Employees who struggle financially are the least likely to be prepared for economic change and Artificial Intelligence. 52% of employees globally expect positive impact of AI on their career over the next five years. 31% say it will increase their productivity/efficiency at work. 27% view AI as an opportunity to learn new skills, consultancy PwC’s annual Hopes and Fears Global Workforce Survey shows. The survey comprises close to 54,000 workers in 46 countries and territories.
Younger generations are much more likely to expect AI to impact their careers across all the surveyed impacts, both positive and negative, whereas a little over one-third (34%) of Baby Boomers think AI will not impact their careers, only 14% of Gen Z and 17% of Millennials agree.
A recent US survey by the Pew Research Centre shows 62% believe artificial intelligence will have a major impact on jobholders overall in the next 20 years, but far fewer think it will greatly affect them personally.
Key findings according to PwC:
- The Great Resignation’ continues as cost of living forces workers to look for pay increases
- Proportion of workers with money left over at the end of the month falls sharply
- Workers who struggle financially are the least likely to be prepared for economic change and Artificial Intelligence
- CEOs must ‘reinvent’ the workplace if they are to retain and develop employees
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”, says Bob Moritz, PwC Global Chair.
The report says that despite a softening economy globally, ‘The Great Resignation’ looks to continue.
One in four (26%) employees say it is likely they will change jobs in the next 12 months, up from 19% last year. Workers who said they are most likely to change employers include those who feel overworked (44%), struggle to pay the bills every month (38%), and Gen Z (35%).
The survey shows that purpose, company culture and inclusion also remains key to employee concerns.
“Among workers who said they are likely to change employers, less than half (47%) said they find their jobs fulfilling compared to 57% of those unlikely to change employers. Those likely to change employers are also eight percentage points less likely to say that they can truly be themselves at work than their counterparts who intend to stay (51% vs. 59%).”
The proportion of the global workforce who said they have money left over at the end of the month has fallen to 38%, down from 47% last year. One in five workers (21%) now work multiple jobs, with 69% doing so because they need additional income.
The share of workers with multiple jobs is higher for Gen Z (30%) and ethnic minorities (28%).
“The economic squeeze is also driving up pay demands, with the proportion of workers planning to ask for a pay increase jumping from 35% to 42% year on year. Among workers who are struggling financially, that number rises to nearly half (46%).”
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 (62% vs. 50%). Similarly, workers who are more financially secure are more likely to seek feedback at work and use it to improve their performance (57%) than those who are struggling financially (45%).
Skilled workers are facing a rapidly changing economic and workplace environment with greater confidence.
Workers who said their job requires specialised skills are more likely to anticipate change ahead. More than half (51%) say the skills their job requires will change significantly in the next five years, compared to just 15% for employees who don’t have specialised training.
Around two-thirds are confident their employer will help them develop the digital, analytical and collaboration skills they will need. These numbers fall to below half for those who do not currently work in jobs that require specialist training.