This trend is not confined to a particular region; rather, it is a global phenomenon. As the PwC report highlights, employees across the world are grappling with financial strain amid a cooling global economy and the challenges posed by inflation. The survey reveals that the proportion of the global workforce claiming to have surplus money at the end of each month has fallen to 38%, down from 47% in 2022.
Global Phenomenon
Bhushan Sethi, the strategy and principal at PwC US, emphasised the significance of addressing the desires of the global workforce in the face of ongoing economic uncertainty. “With the ongoing economic uncertainty, we see a global workforce that wants more pay and more meaning from their work”, he said. “Addressing these needs will be critical as leaders seek to transform their workplaces, enabling business model reinvention, profitable growth, and job creation.”
The comprehensive PwC survey drew responses from a vast sample size of 53,912 individuals currently employed or actively seeking employment. Conducted in April, the survey encompassed participants from 46 countries, thus providing a comprehensive snapshot of the global labor market.
21% now juggling multiple jobs
The study further reveals that 21% of workers are now juggling multiple jobs, with a staggering 69% doing so out of sheer necessity to augment their income. Consequently, the economic squeeze has fueled an increase in wage demands, with 42% of workers planning to ask for a pay raise, compared to 35% in the previous year. Worryingly, among those planning to request a salary increase, a significant 46% are facing financial difficulties.
The economic squeeze has fueled an increase in wage demands, with 42% of workers planning to ask for a pay raise, compared to 35% in the previous year.
In addition to the immediate financial challenges, the report highlights the potential long-term implications of financial struggles. Workers who find themselves grappling with financial difficulties are less likely to be able to confront future challenges, such as acquiring new skills or adapting to the emergence of artificial intelligence. The survey reveals that individuals who struggle or fail to pay their bills are 12 percentage points less likely to actively seek opportunities for skill development compared to those who can comfortably meet their financial obligations.
‘Pressing need to address aspirations and job satisfaction’
On the other hand, skilled workers who possess specialised expertise are confronting the rapidly evolving economic and work landscape with greater confidence. According to the report, workers who believe their job requires specialised skills are more likely to anticipate forthcoming changes and adapt accordingly.
As the Great Resignation gathers momentum, organisations and employers face the challenging task of attracting and retaining talent. The findings from the PwC survey underline the pressing need for businesses to address the financial aspirations and overall job satisfaction of their employees. Offering competitive salaries, opportunities for skill development, and a sense of purpose in the workplace will be vital in driving business model innovation, fostering sustainable growth, and creating a conducive environment for job creation.
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