Despite a slowdown in the global economy, the phenomenon of the great resignation seems to be continuing, this is one of the main lessons of the study Hopes and Fears of the Global Workforce by PwC, which analyzes the attitudes and behaviors of almost 54,000 employees from 46 countries and territories, including more than 2,100 French.
Globally, one in four workers (26%) say they are likely to change employers in the next 12 months, compared with 19% in 2022. In France, it is one in five.
Those who feel overworked (44%) struggled to pay their bills each month (38%). Generation Z (35%) is the most likely to change employers.
Additionally, 47% find their work fulfilling and 51% feel they can be themselves at work. This is lower than those who plan to stay in their current company (57% and 59%, respectively).
As such, workplace fulfillment, culture and inclusion remain at the heart of employee concerns.
It should be noted that while working conditions have improved since 2022, they have also left some workers on the sidelines, with more than one in five French workers now on the verge of burnout…
The financial difficulties of the employees are increasing
Given the context of inflation and the economic slowdown 18% of French workers struggle to make ends meetand 44% say that once they cover their expenses, they have little or no money left in their accounts.
Globally, 38% of employees say they have money, up from 47% in 2022.
One in five workers (21%) now has multiple jobs, 69% of them because they need extra income. Generation Z (30%) and ethnic minorities (28%) are the most likely to have multiple jobs.
The economic crisis is also leading to increased salary demands: almost two out of three French workers are considering a salary increase.
This value is lower at the global level, where it stands at 42%, but increased by 7 points (35%) compared to the previous year; For those experiencing financial difficulties, the figure is 46%.
Younger generations are optimistic about the impact of AI on their careers
If technology adoption is one of the top three priorities of French executives (PwC CEO survey) and is undeniably a growth accelerator and vector, employees don’t see it the same way.
In fact, French workers are more questioning than internationally about the impact of AI on their jobs.
27% believe it will have no impact on their careers in five years (compared to 22% internationally), a finding that is even more telling among healthcare workers (37%) and the public sector (36%).
French workers are also more measured about the positive aspects that AI can bring to their work: 19% believe it will help them improve their efficiency (compared to 31% globally), and 17%, that it will enable them to learn new skills (vs. 27%) and 14% that it will provide them with new career opportunities (vs. 21%).
This difference in perception can be explained by the more manual profile of French respondents (39%) compared to that of international respondents (30%).
On a global level as in France Younger generations are much more likely to expect AI to have an impact about her career.
While just over a third (34%) of baby boomers globally believe it will not impact their careers, only 14% of Gen Z and 17% of Millennials share this view.
More difficult skills development for employees in financial difficulties
Financially disadvantaged workers are less able to meet the challenges of the future, including the ability to develop new skills and adapt to the rise of AI.
In fact, they are less likely to actively seek opportunities to develop new skills than those who are not struggling financially (50% vs. 62%).
Employees who enjoy greater financial security are also more likely to seek feedback on their work, which can help them improve their performance (57%) than those experiencing financial difficulties (45%).
Additionally, 37% of financially better off workers say AI will improve their productivity and 24% say it will create new job opportunities, compared to 24% and 19% of those less financially well off, respectively.
In France, workers recognize the importance of doing a good job soft skills (Flexibility, Collaboration, Analysis, Leadership) and are confident that their company can support them in their development.
When it comes to ESG skills, only 29% believe these will be important to their careers in the next five years.
Professionals are more optimistic
Specialists are more likely to anticipate upcoming changes.
More than half (51%) say the skills needed for their jobs will change significantly in the next five years, compared to just 15% of unskilled workers.
About two-thirds of them believe their employer will help them develop the digital, analytical and collaborative skills they need.
“We have a large part of the workforce that is thriving: employees who are fulfilled at work, in a work environment that inspires confidence, and are able to grow professionally within or outside their organization – and the trend is increasing compared to the previous year.” Expenditure of the study”.
says Frédéric Petitbon, People and Organization Partner at PwC France and Maghreb
Old recruitment methods that impede talent mobility
In a highly competitive job market, employers are missing out on talent because recruitment methods are no longer suitable.
More than a third (35%) of specialty workers moderately or strongly agree they missed job opportunities because they didn’t know who to turn to to apply.
At the same time, 35% of them report having skills that don’t appear on their CV or career history, so companies may not know they have talent in their ranks.
A recent study released by the World Economic Forum in partnership with PwC found that the adoption of skills-based labor markets could create 100 million jobs worldwide.
“In a time of economic uncertainty, we’re seeing the global workforce want to be better paid and do more meaningful work…and be able to quickly adapt their skillset, whether it’s in AI or relationship skills.”
Therefore, it is important that managers meet these expectations by facilitating this learning. A crucial part of this transformation will be access to other talent pools.
Assessing and upskilling people with a focus on what they can achieve in the future, and not just what they have demonstrated in the past, will produce lasting results for the economy, the company and society at large. » .
emphasizes Frédéric Petitbon, People and Organization Partner at PwC France and Maghreb
Employers play a key role in employee retention
French workers agree with managers that the business model needs to be transformed: a quarter say their organization will no longer be viable in ten years (reminder: 45% of French managers shared this observation in the previously published study “PwC CEO Survey”. this year).
Gen Z workers are the most pessimistic: Every second French worker under the age of 26 believes that their business model will no longer be viable within 10 years.
Confidence in the future viability of the company is also a central element of loyalty.
Globally, employees who believe their company won’t survive 10 years without transforming its model are twice as likely (43% say they are likely to leave) over the next 12 months compared with 19% believing their business will survive more than a decade). ).
Another important point for retaining talent: compliance with corporate values. However, 38% of French workers admit that their behavior is not always in line with their company’s values and direction, a finding that is far from the perception of managers, since according to the CEO survey, 91% agree that this is the case The behavior of their employees was consistent with the values of their company.
“Leaders recognize that they must reinvent their organization to meet the challenges ahead.
More than ever, leadership is necessary to retain talent. There is also a need to ensure that you are hiring employees who have the necessary soft skills to overcome any obstacle.
Additionally, they must strive to take advantage of technology to implement a strategy aimed at improving the skills of all employees.
It is in nobody’s interest if companies only focus on a select group of professionals and leave many employees behind.
Managers must finally listen to their employees if they want to have a sustainable workforce. » .
says Matthieu Aubusson de Cavarlay, Partner responsible for People & Organization at PwC France and Maghreb
methodology
In April 2023, PwC conducted a study with 53,912 employees or active people, including more than 2,142 French. The sample was drawn to reflect a mix of industries, demographics and work patterns. It consists of staff from 46 countries and territories, each represented in proportion to their share of global GDP.
