Job Switching Intentions Surpass 'Great Resignation' Levels: PwC Survey

A higher percentage of workers, which is around 28 per cent of over 56,000 respondents, expressed they are "extremely or very likely" to switch employers in the coming 12 months

More employees worldwide intend to change jobs in the upcoming 12 months compared to the "Great Resignation" period of 2022, reveals a recent survey by PwC Global released on Monday. A higher percentage of workers, which is around 28 per cent of over 56,000 respondents, expressed they are "extremely or very likely" to switch employers in the coming 12 months, according to PwC’s Global Workforce Hopes and Fears Survey.

This figure surpasses the proportions observed during the "Great Resignation" period of 2022, which stood at 19 per cent and slightly exceeded the 26 per cent recorded in 2023. "Our survey suggests job satisfaction has ticked up slightly from last year: 60 per cent of employees say they're very or moderately satisfied, compared with 56 per cent who said so last year," the report said.

"But job satisfaction doesn't necessarily mean employees will remain with their employer, and it appears much of the workforce is eyeing other opportunities. More employees say they're likely to change employers in the next 12 months than even during the 'Great Resignation' of 2022,” the report added.

Great Resignation

The "Great Resignation" marked a significant era of elevated job turnover driven by improved employment prospects. As per data from the US Bureau of Labor Statistics (BLS), 47 million individuals resigned from their positions in 2021, followed by an additional 50 million departures in 2022. This mass exodus was reported to have decelerated in 2023.

Although COVID-19 was a significant catalyst for this wave of resignations, some experts suggest that the Great Resignation represents more than a transient outcome of the pandemic. They view it as a manifestation of a longer-term trend that has been evolving over the past decade or beyond. This trend underscores broader shifts in the workforce, encompassing changes in employee preferences, a reassessment of career priorities, and evolving expectations concerning work-life balance.

The PwC survey states that 45 per cent of workers reported a "significant" increase in workload over the past year. Approximately 53 per cent expressed feeling overwhelmed by the "too much change happening all at once" amount of changes occurring simultaneously. Moreover, 62 per cent of respondents indicated that they have encountered "more changes in the past year than in the preceding 12 months."

Furthermore, respondents are contending with stress from various other work-related factors. While there has been a slight improvement in financial security compared to the previous year, a significant majority still experience financial stress. Although 60 per cent of workers feel highly confident in their job security overall, a notable proportion express concerns about recent workplace changes affecting their job stability, leading to the thought of switching jobs.