One in five employees likely to switch jobs in next 12 months: survey

PwC report says 'Great Resignation' is here to stay, employers may lose 20% of their workforce in the coming year

One in five employees are likely to switch their jobs in the next 12 months, according to a global survey carried out by PricewaterhouseCoopers (PwC), suggesting that there is no sign of the ‘Great Resignation’ slowing down.

The revelation was made in the survey ‘Global Workforce Hopes and Fears Survey 2022’, released at the World Economic Forum in Davos earlier this week.

The organisation polled some 52,000 workers in at least 44 countries during the month of March.

While higher pay was found to be the leading factor in changing jobs, other reasons appeared less pragmatic, such as seeking fulfillment, 'being themselves' at work and working with those who 'care'.

Among the least important factors were work hours and the location of a certain workplace.

“If the ‘Great Resignation’ has taught employers anything, it’s to not take their workers for granted. Yet many companies risk doing exactly that,” the report, published on the firm’s website, observed.

Also read: US jobless claims drop over worker shortages

The term ‘Great Resignation’, was put forth by an American professor, referring to the global economic trends that may see employees voluntarily quitting en masse to look for better employment, as economies gradually recover after the Covid-19 pandemic.

The PwC also discovered that around 35 per cent of the respondents employees had plans to ask their employers for a pay raise within the next 12 months, RT reported.

Younger workers are caught by the worry that technology will be replacing their roles, as per the survey.

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, told the forum, as quoted by CNBC. “The power is now, we would argue – in the hands of individuals that are employed.”

In March, a record 4.5 million workers quit their jobs in the US, according to official statistics, with the number of job openings exceeding 11 million, as employers struggle to fill the vacant roles amid rising inflation.

Organisations desperate for employees have to opt for raising wages and adding incentives to attract workers, which in fact leads to more employees quitting current jobs.