Great Resignation' Persists into Third Year as Workers Focus on AI and Upskilling, Reports PwC

The "Great Resignation" phenomenon appears to be entering its third year with no immediate signs of abating. A recent survey conducted by PwC reveals that the desire to switch employers remains high among global workers.

Employee Turnover on the Rise: The 2024 "Hopes and Fears" survey, which polled over 56,000 workers, found that a significant portion (28%) are highly likely to leave their current companies within the next year. This figure surpasses the numbers recorded during the peak of the "Great Resignation" in 2022 (19%) and 2023 (26%).

Evolving Workplace Priorities: The survey also highlights a shift in employee priorities. Workers are increasingly seeking opportunities for professional development and are embracing new technologies like generative artificial intelligence (GenAI).

Upskilling for the Future:

The study emphasizes the importance of upskilling initiatives. Pete Brown, Global Workforce Leader at PwC UK, stresses that employees value organizations that invest in their skill development. Businesses that prioritize upskilling and create positive employee experiences are likely to fare better in retaining talent.

AI Adoption and Efficiency Gains:

The survey reveals a growing acceptance of emerging technologies like GenAI. A significant percentage (45%) of respondents reported experiencing increased workloads and an accelerated pace of change within the workplace over the past year. However, there's optimism regarding the potential of GenAI in boosting efficiency. Among daily GenAI users, 82% anticipate increased efficiency within the next year due to this technology.

Higher Salaries and Improved Work Quality:

The survey also indicates that workers see GenAI as an opportunity for career advancement. Nearly half of the respondents believe GenAI will lead to higher salaries, while almost two-thirds anticipate that these tools will enhance the quality of their work.

Creating a Sustainable Work Environment:

Carol Stubbings, Global Markets and Tax and Legal Services Leader at PwC UK, emphasizes the need for employers to invest in both personnel and technological advancements. By mitigating pressures and prioritizing employee well-being and professional development, businesses can build a more sustainable work environment and retain talent. The survey suggests that simply offering job security is no longer sufficient to keep employees engaged.

Conclusion

The findings from PwC's "Hopes and Fears" survey paint a clear picture: the "Great Resignation" is far from over. Employees are prioritizing growth and development, actively seeking out opportunities to upskill and embrace new technologies like GenAI. Businesses that fail to adapt to this evolving landscape risk losing valuable talent.

Here's a quick recap of the key takeaways:

• High Turnover Rates: Employee turnover intentions remain high, exceeding pre-"Great Resignation" levels.

• Upskilling for Retention: Investing in employee skill development is crucial for attracting and retaining talent.

• The Rise of AI: Generative AI is gaining traction in the workplace, and employees see it as a tool for efficiency and career advancement.

• Sustainable Work Environment: Businesses must address employee concerns about workload and change by fostering a supportive and growth-oriented work environment.

Moving forward, companies that prioritize employee well-being, invest in upskilling initiatives, and embrace technological advancements like GenAI are better positioned to thrive in this dynamic job market. By creating a future-proof work environment that caters to the evolving needs of employees, businesses can not only retain talent but also unlock new possibilities for innovation and growth.