Great Resignation 2.0 could be coming as more workers want to switch jobs in next year

The Great Resignation could be having a second wave as more people are planning to switch jobs in the next 12 months which is a higher proportion than what was seen in 2022.

According to PwC’s global workforce survey, “more than one-quarter (28%) [of workers] say they are very or extremely likely to switch employer in the next 12 months – a higher proportion than during the ‘Great Resignation’ (19%) in 2022.”

In the time after the Covid-19 pandemic had hit the shores of countries worldwide, an unprecedented number of workers in the U.S. quit their jobs in 2021 and 2022.

This had an enormous negative impact on the job market in numerous countries and industries, as companies had to become familiar with instability.

While a number of reasons behind the mass resignation period were given, it’s believed that the pandemic shifted people’s opinions as they began to question the purpose of their job and their attitude toward a more balanced life.

Now, the same could be taking place once more as workers are gearing up to switch jobs as they cite huge workloads, more responsibilities, and pressure from the cost of living crisis.

Workers feel financial pressure and report feeling overworked

Among more than 56,000 workers who were surveyed across 50 countries, 45% say they have experienced rising workloads and an accelerating pace of workplace change over the last year.

Over half (52%) report being financially stressed in their current positions and “nearly two-thirds (62%) say they have experienced more change at work in the past year than the 12 months prior, with two-fifths (40%) noting their daily responsibilities have changed to a large or very large extent.”

Almost half of those people don’t understand the purpose of the changes taking place.

“As workers face heightened uncertainty, rising workloads and continue to face financial stress, they are prioritizing skills growth and embracing new and emerging technologies such as GenAI to turbocharge their growth and accelerate their careers,” writes Carol Stubbings, the Global Markets and Tax & Legal Services Leader at PwC UK.

“The findings suggest that job satisfaction is no longer enough. Employees are placing an increased premium on skills growth in a climate characterized by constant technological change. Employers must ensure they are investing in their employees and technological platforms to mitigate employee pressures and retain the brightest talent.”

Featured Image: Via Ideogram