Article: The Great Resignation is far from over in Asia Pacific

Employee Relations

The Great Resignation is far from over in Asia Pacific

More than a quarter of workers in the region anticipate changing jobs within the next 12 months, up from 19% last year, according to a PwC study.
The Great Resignation is far from over in Asia Pacific

A quarter of workers surveyed by PwC in Asia Pacific region expect to change jobs in the next 12 months, up from 19 per cent last year. The number is higher for the younger generation, employees at senior levels and those working in larger organisations. 

Around 40% of respondents express their intention to demand pay raises to cope with the mounting cost of living—an increase from 35% in the previous year.  

The 2023 Hopes and Fears Global Workforce Survey, which polled 19,500 employees in the Asia Pacific revealed that 39% believe their organisation will not survive more than 10 years if it continues on its current course - comparable to the 53% of Asia Pacific CEOs. 

"The new reality has taught us that change is constant. To truly flourish in an environment that is continuously evolving, organisations must transform and adapt at speed," said Raymund Chao, PwC Asia Pacific and China Chairman.

Just 44% of respondents believe that 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.

Interestingly, employees in the region place greater importance on people skills such as adaptability/flexibility (69%), collaborative skills (67%), and critical thinking (66%) over technical or core business skills.  However, less than half (48%) feel that their employers provide them with opportunities where they can apply their skills effectively in the next five years.

Norah Seddon, PwC Asia Pacific Workforce Leader, emphasises the need for immediate action, stating, "The persistent and widening skill gap in the region demands urgent attention.”

Asia Pacific workers largely bullish on AI

Workers in the Asia Pacific region showcase a bullish attitude towards artificial intelligence (AI). With 41% recognising the potential for increased productivity and efficiency at work, and 34% embracing AI as an opportunity to acquire new skills, optimism regarding AI's benefits prevails.

Industries such as Technology, Media and Telecommunications, as well as Financial Services, see the greatest potential for improved productivity through AI. In contrast, employees in Health and Government and the Public Sector express the most confidence that AI will not replace their roles.

“As the workforce continues to evolve and employee attitudes shift, a new style of leadership is needed to steer the organisation on a path of reinvention,” added the report.

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Topics: Employee Relations, #TheSkillsConundrum

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