Thirty-five per cent of workers across the globe are planning to ask their employer for a pay raise in the next 12 months, a survey from PricewaterhouseCoopers has revealed.
The survey said pressure on pay was highest in the technology sector where 44 per cent of workers were planning to ask for a raise, and lowest in the public sector where only 25 per cent are planning to ask for a raise.
According to the PwC’s Global Workforce Hopes and Fears survey of 52,195 workers in 44 countries, the Great Resignation will continue in the year ahead as one in five workers have said they are likely to switch to a new employer in the next 12 months.
The Partner, People and Organisation Advisory Leader, PwC Nigeria, Olusola Adewole, said people are resigning en mass in Nigeria because of socio-political problems. According to him, people are not only leaving their jobs but also relocating out of the country.
He said, “In Nigeria, the Great Resignation is amplified by socio-political problems. People across all career levels are not just leaving their companies or industries, they are leaving the country.
“There is a global competition for talent- nations are competing for talent. Organisations must think about their purpose — in terms of the social dimensions of ESG. Companies need to ask themselves if there is something they can do to create a great employee experience.
“We have an opportunity to move from the Great Resignation to exploiting the great opportunity. To do so, companies must reinvent their workforce strategy and build an HR function that is future-ready.”
PwC’s survey discovered that while an increase in pay was the main motivator for people making job changes (71 per cent), wanting a fulfilling job (69 per cent) and wanting to truly be themselves at work (66 per cent) rounded out the top 3 things workers are looking for.
Global Chairman of PwC, Bob Moritz, added, “There is a tremendous need for business to do more to improve the skills of workers while being conscious of the risk of polarisation if opportunities to develop aren’t provided right across society.
“At the same time, workers are not just looking for decent pay, they want more control over how they work and they want to derive greater meaning from what they do. These are linked: by acquiring skills, workers can gain control over the work they are looking for.
“Leaders have to adapt to build the teams needed to successfully deal with the challenges and opportunities of today and those yet to come.”
The report discovered that women were 7 points less likely than men to say they were fairly rewarded financially, but still 7 points less likely to ask for a raise.
Co-Leader of PwC’s Global People and Organisation services, Pete Brown, said, “It is bad for society and bad for business when there is a failure to ensure women have the same opportunities as men to develop their skills and careers.
“One of the quickest ways to strengthen the workforce is to ensure women are not overlooked – which means addressing the culture, systems, and structures that can lead to women losing out.”
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