PEOPLE EXPECTATIONS

PricewaterhouseCoopers | Global Workforce Hopes and Fears Survey 2024 | This report uncovers key insights from PwC’s Global Workforce Hopes and Fears Survey, highlighting how leaders can engage employees amidst change. Discover actionable strategies to foster resilience, empower innovation, and fuel performance in a rapidly transforming workplace.

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Introduction

With more than 50% of employees reporting that the pace of change at work feels overwhelming, the need for leadership support is urgent. PwC’s Global Workforce Hopes and Fears Survey finds that while many workers are open to learning new skills and embracing emerging technologies, uncertainty about job security and the purpose behind change remains high. Leaders must act now to turn this uncertainty into opportunity, ensuring employees are ready to adapt and excited about the future. This report offers six critical actions to help leaders foster a change-ready, resilient, and future-fit workforce.

Key Insights

• Too Much Change, Too Fast: More than 50% of employees say they are overwhelmed by the speed of transformation within their companies, contributing to rising stress levels and disengagement. Increased workloads, new technologies, and evolving job roles burden workers. Leaders must prioritise pacing transformations and offer more transparent communication to ease this burden and prevent change fatigue from eroding performance.

• Resilience is Critical: Nearly 60% of employees remain optimistic about their company’s future despite current pressures. However, this optimism is tempered by stress related to job insecurity, workload increases, and financial concerns. Leaders need to build resilience across the organisation to maintain employee engagement and well-being. Creating a culture of transparency, empathy, and work-life balance is critical to fostering resilience in an environment of constant change.

• GenAI Adoption: 61% of employees have experimented with GenAI in the past year, but daily or frequent use remains limited. Leaders must encourage greater adoption of GenAI by providing access, removing barriers, and offering upskilling opportunities. GenAI can increase efficiency and innovation dramatically, but only if employees feel confident and empowered to use it regularly.

• Skill Building is a Top Priority: Almost 50% of employees say that opportunities to learn new skills are critical in deciding whether to stay with an employer. With 46% of workers feeling their employers do not provide enough opportunities for skill development, leaders must prioritise upskilling programs that reach all levels of the organisation. Providing employees with a clear growth pathway is critical for retention and performance.

• Employee Experience is Key to Retention: There are significant gaps between what employees value most—fair pay, flexibility, and meaningful work—and what they are experiencing in their current roles. 82% of employees rated fair pay as extremely important, but fewer than 60% believe they are fairly compensated. Leaders must work to close these gaps by addressing core elements of the employee experience to keep their workforce engaged, motivated, and performing at their best.

Recommendations

• Lead with Empathy and Transparency: In an era of rapid change, leaders must ensure their employees feel supported, informed, and valued. Regularly engage employees with clear, empathetic communication, ensuring they understand the reasons for change and how it impacts their roles. Leaders should communicate openly about challenges and set realistic expectations to prevent burnout and demotivation.

• Empower Employees to Drive Innovation: To unlock the full potential of GenAI and other technologies, employees need the freedom to experiment and innovate. Encourage a culture of citizen-led innovation where employees feel empowered to propose new ideas, test innovative approaches, and reshape how work gets done. Provide opportunities for hands-on learning and create spaces where experimentation is valued.

• Prioritise Skill Building: Upskilling is not just a perk but a business imperative. Implement comprehensive upskilling programs that offer all employees, regardless of their role or level, the opportunity to develop the skills they need for the future. Ensure upskilling opportunities are aligned with the organisation's evolving needs and are actively integrated into employees’ daily work routines. This will retain talent and ensure the workforce remains competitive and adaptable.

• Enhance the Employee Experience: Employees who feel valued, compensated fairly, and engaged are likelier to stay with their employer and contribute at their highest level. Close the gap between employee expectations and their current experience by focusing on critical areas such as fair pay, flexible work arrangements, and opportunities for meaningful, purpose-driven work. Investing in technologies that streamline workflows and reduce administrative burdens will help employees focus on more fulfilling tasks.

• Build Resilience Through Support: Resilience is critical to navigating change, and middle managers play a crucial role in fostering this across teams. Provide middle managers with the tools and training to support their well-being while helping their teams manage change. By equipping managers with the right resources, organisations can strengthen resilience at every level and ensure that managers and their teams remain engaged and productive.

Conclusion

The future of work is full of opportunities, but only for organisations that can successfully engage and support their workforce through ongoing change. Leaders can transform today's challenges into opportunities by fostering resilience, empowering innovation, and prioritising employee well-being. Now is the time to act—building a workforce that adapts to change and drives it with enthusiasm and innovation.

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