Cornerstones of organisational success

As we delve into the data and insights provided by PwC’s Global Workforce Hopes and Fears Survey 2023, it becomes evident that the principles and beliefs that underpin an organisation’s culture and behaviours have and will continue to play a fundamental role in fostering a sustainable and engaged workforce.

Opportunities for professional growth and upskilling are a crucial element for organisational success and longevity. According to Harvard Business Review, encouraging employee learning and development, especially when linked to a supportive organisational culture, enhances engagement thus driving retention, and creates a sense of shared improvement between employees and the organisation.

According to PwC’s Hopes and Fears 2023 insights, employees with specialist training are 1.5 times more likely than non-specialists to seek raises or promotions over the next 12 months. This highlights a tangible link between specialised training and career advancement, reinforcing the importance of inclusivity by ensuring all employees are considered and provided with equitable access to training and skill-enhancement opportunities.

However, data also indicates that there is a growing gap between specialists and non-specialist employees in the workforce, with 53% of workers moderately or strongly agreeing that their job requires specialist qualifications. As such, inclusivity becomes more important than ever. This growing disparity carries the potential to exacerbate socio-economic inequalities, thereby carrying economic implications. This not only impedes the ability of non-specialists to reskill in the face of emerging challenges such as automation but also perpetuates gender disparities, as women often occupy a disproportionate share of non-specialised roles.

Inclusivity and equal pay are cornerstones of a successful workplace; however, the Hopes and Fears survey reveals concerning disparities. Women report being less likely to provide feedback to co-workers and contribute innovative ideas to their teams compared to men. This indicates a lack of inclusivity, suggesting that women may not feel adequately empowered to share their thoughts and perspectives.

Furthermore, the data highlights a gender-based divide in remuneration satisfaction, with 26% of women globally expressing dissatisfaction with their pay compared to 20% of men. Further, women are notably less likely to ask for a promotion than their male counterparts (30% vs. 39%), with the same trend holding for those willing to request a pay rise (37% vs. 45%). This reaffirms and certainly contributes to the ongoing struggle for pay equity. Additionally, the WEF reports that the Global Gender Gap score currently stands at only 68.4% closed, underscoring the need for organisations to address and rectify gender-based pay gaps.  

These challenges are all present in Switzerland, and the Hopes and Fears data also show that the country lags global averages in key aspects of gender parity. One prominent example is job satisfaction, where we observe lower satisfaction among women, with only 55% reporting moderate to very high satisfaction, compared to 64% of men who share this sentiment. This begs the question as to why. Notable trends uncovered by the survey reveal that job satisfaction is higher among managers than non-managers (77% versus 69%), but women are more likely to be overrepresented in non-managerial roles (72% compared to 52%). These findings insinuate correlation between job satisfaction, career progression and the intersectional factors sustaining the gender wage gap.

These insights from the PwC Hopes and Fears survey reinforce the importance of addressing gender parity within the workplace. Initially addressing this issue involves understanding the applicable legislation and positioning of your respective territory around the gender wage gap topic. See PwC’s Global Gender pay compass for further insights. Ultimately, ensuring your organisation’s diversity & incluson strategy is designed to address and combat the fundamental gender pay gap issue is vital. Demonstration of this commitment is essential for talent attraction and retention, as it fosters an inclusive environment, where employees feel psychologically safe and valued. Organisations may consider initiatives such as the EQUAL-SALARY Certification process in order to achieve this.

In addition to the insights on gender divides, the Hopes and Fears survey also has significant findings around generational differences. 50% of Gen Z (versus 42% of older generations) say they are likely to seek pay raises over the next 12 months and 46% would probably ask for a promotion (versus 35%), indicating Gen Z’s determination for career advancement. Their openness to gig work and remote work arrangements also illustrates their flexibility and adaptability in the modern work context.

However, Gen Z's outlook for their employers is somewhat pessimistic, with nearly half of them believing their companies will not survive a decade if they continue on their current trajectory. This scepticism underscores the need for leaders to proactively address concerns and ensure alignment with their workforce's expectations.

A critical aspect of fostering a workplace where diversity and inclusion thrive is creating a "circle of safety." This involves leaders being transparent about their own concerns and challenges, which encourages employees to open up about their worries. Transparency, alongside understanding the appropriate level to share in every situation, is a key attribute for great leadership according to an article published in the Harvard Business Review. By acknowledging vulnerabilities in appropriate situations, leaders can establish a foundation of trust and psychological safety, enabling teams to work collaboratively and anticipate potential issues.

Inclusive leadership trainings are an effective way to ensure leaders understand and have the tools to invest not only in themselves and employees, but the progression of the business overall. An example of this in practice comes from a large digital collaboration platform organisation that openly discusses company decisions and goals and share company metrics and financials with employees and the public. This has led them to be granted the ‘Great Place to Work’ certification for three consecutive years. By ensuring their leaders embrace transparency and inclusivity, they can build high-trust relationships as well as a high-performance culture that will encourage the retention of employees as psychological safety grants employee loyalty.

In today's dynamic work environment, the interconnectedness of opportunities and upskilling, working environment, inclusivity, and equal pay collectively shape the experience of employees. Organisations that prioritise diversity, equity and inclusion not only reap the benefits of a more engaged and loyal workforce but also position themselves for long-term success in an ever-changing business landscape. By addressing the concerns and aspirations of the diverse workforce, businesses can create an environment where all workers feel valued, empowered, and motivated to contribute their best.