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Low wages brought the “great resignation”

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The trend of changing jobs, which started during the pandemic, is intensifying due to the large increase in the cost of living

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The “great resignation” has not ended, as experts and non-experts christened the mass resignations of workers during the first lockdowns and the shift of many of them to other sectors and in search of better working conditions and better pay. It turns out that 25% of employees who took part in a PwC poll plan to change jobs in the next 12 months. This is an increased percentage compared to 19% which was the corresponding one last year.

The main reason given by the workers is that they do not have enough money to deal with inflationary pressures. As they pointed out to Reuters, they either struggle to pay their bills each month or most often fail to pay them. And as the wave of “great resignations” continues, some 42% of workers surveyed in PwC's Global Workforce Trends survey said they plan to ask for a pay rise. Their motivation is to cope with the rising cost of living, which has shot up by 35% compared to last year.

Commenting on this, Moshan Sethi, head of PwC's human resources research, emphasized that “amidst the intensifying economic uncertainty, we are seeing the global workforce asking for pay rises, but also for some more meaningful meaning at work”. Only 38% of workers said they had money left for savings at the end of the month, down from 47% last year. Around one in five work more than one job, of which 69% said the motivation was to secure more income. The research found, after all, that “the goal, the mentality that prevails in the professional area and their ability to participate remain key issues for employees”.

The most important finding of the research is, however, that those workers struggling to cope financially fail to face the challenges of the future, i.e. invest in developing new skills and adapt to the rise of artificial intelligence.

In contrast, among workers who are satisfied with their earnings, over 1/3 believe that artificial intelligence will improve their productivity, while 25% believe that it will create new professional opportunities. The younger generations, however – those born after 1981 – estimate that artificial intelligence will have a positive impact on their careers within five years.

Source: www.kathimerini.com.cy

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