2024 HR Trends: Key HR Strategies to Plan and Focus on This Year

Now that 2024 has arrived, this is the perfect time to evaluate your organisation’s HR strategies and determine the best line of action. As businesses evolve, so do the challenges associated with talent acquisition, development, and retention. As an HR professional, having a solid HR strategy will you help navigate the complexities of the modern workplace, align the workforce with the organisation's goals and cultivate a thriving work environment.

The strategies you focus on will play a pivotal role in shaping the success and sustainability of your organisation. They help you effectively manage and leverage your organisation’s most valuable asset –people. From attracting top talent to fostering employee engagement, to skill development, HR strategies form the foundation for creating a thriving and sustainable workplace.

In this article, we will delve into key HR strategies to plan and focus on based on 2024 HR trends.

1.?????? Empower Your Managers for Success

The relationship between managers and employees is crucial for retaining employees. Managers contribute at least 70% of the variance in employee engagement scores across business units. With millennials moving into leadership and management positions this year, there is a need to equip this new generation of managers with the necessary skills they need to succeed. Especially while working with Gen Z, whose expectations of a good place to work include better work-life balance, continuous education, and good pay.

Subsequently, your HR strategy for this year must prioritise managerial skills training and development. This is to empower your new managers with the necessary skills they need to excel in their roles and manage their teams. Don’t assume that because they were outstanding employees, they will be great managers. ?

2.?????? Prioritise Learning & Development for Career Growth

It is essential to prioritise supporting employees' career progression and development as part of your HR strategy to maintain high levels of job satisfaction and retention. A huge responsibility of any HR professional this year is to map out key skills their workforce needs to continue to thrive in the future amidst the explosion of generative AI augmenting existing job roles.

One impact of successfully training and upskilling your workforce is employee loyalty. While it does not guarantee that they will stay, it gives them a sense of belonging that the organisation cares about their growth and development. Therefore, focusing on employee development as a retention strategy will ensure top talents are happy and likely to stay engaged.

3.?????? Proactive Hiring Strategies

One significant HR trend this year is the intensified competition for top talent. As a result, attracting the most qualified candidates for new positions will become increasingly difficult. Therefore, attempting to bridge the talent gap in your organisation by competing for external talent may take you a longer time to fill a role.

Proactive recruitment means picking out ideal candidates ahead of demand. As an HR or talent acquisition professional, you must adopt a proactive approach towards your recruitment plans. To achieve this, build and nurture a pipeline of potential candidates.

Conclusion

Embarking on the journey of HR strategy planning requires a nuanced understanding of the evolving needs and challenges in the modern workplace as well as the unique needs of your organisation.

This is the time to optimize every aspect of HR management, from providing robust leadership training to facilitating meaningful career advancement opportunities. By focusing on these key trends, you can build a robust framework that not only addresses current challenges but also positions your organisation for future success.

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