The “Great Resignation” is set to continue well into 2024, with 26 per cent of employees globally saying it is likely they will change jobs over the next 12 months as the ongoing cost-of-living crisis forces cash-strapped workers to seek higher salaries, a report by consultancy PwC has found.
Workers who said they are most likely to switch employers include 44 per cent who feel overworked and 38 per cent who struggle to pay the bills every month, while 35 per cent represented Generation Z, PwC’s Global Workforce Hopes and Fears survey said.
“With the continuing economic uncertainty, we see a global workforce that wants more pay and more meaning from their work,” said Bhushan Sethi, a US-based partner at Strategy&, PwC's strategy consulting business.
“Evaluating and upskilling people based on what they can do in the future, not just what they have demonstrated in the past, can deliver sustainable economic, business and societal outcomes.”
PwC polled 54,000 people in 46 countries for the survey, including 1,563 respondents in Saudi Arabia, the UAE, Egypt and Qatar.
The global economic uncertainty has been compounded by the Russia-Ukraine war, supply chain crunch and record high inflation, which resulted in a cost-of-living crisis for millions of people worldwide as central banks raised interest rates to cool their economies.
Despite this, employees have been leaving their jobs at much higher rates than normal since the outbreak of the Covid-19 pandemic, in what has been called The Great Resignation.
The Great Resignation was coined in 2021 by Anthony Klotz, a psychologist and professor of business administration at Texas A&M University.
The phrase refers to the millions of workers in advanced economies who are resigning from their jobs to seek a more flexible work-life balance and higher salaries after working remotely during the pandemic.
In the US, for example, about 4.2 million Americans quit their jobs for better working conditions and wages in 2022, the US Bureau of Labour Statistics said in November.
It is a similar scenario in the UK, where employers are struggling to fill vacancies and high inflation continues to erode the value of workers’ salaries, the Office for National Statistics said earlier this month.
US inflation rose to a 40-year high of 9.1 per cent in June last year, while in the UK, it hit a 41-year high of 11.1 per cent in October.
Globally, employees are increasingly feeling cash-strapped as cooling economies and inflationary challenges continue to impact their finances, PwC said in the report.
“The proportion of the global workforce who said they have money left over at the end of the month has fallen to 38 per cent, down from 47 per cent last year,” it said.
“The economic squeeze is also driving up pay demands, with the proportion of workers planning to ask for a pay increase jumping from 35 per cent to 42 per cent year on year. Among workers who are struggling financially, that number rises to nearly half [or 46 per cent].”
Meanwhile, 21 per cent of respondents to the survey said they now work multiple jobs, with 69 per cent doing so because they need additional income.
The share of workers with more than one job is higher for Gen Z, at 30 per cent, and ethnic minorities at 28 per cent, PwC said.
Workers struggling financially are also less able to meet the challenges of the future, including the need to develop new skills and adapt to the rise of artificial intelligence in the workplace, the survey found.
Compared with workers who can pay their bills comfortably, those who struggle or cannot pay their bills are 12 percentage points less likely to say they are actively seeking out opportunities to develop new skills, it added.
“We found that often, those without the skills are less financially secure and less able to access training in the skills of the future,” said Bob Moritz, global chairman of PwC.
“In a world where CEOs know they need to transform their businesses to succeed, they need to combine the benefits of technology with a plan to unlock the talents of all workers. It is in no one’s interest for businesses to chase the same group of skilled workers while the rest of society gets left behind.”
However, skilled workers globally are more optimistic about the rapidly evolving economic and workplace environment and are more likely to anticipate changes in the future, PwC said.
Fifty-one per cent of respondents said the skills their job requires will change significantly in the next five years, compared with only 15 per cent for employees who don’t have specialised training.
About two thirds of those polled also said they are confident their employer will help them to develop the digital, analytical and collaboration skills needed to adapt.
However, these numbers fall to below half for respondents who do not work in jobs that require specialist training, the survey found.
“Addressing these needs will be critical as leaders seek to transform their workplaces enabling business model reinvention, profitable growth and job creation,” Mr Sethi said.
“A critical part of this transformation agenda will include accessing alternative talent pools through a skills-first hiring approach, to address today's skills and labour shortages.”
