As we embark on the year ahead, there are several noteworthy trends that promise to shape the landscape. Here’s an in-depth look at key developments anticipated for 2024.
GenAI in HR
Artificial Intelligence (AI) is poised to revolutionise the Human Resources (HR) domain. A staggering 76% of HR leaders, according to a Gartner survey, express concerns about falling behind without AI implementation. While AI can enhance HR processes, such as recruitment and staff development, the challenge lies in maintaining a delicate balance between efficiency and human touch. HR Technology Platforms, coupled with AI, will address compliance issues and simplify the management of remote and hybrid workplaces.
Mature Workers
The employment rate for individuals aged 50 to 64 is rebounding, reaching 71.3%. Targeted training programmes, like the government’s ‘returnerships’ scheme, (an offering bringing together three programmes to help get older workers back to work, including Apprenticeships, Skills Bootcamps and Sector-Based Work Academy Programmes (SWAPs), which are reinvigorating the demand for mature workers. Recognising and harnessing the ability of these individuals through focused training may appear as a prominent trend in 2024.
Employee Training and Development / Career Management & Internal Mobility
With skill shortages on the rise, organisations must prioritise career management and internal mobility to retain talent. Recognising the impact of AI and technology on roles, HR should identify necessary skills, foster a learning culture and provide ongoing training to enhance employee satisfaction, loyalty and engagement.
Leader and Manager Development
HR leaders are expected to concentrate on developing managers and leaders, given the increasing responsibilities they shoulder. Bridging the gap between business needs and employee experience in learning and development is crucial for success in this context.
Employee Well-being
The focus on employee well-being continues, aiming to enhance satisfaction, engagement and productivity. Organisations must remain adaptable to evolving employee needs.
Employee Retention as a Priority
With employee attrition costing organisations significant knowledge and expertise, retention becomes a top priority. Embracing long-term strategies, nurturing talent, and fostering cultures that encourage employee loyalty are imperative.
Organisational Culture
The shift to remote work has resulted in a need to reconnect to organisational culture. Focusing on aligning employees with company cultures and empowering teams to create vibrant microcultures will be essential.
Returning to the Office and Flexible Working Arrangements
The debate on flexible working arrangements is expected to persist. Striking the right balance, understanding employee preferences and highlighting the benefits of in-office collaboration will be critical.
Productivity Push
In the face of increased costs and ongoing debates on hybrid working, productivity takes center stage. Organisations must assess, report and drive productivity while addressing challenges related to hybrid work models.
Competitive Salaries and Benefits (Compensation Evolution)
Adapting compensation packages to meet evolving employee needs for flexibility, fairness and transparency is a top priority. Employers should consider individualised compensation models as a powerful recruitment tool.
Sourcing Talent in a Difficult Market
Organisations must reassess strategies for talent acquisition in a competitive market. Emphasising skills-based recruitment and partnering with specialist recruitment agencies can offer innovative solutions to bridge skills gaps.
Anticipated Employment Law Changes in 2024
There are notable legislative adjustments poised to enhance fairness in the workplace. These changes aim to empower employees and foster a fairer working environment.
Employers should remain vigilant and proactive in staying abreast of these anticipated employment law changes. Adapting policies and practices accordingly will not only ensure compliance but also contribute to a more inclusive and employee-friendly work environment in 2024.
In navigating these trends, organisations have the opportunity to not only stay relevant but also set themselves apart by proactively addressing the evolving needs of their workforce.
