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PwC survey: Next Great Resignation wave driven by overworked, underpaid employees

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More people are now mulling their options as they increasingly feel overworked and underpaid amid relentless cost pressures. 

Employees feel so bogged down by work that far more people are considering resigning now than during the mass resignations we saw in 2022, auditor PwC found in its Global Workforce Hopes & Fears Survey published Tuesday, covering over 56,000 workers worldwide.

The report, with nearly half of its respondents being Millennial, followed by Gen X and Gen Z employees, found a staggering increase of 28% in the number of people who plan to change jobs, compared to 19% during the Great Resignation in 2022.

Their reasons? Higher workload, career ambitions and new technology wriggling into the workplace. 

Nearly half of those surveyed said their workload had increased “significantly” in the last 12 months. Workers are also nervous about how much they are being paid, with 43% keen to ask for a pay rise. That’s not all—62% of employees feel like the pace of change in the workplace has also ramped up during the same period, especially as they’ve had to adapt to new tech tools in their jobs and increased financial pressure. 

To add to the mix, employees’ personal goals to expand their skill set and further their careers are also prompting them to consider jumping ship.

Overall, more workers feel better off moving to a new role, hoping to find some respite. 

“Workers around the world are increasingly prioritising long-term skills growth and looking to organisations that can help them facilitate this,” Carol Stubbings, PwC U.K.’s global markets and tax & legal services leader, told Fortune, adding that emerging technologies like generative AI and its applications at work remain front and center for employees.

“Ultimately, employees may be looking to switch for a variety of reasons, many of which will depend on their unique circumstances and the broader trends facing their geography, industry, and role.”

Other studies on the subject have also indicated similar results—for instance, a LinkedIn and Microsoft survey published earlier this year covering 31,000 people worldwide revealed that an even higher proportion of people were inclined to quit their jobs in the year ahead than during the pandemic.

Europe and its growing pool of quitters

The Great Resignation may have taken off in the U.S., but Europeans haven’t been spared. Countries like France and Germany have also faced dilemmas surrounding their job, pay and benefits in the last few years.

Even in the U.K., more workers have considered quitting their jobs following the pandemic than during it. Worker dissatisfaction has come at a time of elevated interest rates and living costs, pushing more of them to consider looking for greener pastures. It doesn’t help that employees are also giving up on their jobs by quietly quitting from the workplace, impacting their productivity. 

“It’s essential that leaders prioritise well-being as a core value and critical enabler of performance within their organisation. Overstressed and distracted workers are less likely to perform well,” the PwC report said.

These trends point to a continuation of the Great Resignation. The only difference? We’ve moved from a period marred by lockdowns and remote working to one that’s relatively “normal” but still facing new challenges. 

AI is one them, PwC’s report found. Such platforms can help increase efficiency, making them invaluable in the future workplace.

Most CEOs think tech is the reason for new changes at work, but very few employees use generative AI-powered tools regularly. That doesn’t mean they aren’t optimistic about AI, Stubbings said.

The study found that 72% of the infrequent AI users among the respondents think the tech will improve the quality of their work, while half of them believe it will lead to higher salaries.

The catch for employees shifting their gaze elsewhere is that most of those who quit their jobs eventually regret their decision, data suggests.  

But will that stop the burgeoning pool of workers considering quitting? Maybe not. However, PwC suggests managers step up in helping employees navigate the tricky balance between all the changes at the workplace and not feeling swamped while at it. 

“Companies need to create guidance and mentoring about the types of skills employees need to build. It’s also important to create a culture of learning, where freeing up opportunities for learning is part of the organisation’s DNA,” PwC said in its report.



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UK polls point to a big Labour win. The party fears voter complacency

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Labour leader Keir Starmer poses for photos as he visits the Vale Inn on June 27, 2024 in Macclesfield, United Kingdom. In the final week of campaigning, Labour outlined its plans to expand opportunities for young people. 

Cameron Smith | Getty Images News | Getty Images

LONDON — There’s been one main narrative since the U.K.’s Conservative Prime Minister Rishi Sunak called a general election back in May — that the opposing Labour Party would win the vote with a landslide.

