Inflation drives ‘Great Resignation,’ says PwC survey

LONDON, UNITED KINGDOM — The Great Resignation is expected to continue as the cost of living rises, said professional services firm PwC. 

According to PwC’s 2023 Global Workforce Hopes and Fears Survey, one in four employees is contemplating a job change in the upcoming year, marking a significant increase from 19% in the prior year.

The worldwide survey, encompassing 54,000 workers across 46 countries, reveals a global workforce increasingly strained financially. 

Amid a cooling economy and mounting inflation, the share of employees with surplus cash at month’s end sharply declined from 47% last year to 38%. Due to this, 21% of workers now hold multiple jobs, mostly for extra income.

PwC Global Chairman Bob Moritz emphasizes the split in the workforce: skilled employees ready to learn, and those lacking skills, often less financially stable and underprepared for future developments like artificial intelligence (AI). This disparity creates a negative feedback loop, with cash-strapped workers less likely to seek skill development opportunities.

Moritz insists CEOs must reinvent workplaces, leveraging technology while unlocking all workers’ talents rather than chasing a limited pool of skilled workers. 

Notably, the survey suggests legacy recruitment practices often overlook latent talent within organizations, underscoring the need for a transformative, skills-first approach to labor markets.