Hyderabad: More than half of the employees, who took part in a global survey, stated that they are feeling financially stressed and, as a result, more than one-fourth of all the surveyed employees said that they were looking to change their employer in the next 12 months. The number of employees looking to change jobs in the next one year is far more than the number of people who were looking to change their jobs during the last two years.
The Global Workforce Hopes and Fears Survey 2024 conducted by PwC Global showed that the number of employees looking to change their jobs in the next 12 months is higher than the number of workers looking to change their jobs during the 'Great Resignation' period of 2022 where there was a wave of resignations worldwide in the wake of Covid-19 global pandemic.
The survey, fifth in the series which started in 2019, reached out to more than 56,000 workers in 50 countries. This year's Hopes and Fears survey showed that 28 per cent of workers said they were extremely or very likely to change jobs in the next one year. This figure was 26 per cent in 2023 and 19 per cent in 2022.
There are several reasons why such a large number of employees are looking for a job change in the next one year. First, workers are feeling stressed due to fast-paced changes in the workplaces and uncertainty about their future. Second, a large number of employees are feeling financially stressed.
According to the survey, nearly two-thirds of employees stated that they had experienced more change at work in the last year than in the 12 months prior, and one-third of workers said they had experienced four or more significant changes at work in the last year, including to their team structures and daily job responsibilities.
"The risk of fatigue and overwhelm in the workforce is high right now. Nearly half of respondents say their workload has increased significantly in the last 12 months and that they've had to learn new technologies to do their job, among other shifts in their roles and responsibilities," stated the survey.
More importantly, in response to a question to describe their financial situation, more than half of the surveyed employees reported facing financial stress. The survey reported that 52 per cent of the respondents stated that they were facing financial stress. While the comparison with last year's survey data showed slight improvement in the financial situation of the employees but majority of the surveyed workers reported facing financial stress.
For example, only 45 per cent of workers reported feeling financially secure as they were able to pay the bills every month and have enough leftover for savings, holidays and extra. On the other hand, the majority of the workers, 52 per cent of the total surveyed workers, reported facing financial stress.
For example, nearly 40 per cent of workers reported that they were able to pay the bills every month but have very little left-over for savings, holidays and extras. Moreover, 11 per cent employees reported their household struggles to pay some or all bills every month while 2 per cent employees reported that their household struggles to pay all the bills most of the time.
