New Survey Finds Pay and Power Key Factors in the Great Resignation

One in five employees say they plan to switch jobs within the next year, according to the 2022 PwC Global Workforce Hopes and Fears online survey of more than 52,000 workers from 44 countries. The new survey indicates the Great Resignation, the mass exodus of workers looking for higher-paying, more fulfilling jobs, is still going strong.

Job dissatisfaction around compensation is a key motivator to start searching the job boards, according to the survey. Management that won’t pay attention to employee concerns also tops the list of reasons workers plan to skip out on their current employers.

But those aren’t the only factors pushing workers to leave their current employers in search of jobs they can look forward to every workday.

Here are the key findings from the PwC survey about why workers leave jobs where they don’t feel listened to or valued.

More than one-third plan to ask for a raise soon

Around 35% of workers surveyed say they plan to ask their boss for a raise within the next 12 months, according to the PwC survey. Nearly half work (44 percent) who plan to ask for higher compensation work in the tech sector. Of respondents who work with the public, 25 percent say they plan to ask for a boost in pay.

Find out: Financial Stress is at an Eight-Year High – and Inflation is the Top Concern

Women less likely to request higher pay

More men (45 percent) than women (38 percent) surveyed say they feel they’re receiving fair compensation. But women are less likely to ask for a raise, with 31 percent saying they’ll probably hold off on asking for a bump in pay this year.

Women surveyed were also less likely to ask for a promotion, with only 26 percent — compared to 34 percent of men — planning to apply for a better position in the company over the next 12 months.

Find out: Effective Money Management for Women

More men than women feel heard by management

According to the PwC survey, nearly half (46 percent) of men say they feel like management takes their concerns seriously. Women don’t feel as confident, however, with only 39 percent  saying that they feel like their manager listens to them.

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Skilled workers more bold with requests

Employees with skills that are in short supply in the workforce feel more empowered to ask for raises and promotions than workers without highly sought-after skills, according to the survey.

Workers with more desirable and less prevalent skill sets also feel more satisfaction with their jobs:

• 43 percent feel confident asking for a promotion, compared to only 23 percent of respondents without sought-after skill sets.
• Around 47 percent plan to ask for a raise, compared to 27 percent of other types of workers.
• Nearly half of workers with highly desirable skill sets say they recommend their employer as a good place to work. Only 33 percent of other survey respondents could say the same.
• Nearly three-quarters (70 percent) of skilled workers say they’re happy with their jobs while just over half (52 percent) of employees without rare skill sets say they’re satisfied with where they work.

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Gen Zers more eager to exit

Of workers surveyed, just over one-quarter Gen Zers say they’re “extremely or very likely” to find a new job sometime in the next 12 months. Other generations weren’t as quick to head for the nearest company exit door.

Here’s how the generations shake out when it comes to workers who plan to look for a new job within the next year, according to survey results:

• Gen Z (ages 18 to 25): 27 percent
• Millennials (ages 26 to 41): 23 percent
• Gen X (ages 42 to 57): 15 percent
• Baby Boomers (ages 58 to 76)

Find out: New Survey Finds Gen Z and Millennials Struggle with Financial Concerns