Canadian workers feel pressured due to rising cost of living, increasing workload and the need to learn new skills for a changing world - PwC Hopes and Fears Annual Survey, Canadian Insights Français
- 42% of Canadian employees say that while their household can pay its bills, they have nothing left over for savings
- 'The Great Resignation' continues as cost of living forces workers to look for pay increases - almost one in four (23%) of Canadian employees likely to look for new job in the next year
- As leaders look to stay ahead of emerging trends like Gen AI, they need a workforce that's ready to support their plans to reinvent the business
TORONTO, July 31, 2023 /CNW/ - PwC Canada has unveiled the Canadian insights from the PwC 2023 Hopes and Fears survey. This annual survey took the pulse of 2,000 workers in Canada as well as almost 54,000 employees globally on the evolving future of work.
Despite a softening global economy, 'The Great Resignation' looks to continue. Almost one in four (23%) of Canadian employees say they're very or extremely likely to change employers in the next 12 months, up from 16% last year. 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%).
Globally, employees are increasingly feeling cash-strapped as a cooling economy and inflationary challenges continue to impact workforce wallets. 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%).
According to our 26th Global CEO Survey, almost 40% of top executives believe their organizations may not exist in 10 years. Reinventing the business will be critical to remaining viable in the long term, but leaders can't transform for the future without figuring out how their people fit into the reinvention plans.
As the world undergoes high levels of change, uncertainty and disruption, Canadian workers are feeling the pressure on many fronts. They're struggling financially, are having trouble managing heavy workloads and are unsure about the skills they need for a changing world.
"In a world where CEOs know they need to transform their businesses to succeed, it is important to leverage the benefits of technology, supported by a plan to unlock the skills and 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 Kathy Parker, Partner, National Workforce of the Future Consulting Leader, PwC Canada. "We must be thoughtful in creating the right environment for employees. It is crucial to offer meaningful work, ways for them to connect in meaningful ways, along with ways to build future-proof skills."
Almost half (42%) of Canadian employees say that while their household can pay its bills, they have nothing left over for savings. Another 14% say their household struggles to pay its bills. Work pressures are also acute, with only 22% saying their workload was often or usually manageable in the last 12 months. Many of these issues have been ongoing for some time, but an additional force of disruption emerged this year with the very rapid rise of generative artificial intelligence.
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 AI. Compared to 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 (62% vs. 50%). Similarly, those 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%).
Despite the important changes AI will have on the workforce, many Canadian respondents appear unaware of the scale of the change that's coming. Less than half, for example, have a good sense of how the skills their jobs require will change in the next few years.
In contrast, skilled workers are facing a rapidly changing economic and workplace environment with greater confidence.
More than half (52%) of employees globally expect to see some positive impact of AI on their career over the next five years, with nearly a third (31%) saying it'll increase their productivity/efficiency at work. Many workers also view AI as an opportunity to learn new skills (27%).
Earlier this year, PwC Canada announced plans to invest $200M over the next three years to expand and scale its artificial intelligence (AI) offerings and help clients reimagine their businesses through the power of generative AI. PwC Canada's investment will include upskilling our 9,000 people on AI tools and capabilities, as well as accelerating our STEM talent hiring.
At a time when Canadian workers are feeling stressed by financial and workload pressures and almost a quarter of them are looking to change employers, organizations need to invest in understanding and addressing their employees' views, needs and concerns so they not only attract and retain key people but also harness their full range of skills, energy and attention to help the business thrive.
You can find out more about our Hopes and Fears 2023—Canadian insights here.
About PwC:
At PwC, our purpose is to build trust in society and solve important problems. More than 9,000 partners and staff in offices across the country are committed to delivering quality in assurance, tax, consulting and deals services. PwC refers to the Canadian member firm, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details. Find out more by visiting us at: http://www.pwc.com/ca
© 2023 PricewaterhouseCoopers LLP, an Ontario limited liability partnership. All rights reserved.
About PwC's Hopes and Fears annual survey:
In April 2023, PwC surveyed 53,912 individuals who are in work or active in the labour market. The sample was designed to reflect a range of industries, demographic characteristics and working patterns. The sample was structured across 46 countries and territories and sample sizes were scaled to reflect each territory or region's share of global GDP.
SOURCE PwC Management Services LP
Anuja Kale-Agarwal, National Communications Director, PwC Canada, [email protected]
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