While voter polls may have differed in scale and methodology, the results have pointed in one direction, showing that the center-left Labour Party has around a 20-point lead on the Conservatives. Labour is on track to win around 40% of the vote while roughly 20% of the support is projected to go to the Tories, according to a Sky News poll tracker.

Reform UK, led by arch-Brexiteer Nigel Farage, is seen with 16% of the vote, after eating away at Tory support, while the Liberal Democrats are seen gaining around 11% and the Greens with 6%. The Scottish National Party is predicted to win 2.9% of the vote.

Labour candidates and leader Keir Starmer have been keen to play down the level of support that the party enjoys, fearing voter complacency and the appearance of “having it in the bag” — a stance that could prompt voter apathy and a lower turnout of supporters at the polls, or a backlash from Conservative-inclined sections of the electorate.

“The Labour Party wants to be able to be convince voters that it’s absolutely central that they turn out and vote, because otherwise the Tories will win, and the Tories are desperate for people to think that they have still got a chance, and therefore it’s worth turning up,” Britain’s top polling expert John Curtice told CNBC.

Question marks have risen in the past over the accuracy of British voter polls, with previous projections over or underestimating support for various political parties. The errors have often come about because of inadequate sampling or of factors that are harder to control, such as voters being “shy” when polled on which party they intended to support.

Labour Party leader Sir Keir Starmer speaks ahead of the U.K.’s general election on July 4, 2024. 

Anthony Devlin | Getty Images News | Getty Images

This year, however, experts tend to agree that the polls show such a swing to Labour that, even if the scale of support were wrong, the overall result would be the same: a convincing win for the opposition party.

“My attitude is [that] a poll should be taken but not inhaled,” Curtice said wryly. “The point is, you shouldn’t be looking at them to provide you with pinpoint accuracy, they should give you a reasonable indication of the direction of travel.”

“It just so happens that because this is an election in which apparently one party is so far ahead, much as [it was] in 1997, the polls could be quite a bit out — but nobody will notice,” he noted, referencing the year when the Labour Party won a landslide against the Conservatives, ending the latter party’s then 18-year rule.

Labour ‘spin’?

The Labour Party itself is understandably keen to downplay the polls, with a spokesperson telling CNBC that the party doesn’t comment on projections, “as they vary and fluctuate.”

“Instead, we’re working hard to take our message of change to voters ahead of the only poll that matters, on 4 July,” the spokesperson stated.

On Monday, Keir Starmer said no vote should be taken for granted, asking his supporters to continue campaigning until polls closed on Thursday.

“The fight for change is for you, but change will only happen if you vote for it. That is the message we have to take to every doorstep these last few hours and days until 10 o’clock on Thursday night.”

“Nothing must be taken for granted, every vote has to be earned. The polls don’t predict the future, we have to get out there,” he told campaign supporters in Hitchin.

Labour leader Sir Keir Starmer during a visit to Hitchin, Hertfordshire, while on the General Election campaign trail. Picture date: Monday July 1, 2024. 

Stefan Rousseau – Pa Images | Pa Images | Getty Images

Labour’s former campaign and communications directors, Alastair Campbell, one of the chief strategists behind the rebranding of the party in the 1990s as ‘New Labour’ ahead of its monumental election win in 1997, told CNBC that he doubts current voter polls.

“I get really worried about about the way that these election debates are now unfolding, virtually everything in the debate at the moment is about these opinion polls,” he told CNBC two weeks ago.

“Apart from a few postal votes, nobody’s voted yet. And I just do not for one second believe that the Conservatives are going to get virtually wiped out, I just don’t believe it,” he said.

“I just think there’s something going very, very wrong with these polls, I could be completely wrong, and it’s true that Labour have been consistently ahead. But I just wish that, in our election periods, we would talk less about polls and more about what the parties are saying.”

'Something's going very wrong': Alastair Campbell casts doubt on UK opinion polls

Polling expert Matt Beech, director of the Centre for British Politics at the University of Hull, said Campbell’s position was designed to persuade Labour-inclined voters to cast their ballots.

