PwC’s ‘Asia Pacific Workforce Hopes and Fears’ survey highlights the financial, environmental and social pressures in the Asia Pacific region and has uncovered some new and complex challenges.
The survey was conducted with 19,500 employees and surprisingly reveals the shared concerns of employees and employers who believe there is a critical need for transformation in organisations to survive in the future.
39 per cent of employees believe their organisation will not survive more than 10 years if it continues its current path, with 53 per cent of CEOs also expressing the same concern.
According to the survey, the survival of organisations depends on these 6 factors – business viability, employee morale, workforce skills, emerging technologies, work environment and climate measures.
When it comes to business viability, both employees and employers recognise the importance of reinvention for long-term survival, with 39 per cent of employees and 53 per cent of CEOs expressing concern about the future of the organisation.
Employee sentiment reflects the continuing trend of ‘Great Resignations’, with approximately 40 per cent of employees likely to ask for a raise or promotion and 30 per cent likely to change employers in the next 12 months. Job satisfaction remains stable at 57 per cent, indicating a growing willingness among employees to make career changes.
When it comes to workforce skills, 44 per cent believe their job requirements will change significantly in the next five years, but only 48 per cent have a clear idea of ??how. Human skills such as adaptability, collaboration and critical thinking are considered more important than technical or core business skills. However, less than half of employees believe that their employers provide opportunities to effectively apply their skills.
Emerging technology, especially artificial intelligence (AI), is viewed positively by 41 per cent of employees who believe it will increase productivity and efficiency, while 22 per cent lack confidence in acquiring new AI-related skills. A similar percentage of employees feel that AI will replace their roles or have no impact.
The work environment shows a lack of a supportive culture that embraces failure, creativity and experimentation. Only 30 per cent of employees believe their managers tolerate minor failures or encourage disagreements and debate.
When it comes to climate action, it shows no urgency among employees to push their employers to address climate change. Only 41 per cent believe their employers are responsible, reflecting CEOs’ plans to increase investment in climate action in the medium rather than the short term.
Overall, the report highlights the need for organisations to address these factors to ensure successful adaptation and transformation in response to new realities.
