The Asia-Pacific Workforce Hopes and Fears Survey 2023, produced by PricewaterhouseCoopers, cast an interesting light on the APAC region. This area leads the global economy and is expected to strengthen this position in the short, medium and longer term. So, what did the Asia-Pacific Workforce Hopes and Fears Survey 2023 tell us?
The survey involved 19,500 Asia-Pacific employees
Before we look at the survey in detail, the leading headline relates to the need for APAC businesses to adapt and transform to survive. While 39% of employees expressed concern that their employer is unlikely to survive more than ten years without change, the figure was 53% amongst CEOs. So what else did we find out?
Employee sentiment
Undoubtedly, employee sentiment is a very accurate indicator of the underlying employment marketplace. As a consequence of this survey, we know that:-
· The so-called “Great Resignation” is far from over, with many employees looking to change their lifestyle
· Overall job satisfaction remains steady at 57%, compared to the 2022 survey
· A relatively high 40% of employees are expected to ask for pay rises/promotions over the next 12 months
· Around 30% are planning to change employer
Workforce skills
We know that AI and machine learning are considerably impacting the workplace. Surprisingly, many employees believe their employers are not using their skill sets to their full advantage.
· 44% of those questioned believe the skills required for their jobs will undergo massive change over the next five years
· Unfortunately, 48% are unclear about what this change will entail
· Only 48% of employees believe their employers are set to maximise their skill sets over the next five years
New technology
As we alluded to above, AI/machine learning is having a significant impact on the employment market. While opinions are mixed among employees, there is a degree of concern:-
· 41% believe that AI will increase productivity/efficiency
· 34% view AI positively, as an opportunity to learn new skills
· 22% are concerned about their inability to acquire new AI-related skills
· 16% believe AI will replace their jobs in the future
· 16% believe that AI will have no impact on their employment positions
Work environment
There is a growing difference of opinion among employees and executives concerning the working environment:-
· Only 30% of employees believe their employers tolerate small-scale failures or encourage dissent/debate
· 50% of executives believe small-scale failures are tolerated, and debate encouraged
· Only 50% of employees actively seek feedback/provide constructive feedback to co-workers
Climate action
Interestingly, while the climate and action to help the environment is headline news amongst politicians and regulators, there is no great sense of urgency amongst employees.
· 41% believe their employers have a responsibility to address climate change
At the same time, business executives have the same short-term view, looking at the medium to long-term to increase their investment in climate-related activities.
Summary
At this point, the views of employees in the APAC region do not necessarily correlate with the business headlines of recent months. Despite general economic concerns, many employees still plan to ask for pay raises/promotions. Is the APAC region performing better than expected, or are employee expectations detached from reality?