The "Big Stay" might not be here to stay as employees grow restless in their jobs.
According to PwC’s Global Workforce Hopes and Fears survey released Monday, a sizable number of employees are keeping an eye out for better job opportunities despite a slowing economy and fewer job openings. Twenty-six percent of survey respondents say they will likely change jobs in the next year, up from 19% of respondents in 2022. And those sentiments are even higher among Gen Zers (35%) and millennials (31%).
The findings suggest a changing tide could be imminent despite recent job numbers showing a decline in people voluntarily leaving their employers. HR software company ADP reported a 2.4% decline in quit rates in April 2023, close to February 2020’s rate of 2.3%. While some more risk-averse employees are opting to stay put due to economic uncertainty, others predict the job-hopping rewards will outweigh the risks.
PwC’s workforce transformation practice lead Anthony Abbatiello points to three possible motivators for job changes in the coming year: rising personal expenses, a desire for career growth and development opportunities, and work-life balance.
Though inflation is beginning to cool in certain areas, workers are feeling the financial strain from increased costs of services like childcare. One in five survey respondents says they have an extra job besides their primary role. And 42% say that after paying monthly expenses, they have little left over for savings or emergencies, up from 37% in 2022.
Opportunities for learning and development have also risen in importance for employees strategizing their long-term career goals. “[Employees] are looking for new roles that can provide them with more challenging and rewarding work,” Abbatiello tells Fortune.
Lastly, he says, employees are still yearning for more stability in their work and home lives—a desire the pandemic heightened. “Many employees are looking for roles that offer more flexibility and allow them to better balance their work and personal lives,” says Abbatiello. That's especially true with caregiving responsibilities.
So what's HR to do? Get creative and beef up development opportunities, he says. Provide upskilling programs, access to treasured benefits like career coaching, and instate job rotations to keep employees engaged and stimulated. Now is also the time to double down on targeted well-being programs and flexible work arrangements.
“Foster conditions that make your employees feel safe to test, learn, and even fail, without fear of reprisal,” says Abbatiello. “Model these values, and encourage people to take risks and attack problems in unconventional ways.”
Good morning!
Amber Burton
amber.burton@fortune.com
@amberbburton
