Great Resignation Isn’t Over If Workers Have Their Way

Workers around the world are overworked, can’t pay their bills, and are ready to quit their jobs. 

Indeed, 26% of employees worldwide plan to switch jobs in the next year, up from 19% in 2022, according to a PwC survey of 54,000 workers in 46 countries released Tuesday. The growing restlessness was little wonder given that 44% said they were overworked and more workers said they had trouble paying the bills on their salaries—only 38% said they could pay the bills and fund savings, holidays, and extras, down from 47% in 2022. 

“Globally, employees are increasingly feeling cash-strapped as a cooling economy and inflationary challenges continue to impact workforce wallets,” PwC researchers said in the report.

The survey suggested employees are eager to continue the “Great Resignation,” the trend in which more workers have taken advantage of the hot labor market in the post-pandemic economy. 

Many workers have switched employers for better pay and working conditions. In the U.S., the rate at which people quit their jobs spiked in 2021 and has since declined, though still remains above pre-pandemic levels. 

Some of those job-switching plans may conflict with reality. In the U.S., the number of job openings has fallen from its 2022 peak, and many economists are predicting a recession on the horizon. 

The Federal Reserve, along with its counterparts in other countries, has also raised interest rates in an attempt to slow the economy and cool inflation, which often increases unemployment. However, the economy and the job market have proven resilient as many employers have shown reluctance to lay workers off.

Rather than job-switching, many are choosing to work more than one job to pay the bills, according to the survey, with 21% of workers surveyed saying they had more than one job, among whom 69% said they were doing it for the extra money.