In order to keep up with the changing expectations of organizations and employees in today’s market and economic conditions, HR professionals must be able to adapt. The six 2024 HR trends listed below will assist professionals in meeting the demands of their companies
and workforces.
1. Artificial Intelligence (AI)
AI grew in popularity throughout the world in 2023 as a result of its ability to streamline processes and enhance consumer satisfaction. AI is probably going to stay a major component of business operations for a while to come. It may even assist HR managers in choosing employees, carrying out regular duties, and analyzing data.
Employers will need to give ethics and compliance-related concerns with AI top priority as it becomes more widely used.
2. Skill Gaps and Skills-Based Hiring
Employers still struggle to recruit talent with the necessary skill set, despite the fact that the U.S. Bureau of Labor Statistics reports that there are 6.3 million unemployed people. Employers might refocus their hiring efforts this year and choose to hire people based more on skill than on traditional credentials.
3. New Compliance Rules
Organizations will be subject to new benefit laws, retirement plan alternatives, and paid time off regulations in 2024. In 2024, a new rule pertaining to the application of the Fair Labor Standards Act’s (FLSA) minimum wage and overtime exemption for executive, administrative, and professional personnel is also anticipated to go into effect. Additionally, it might make it easier to qualify exempt workers and raise their FLSA wage levels.
4. Return to Work
Proactive firms in 2024 should concentrate on striking a balance between employee needs and in-person requirements. While many people have appreciated the flexibility of working from home, businesses are putting more and more pressure on workers to come into the office.
5. Employee Engagement
There has been a significant decline in employee engagement and enjoyment since the COVID-19 pandemic began. According to an HR Bamboo report, since 2020, employee satisfaction has decreased by 6%. With a 9% fall since January 2023, the decline has been happening even faster. This pattern, which is sometimes called “the Great Gloom,” implies a close relationship between societal and economic factors and employee engagement.
6. Competitive Compensation
Businesses predict that issues with hiring and retaining employees will persist through 2024. Many firms will respond by giving competitive raises in order to offset the rising cost of living. Employers are increasingly adopting benefits to enhance employee experience and boost retention, such as flexible work schedules and full health insurance.
Summary
By keeping an eye on trends that may affect the workplace in 2024, HR professionals can stay ahead of the curve. Employers who improve their workforce strategy will have a competitive advantage when supporting and attracting today’s workers, as employee expectations continue to change. •
