Report

Global Workforce 2022 by PwC – Retaining employees will require more than just pay

If the ‘great resignation’ has taught employers anything, it’s to not take their workers for granted. Yet many companies risk doing exactly that—whether it’s by not paying close enough attention to skilled workers who are at elevated risk of quitting, by failing to support workers who seek personal fulfilment and meaning at work, or by missing opportunities to build the trust that so often leads to positive outcomes at the personal, professional and even societal levels.

We explore these and other issues in this year’s Global Workforce Hopes and Fears Survey, the third in a series dating to 2019. Power is a central theme of the findings in this year’s survey, which draws from more than 52,000 workers across 44 countries and territories and is one of the largest such surveys conducted.

For global leaders, some of our results will be a wake-up call. Workers who feel empowered by their current circumstances—i.e., those with specialised or scarce skills—are ready to test the market. More than one-third of respondents plan to ask for a raise in the coming year, and one in five said they are extremely or very likely to switch employers. Retaining these employees will require more than just pay; fulfilling work and the opportunity to be one’s authentic self at work also matter to employees who are considering a job change.

Our results also show that sensitive political and social discussions—topics that themselves hinge on issues of power and its distribution—are happening in the workplace, largely without company involvement, and are generating positive dividends for employees. Also, workers want more support in translating environmental, social and governance (ESG) considerations to their work. And as leaders develop hybrid work models, they need to consider the 45% of the workforce that can’t work remotely—people who do essential work but report feeling less fulfilled and empowered than respondents who can work remotely.

The upshot for the C-suite? As companies take on ambitious business and societal goals, leaders must remember that employees can be a force multiplier or a detractor. In fact, PwC research has found that the workforce is the number one risk to growth—and also the principal means by which companies can execute growth-driven strategies. Understanding workplace power in all its aspects can help leaders energise their workforce, tap into the power of their people and accomplish bolder goals.

 

Employees with specialised training are in demand—and they know it

What makes a worker feel empowered? Specialised training is one element. Among respondents, almost half said their job requires some level of specialist training. This group was far more likely than other respondents to say they would ask for a raise or promotion in the next 12 months. The good news is that empowered workers are also more likely to recommend their company to others.

Chosen excerpts by Job Market Monitor. Read the whole story @  PwC’s Global Workforce Hopes and Fears Survey 2022 | PwC

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