“They want to make sure that they get as big a majority as possible. They’re all very much aware of [the lead-up to the election in] 1992 with the phenomenon of ‘shy Tories,’ when the polls said Labour would win and they didn’t …. [But] they’re not actually that genuinely worried about that. What they want to have a 1997-like landslide tsunami,” Beech told CNBC.

He added, “So if you keep banging on that drum [that the polls are not correct], you’re going to say to Labour-inclined voters, ‘please go out and vote.’ But it’s not that ‘we’re actually scared we’re not going to win, we are going to win comfortably. But we want a majority that enables us to push our agenda and we want this win to mean that we’re there for two terms.’



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Ad-supported Murdoch Netflix rival to launch in the UK

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Rupert Murdoch’s Fox Corporation is entering the UK’s highly competitive free, ad-supported video streaming market.

Tubi will compete with the likes of Netflix, Disney+, ITVX, Channel 4’s streaming platform as well as the BBC iPlayer.

The platform has been quickly gaining market share in the US where, according to Fox, it has almost 80 million monthly active users.

In the UK, Tubi says it will offer more than 20,000 films and TV series, including content from Disney, Lionsgate, NBCUniversal and Sony Pictures Entertainment.

The platform will also include a selection of British, Indian and Nigerian content.

UK viewers will be able to access content on the Tubi webpage and via a smartphone app.

Fox Corporation bought Tubi in 2020 for $440m (£348m) as the US media giant looked to attract younger audiences.

In recent years, streaming companies like Netflix, Amazon Prime Video and Disney+ have launched ad-supported services and raised subscription prices as they tried to boost revenues.

The moves came as they faced pressure to spend more money to grow their libraries of content as they try to attract more customers in an increasingly competitive market.

In March, Mr Murdoch’s TalkTV network announced that it would stop broadcasting as a terrestrial television channel and became a strictly online service.

The network launched in 2022 but struggled to attract viewers on its linear platform.

Mr Murdoch had hoped the network would shake up the broadcasting establishment by offering an opinion-led alternative to established outlets.

The media tycoon played a pivotal role in the development of the UK’s broadcasting industry by launching Sky in 1984.

Some commentators saw TalkTV as an attempt by Mr Murdoch to recreate his success with Sky.

Mr Murdoch’s 21st Century Fox sold its 39% stake in Sky to NBCUniversal’s owner Comcast in 2018 after losing a battle for control of the network.



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Biden knocks Supreme Court ruling on presidential immunity By Reuters

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By Andrea Shalal

WASHINGTON (Reuters) -U.S. President Joe Biden on Monday criticized the Supreme Court ruling on presidential immunity that was seen as a win for his rival, former President Donald Trump, in forceful remarks from the White House.

The U.S. Supreme Court found on Monday that Trump cannot be prosecuted for any actions that were within his constitutional powers as president, but can be for private acts, in a landmark ruling recognizing for the first time any form of presidential immunity from prosecution.

“This nation was founded on the principle that there are no kings in America,” Biden said, adding that no one is above the law. With the Supreme Court decision, he said, “That fundamentally changed.”

Biden is running for re-election against Trump and has been sharply critical of his rival’s actions related to the Jan. 6, 2021, raid on the U.S. Capitol by Trump’s supporters, who believed Trump’s false claims that he had won the 2020 election.

© Reuters. U.S. President Joe Biden delivers remarks during the Stonewall National Monument Visitor Center Grand Opening Ceremony at the Stonewall Inn to mark the 55th anniversary of the 1969 Stonewall riots in Greenwich Village, New York, U.S., June 28, 2024. REUTERS/Elizabeth Frantz

Biden, 81, was making his first set of remarks at the White House since his shaky debate against Trump last week led to calls for him to step aside as the Democratic Party’s standard-bearer for the election.

After he stumbled over his words on the Atlanta debate stage, his remarks and comportment will be scrutinized for signs that he is up to the job of running for re-election and of governing the country for four more years.





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