The New Paper

A quarter of workers in global survey look to change jobs amid cost of living struggle

MUMBAI A quarter of workers surveyed by PwC expect to change jobs in the next 12 months, up from 19 per cent in 2022, as they are increasingly left cash-strapped in a cooling economy while dealing with inflationary pressures.

Even as the “Great Resignation” continues, around 42 per cent of the employees surveyed by PwC in its new study of the global workforce said they are planning to demand pay rises to cope with the higher cost of living, up from 35 per cent in 2022.

Some 46 per cent of respondents to the “2023 Hopes and Fears Global Workforce Survey”, which polled 54,000 workers in 46 countries, said either that their households were struggling to pay bills every month, or that they could not pay bills most of the time.

“With the ongoing economic uncertainty, we see a global workforce that wants more pay and more meaning from their work,” said joint global leader of PwC’s people and organisation practice Bhushan Sethi.

Some 38 per cent said they had money left over at the end of the month, down from 47 per cent in 2022.

Around one worker in five is doing multiple jobs, with 69 per cent of those saying they were doing so for additional income.

“Purpose, company culture and inclusion also remain key to employee concerns,” the survey found.

Workers who are struggling financially are also less able to meet the challenges of the future, including investing in developing new skills and adapting to the rise of artificial intelligence (AI).

Among the workers surveyed who were doing better financially, more than one-third said AI will improve their productivity, while a quarter expected AI to create new job opportunities.

Younger workers, including Gen Z and millennials - people born after 1981 - expect to see a positive impact from AI on their careers over the next five years, the survey found. - REUTERS