Meanwhile, survey respondents from Saudi Arabia, the UAE, Egypt and Qatar said that upskilling is essential to unlock the future of work in their respective countries.
Fifty-two per cent of those polled believe their jobs will change significantly in the next five years, requiring them to acquire new skills and capabilities. This compares with 36 per cent globally.
UAE salary guide – in pictures
About 61 per cent of respondents in the Middle East also believe they possess a “distinct understanding of how their skills are anticipated to evolve” in the future, while 46 per cent recognise that AI has the potential to enhance their workplace productivity, PwC said.
The jobs market in the UAE, the second-largest Arab economy, has recovered strongly from the pandemic-induced slowdown on the back of the government’s fiscal and monetary measures.
The UAE has also undertaken several economic, legal and social reforms to strengthen its business environment, increase foreign direct investment, attract skilled workers and provide incentives to companies to set up or expand their operations.
The government’s overhaul of a number of visa programmes, including the golden visa, green visa and digital nomad visa, has also boosted opportunities for professionals to set up their own businesses in the Emirates.
However, 39 per cent of respondents from the Middle East said there was a higher likelihood of switching employers in 2023, compared with 30 per cent reported last year - 37 per cent of Gen Z and 40 per cent of millennials are driving this trend, PwC said.
“Our survey highlights that organisations need to recognise the emergence of a new generation in the workforce, Gen Z, which embraces its own characteristics,” Randa Bahsoun, government and public sector partner and labour, employment and skills leader at PwC Middle East, said.
“Organisations need to tailor their structures to create an inclusive workplace environment for all of their professionals, recognising the age diversity in their workforce and adapting as the balance continues to shift towards younger employees, along with their expectations and demands.”
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
Medicus AI
Started: 2016
Founder(s): Dr Baher Al Hakim, Dr Nadine Nehme and Makram Saleh
Based: Vienna, Austria; started in Dubai
Sector: Health Tech
Staff: 119
Funding: €7.7 million (Dh31m)
'Brazen'
Director: Monika Mitchell
Starring: Alyssa Milano, Sam Page, Colleen Wheeler
Rating: 3/5
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Other acts on the Jazz Garden bill
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.
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Company%20profile%20
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The specs
Engine: 1.5-litre 4-cyl turbo
Power: 194hp at 5,600rpm
Torque: 275Nm from 2,000-4,000rpm
Transmission: 6-speed auto
Price: from Dh155,000
On sale: now
Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
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Political flags or banners
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Bikes, skateboards or scooters
BEACH SOCCER WORLD CUP
Group A
Paraguay
Japan
Switzerland
USA
Group B
Uruguay
Mexico
Italy
Tahiti
Group C
Belarus
UAE
Senegal
Russia
Group D
Brazil
Oman
Portugal
Nigeria
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How Sputnik V works
UAE currency: the story behind the money in your pockets
The Details
Article 15
Produced by: Carnival Cinemas, Zee Studios
Directed by: Anubhav Sinha
Starring: Ayushmann Khurrana, Kumud Mishra, Manoj Pahwa, Sayani Gupta, Zeeshan Ayyub
Our rating: 4/5
UAE currency: the story behind the money in your pockets
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
'O'
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The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
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%3Cp%3EAverage%20amount%20of%20biofuel%20produced%20at%20DIC%20factory%20every%20month%3A%20%3Cstrong%3EApproximately%20106%2C000%20litres%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EAmount%20of%20biofuel%20produced%20from%201%20litre%20of%20used%20cooking%20oil%3A%20%3Cstrong%3E920ml%20(92%25)%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3ETime%20required%20for%20one%20full%20cycle%20of%20production%20from%20used%20cooking%20oil%20to%20biofuel%3A%20%3Cstrong%3EOne%20day%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EEnergy%20requirements%20for%20one%20cycle%20of%20production%20from%201%2C000%20litres%20of%20used%20cooking%20oil%3A%3Cbr%3E%3Cstrong%3E%E2%96%AA%20Electricity%20-%201.1904%20units%3Cbr%3E%E2%96%AA%20Water-%2031%20litres%3Cbr%3E%E2%96%AA%20Diesel%20%E2%80%93%2026.275%20litres%3C%2Fstrong%3E%3C%2Fp%3E%0A
