Some 39% of workers in Asia-Pacific believe their organisation will not survive more than 10 years if it continues on its current course, the "2023 Hopes and Fears Global Workforce Survey" conducted by PwC reveals.
The responses of the 19,500 Asia-Pacific employees who participated in the survey highlight the challenges the region is facing. They also mirror the views of Asia-Pacific chief executives, 53% of whom shared the same sentiment in PwC's 2023 CEO survey. This reaffirms the urgency for business leaders to act now on long-term transformation.
"The new reality has taught us that change is constant. Competition continues to intensify, risks of disruption remain and societal expectations are rising, which collectively challenges the viability of every business," said Raymund Chao, chairman of PwC Asia-Pacific and China.
The survey identifies six factors underpinning respondents' readiness for reinvention: business viability, employee sentiment, workforce skills, emerging technology, work environment and climate action. These results should be a wake-up call for companies, many of which have already been grappling with a skill and talent shortage for years, noted PwC.
The survey found the Great Resignation is far from over: employees in the region are even more likely to quit now than they were last year, when the Great Resignation was considered at its peak.
Roughly 30% of respondents say they are likely to change jobs in the next 12 months (up 10% from 2022). The figure is higher for Gen Z and millennials, employees at senior levels and those working in larger organisations. In addition, 40% expect to seek a pay raise or promotion within the same time frame.
Skills in the workplace are evolving, but human skills matter most: the ever-changing landscape has proved that workers' skills will be disrupted significantly in the future, yet surveyed employees may see things differently.
Just 44% of respondents believe the skills required for their jobs will undergo significant changes within the next five years, and only 48% have a clear sense of how.
If employees don't anticipate or understand how their job requirements might change, they may not be adequately prepared for the future, said the report.
Employees rank people skills such as adaptability/flexibility (69%), collaborative skills (67%) and critical thinking (66%) above technical or core business skills.
However, less than half (48%) feel their employers provide them with opportunities where they can apply their skills effectively in the next five years. This suggests there may be untapped capacity within the existing workforce.
"Forward-thinking companies must make skills the focal point of their talent strategies, from recruitment, training and development to benefits and compensation," said Norah Seddon, PwC Asia-Pacific workforce leader. "This strategic shift not only addresses the burning issue of talent attraction and retention, but also prepares organisations for the demands of tomorrow's jobs."
Asia-Pacific workers are largely bullish on artificial intelligence (AI): the benefits of AI are becoming understood, with 41% saying it will increase productivity and efficiency, and 34% viewing it as an opportunity to learn new skills. However, 22% lack confidence in their ability to acquire new AI-related skills, while 16% believe AI will replace their roles and an equal percentage feel AI will have no impact.
Industries such as technology, media and telecom, and financial services see the greatest potential for improved productivity through AI. In contrast, employees in healthcare, government and the public sector expressed the most confidence that AI would not replace their roles.
Thai respondents expressed high job satisfaction, but many want a fresh start: 79% are very or moderately satisfied with their jobs, higher than the Asia-Pacific average of 57%. However, 30% of Thai employees are likely to change employers in 2023, higher than last year's result (13%).
What's more, 70% anticipate significant changes in the skill requirements of their jobs within the next five years, the highest percentage in the region, compared with an average of 44%. A full 77% think digital skills are important for their careers.
Dr Pirata Phakdeesattayaphong, consulting partner at PwC Thailand, identified three reasons why the Thai workforce is more positive about jobs than the Asia-Pacific average:
- Thai workers generally have positive relationships with their colleagues. They can express their opinions and truly be themselves at work, while also being accepted by their supervisors. Thailand's fair and equal treatment figures are higher than the Asia-Pacific averages (70% and 71% in Thailand as opposed to 52% and 53% in Asia-Pacific, respectively).
- Thai workers say their work is linked to corporate purpose and personal goals, making them feel valued and their work meaningful -- 71% say they find their job fulfilling, higher than 51% noted in Asia-Pacific.
- Thai workers believe in advancement and learning opportunities to grow in their careers and develop themselves in the workplace. This perspective aligns with millennial and Gen Z workers, who have an appetite to learn and explore new ideas.
"Although Thai workers are satisfied with their current jobs, the Great Resignation phenomenon continues to intensify as employees are looking to increase their income and cope with the rising cost of living. Employers must take steps to actively retain their talent," Dr Pirata said.
"This can be done through workforce strategies that create a healthy balance between work and personal life, learning workshops and opportunities to showcase skills, digital upskilling, and most importantly, linking employee goals with the company's purpose and values. Businesses must clearly demonstrate their core values as it's the foundation for attracting talent in the long run."
