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For compensation, employees with scarce or specialised skills are more likely to ask for a raise or a promotion.
One in five employees surveyed in PwC's Global Workforce Hopes and Fears report are "extremely or very likely" to find a new employer in the next 12 months.
Across different demographics - in 44 markets including Singapore, Malaysia, Thailand, Indonesia, and Hong Kong - the turnover trend is apparent in:
- More than one-quarter (27%) Gen Z (aged 18-25) employees;
- More than two in 10 (23%) Millennial (aged 26-41) employees;
- Close to two in 10 (15%) Gen X (aged 42-57) employees, and
- Less than one in 10 (9%) Baby Boomers (aged 58-76) employees.
This is because the employees are, according to data findings, looking to obtain better compensation, meaning, confidence, and autonomy at the workplace. The four elements are, analysts describe, umbrellas to factors such as "fairly rewarded financially for my work", "truly be myself at work", "exceed what is expected of me in my job", and deciding "when and where I work".
With regard to "when and where I work" for instance, analysts found that more than half (54%) of the employees are able to work remotely, and more than four in 10 (45%) are not.
In terms of those who can, a number (63%) prefer a mix of in-person and remote working arrangements, and expect their employer to offer such a mix "for at least the next 12 months". It is noteworthy that there is still a small number of employees who prefer full-time remote working (26%), and full-time in-person working (11%).
Looking at "fairly rewarded financially" for another, it was discovered that more than one-third (35%) plan to ask for a pay raise in the coming year. Further, the pressure on pay is found to be the "highest" in the tech sector (44%), meanwhile the "lowest" in the public sector (25%).
That said, putting the aforementioned against gender demographics, it should be noted that more than three in 10 (31%) female employees are less likely to ask for a raise, and close to four in 10 (38%) are less likely to feel fairly rewarded financially.
As well, the former is consistent with close to four in 10 (38%) male employees, and the latter are sentiments to close to half (45%) male employees.
Skills vis-à-vis compensation
Based on the report, overall, employees surveyed (29%) with scarce skills within the markets said they will feel "more empowered", and be "more likely to take action" in asking for a raise or a promotion, for example. This also holds true for employees surveyed (49%) with specialised skills within the markets.
It is also interesting to note that employees with more empowerment due to their skills feel a stronger sense of job fulfilment at the workplace, and that is 'meaning'.
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Image / PwC
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