EMEA Workforce Hopes and Fears Survey 2024

Change is everywhere — and employees are feeling it — accelerating and evoking feelings of both optimism and uncertainty. This is a central finding from this year’s Hopes and Fears survey of 24,600 employees from 29 sectors in 27 countries across EMEA.

According to this year’s PwC Global CEO Survey 45% of CEOs believe their company will not be viable in ten years if it stays on its current path, with many actively taking steps to reinvent their business model. Despite the pace of change that comes with business model reinvention, there are signs of optimism and engagement at work. Many employees in EMEA (77%) are open to embracing the opportunities that come with change, while a significant portion (50%) believe that there is too much change happening at once, and many (42%) don’t understand why anything needs to change at all. The fact that change seems to be accelerating may add to the uncertainty felt by many. 

When it comes to the type of change employees are experiencing at work, the top three are: increased workload (45%), having to learn new tools and technologies in order to perform their role (41%), and changes in team size and reporting lines (39%).

This year’s result suggests that, on average, 59% of EMEA based employees are satisfied at work, in comparison to 56% in 2023. Whilst most workers appear satisfied at work, job satisfaction doesn’t necessarily mean employees will remain with their employer. It appears much of the workforce are exploring other opportunities, with over a quarter of respondents (26%) suggesting they are likely to move employers in the next 12 months. This signals a shift in attitudes where workers are discarding the “stay put” mentality and placing greater emphasis on career growth. 

For most employees, the decision to stay or leave a job hinges on their ability to develop their skills. With the acceleration of AI, and more specifically generative AI (GenAI) in the workplace, professionals are understandably wondering how the technology will affect their careers. Although AI penetration is growing rapidly, especially in professional services, information & communication, and financial services, with roles that are most exposed seeing a 25% faster growth in skills change (PwC 2024 AI Jobs Barometer report), many workers are uncertain about how their skills need to evolve or lack sufficient support and opportunities for growth. Only 9% of employees across EMEA are currently using the technology daily, and regular use varies by territory.

The sentiment surrounding GenAI is largely optimistic with workers. In this year’s survey, 56% believe GenAI will boost their efficiency, with 70% feeling optimistic the technology will create opportunities to learn new skills. While skills are a form of tacit knowledge ‘currency’ for workers, they reported that they lack skills development opportunities, with only 48% feeling they can fully showcase their skillset. When it comes to GenAI adoption, 43% have reportedly never used it, with a further 11% not being allowed to use GenAI by their employer. However, 48% of workers are cognizant that learning how to utilize GenAI will increase their workload given the need to acquire new technical skills.

The picture for employees over the last 12 months has changed and leaders must take note. With rising employee leverage, the ongoing competition for skilled workers is only likely to intensify. Strategies to retain and attract new talent will need to evolve. A focus on employee skills development offers a win-win scenario for both employers and employees. By investing in upskilling opportunities across all levels, fostering a culture of continuous learning and mentorship, and encouraging the development of skills beyond current roles, employers can strategically leverage their workforce. 

Leaders need to also consider how upskilling through the adoption of new technologies such as GenAI is likely to impact employees' existing workload. Whilst training and development are important, increased workloads and being asked to spend more time learning new technologies, can create overwhelm. One-way leaders can lighten the load for employees is through stronger rationalizing and alignment of technology within their organization, simplifying the overall technology setup through centralized systems that replace disparate tools, which can reduce the need for extensive training on multiple platforms and lead to more efficient ways of getting tasks done.

• The outlook for job security is optimistic. 77% of respondents are ready to adapt to new ways of working. 54% of respondents feel that recent changes have made them optimistic about the future at their current company. 

• Non-financial rewards are as crucial as pay. Employees rank financial reward (83%), fulfilment (76%), and flexibility (63%) as their top priorities for choosing or staying with an employer.

• GenAI adoption in the workplace is limited - 55% have used it in the past year, but only 9% of respondents use it daily. 

• Optimism in GenAI is growing, with over 70% of users believing it creates new opportunities, 67% believe it will boost creativity, followed by 65% believing it will improve work quality. 

• Employees have higher expectations for their employers' climate actions. 66% of employees surveyed believe that their employers should reduce their environmental impact.