The COVID-19 pandemic and the “Great Resignation” has left a huge impact on the way organizations function. The spread of remote work and an increasingly empowered class of highly trained workers looking for better positions with higher compensation and benefits continue to rank among the top workforce trends for 2024. For HR leaders, these challenges of today will evolve quickly into the challenges of tomorrow. Here are five trends to watch out for in 2024.
1. Shortage in Human Talent
As per the estimates of Korn Ferry, shortage in global human talents will reach 85 million people by 2024. Governments and private organizations will face greater challenges than ever in figuring out how to speed up their development processes and develop more robust talent acquisition capabilities. To stop the exodus of workers with in-demand talents, businesses will need to implement retention methods that use long-term incentives, perks, and flexible workplace policies.
2. The Emergence of the Agile Workplace
One solution to tackle shortage in human talent is having an agile and fluid hiring process. Most companies are moving towards a borderless talent acquisition strategy. The flexible work environment, which combines in-person, hybrid, and remote work to match the demands of the organization with the proper people, is another good tactic.
3. Make Way For the Flexible Workforce
The needs of the job will necessitate bridging conventional departmental barriers. Projects based on talents that go beyond traditionally defined tasks will be given to employees. In order to successfully navigate this rapidly changing future, the World Economic Forum advises investing in “human” talents.
4. The importance of physical and mental health increases
50% to 60% of workers are burned out, as per a study by Gallup. These workers attribute their burnout to a variety of factors, including the need to be available to their employers around-the-clock, a lack of support from their managers (many of whom may also be overburdened), unreasonable time demands, and others.
Employers will need to make investments in a number of countermeasures. This includes improved workforce planning to better anticipate what skills/roles and how many roles are required, more generous hours and/or flexible schedules (including additional time off for recharge), tools and techniques for mental health and well-being, and allocating resources to woo back potential departing employees.
5. The Importance of Sustainability
As countries and corporate groups work to solve the climate issue and prevent global warming, creating a sustainable future is a hot topic. As the proportion of Gen Z workers (those born between 1997 and 2012) increases, this will be highlighted even more. According to a recent Deloitte poll, addressing climate change is this age group’s top priority. Nearly half (49%) of respondents claim that their personal ethics and values have influenced their work decisions. Companies will advance sustainability not simply because it is morally correct or a good economic strategy, but because it will be necessary.
