8 HR Strategies to Ring in 2024

As 2023 ends, the prevailing economic conditions remain characterized by instability and unpredictability. Organizations are looking at a new direction to prepare for the uncertain future in the coming year and the many years to follow. Sustaining the right balance between high business intelligence, the recruitment and retainment of skillful employees and a workplace that communicates inclusive practices is the priority in 2024.

According to the HR trends Report 2024 released from one of the world’s leading HR research and advisory companies Mclean and Company, generative AI will bring a world of change in the year 2024. HR will be posed with a serious challenge where they will have to try to strike the right balance between the need to adopt innovative practices versus the need to control costs.??

So, how can the HR professionals take matters into account and address the existing challenges? There are some trends that will take the lead and rule the functions of HR in 2024. Let’s find out what they are.

?

Leader development

Managers are the ones that are responsible for handling not just their own duties but also their team’s responsibilities. And they are tired !

• 76% of HR leaders express that their managers are not able to cope with the speed at which their responsibilities are growing.
• 73% say their managers aren’t capable of or aren’t equipped to lead positive change.

Source: Gartner

The world of work has changed, and it’s important to understand how much a person can handle if you want them to deliver the best results in the job roles. About three quarters of employees place increased importance on manager support while managers are juggling with more than 51% of responsibilities they can handle.

?

Redefined EVP to enhance employee productivity

Job security is the most common fear prevailing among employees, especially due to the current economic conditions. A Randstad survey found out that 2 in 5 employees in Singapore( 41%), due to the fear of losing jobs, plan to change jobs in the first half of 2024 itself. This is a spike of 5% compared to the year 2021.

Your employees are your company’s most significant assets, and we can’t stress enough on this point. In order to retain your assets (employees’), companies need to think of providing them with a reason to stay where they are recognized and appreciated and can add actual value to the company. As their employer you have the responsibility to take care of your employees needs, whether its training, encouraging career development, providing job security, or giving their opinions a good ear and respect them, remember your employees are your strength, they are the reason for your business to either succeed or fail. Take care of your employees needs and they’ll take care of your business.

?

Increased use of Generative AI, Automation, and data to enable better decision-making.

According to an AI report generated by Eightfold “The Future of Work: Intelligent by Design” , 92% of HR leaders are looking to bring in more creativity and innovation by increasing the use of AI in one or more HR Functions.

Some of the critical HR functions that the use of AI can help change to the positive are-

• Management of employee records
• Payroll processing
• Onboarding and offboarding processes
• Application tracking and Candidate Screening
• Managing and monitoring employee performance

?

One of the most significant functions of HR is payroll. While it is a critical function, it’s also a tedious process, especially for organizations with higher volume of employees. Payroll automation makes calculations of salaries by withholding taxes, overtime pay, leave deductions, benefits etc. is so much easier. For HR, it helps in saving critical time allowing them to focus on other critical HR tasks.

Tools like people analytics software can help businesses analyze large data pertaining to workforce performance giving them valuable insights into trends and patterns that can help them make better decisions.

?

Transition from fully remote to work from office culture

The pandemic forced large parts of the workforce all over the world into working from home. Fast forward to 2024, it’s finally time for people to get back to the office. A Survey by Resume Builder revealed that by 2024, more than 90% of organizations will have resumed work from office culture . The traditional in-office culture is coming back because 72% of organizations believe it will give them a better chance of improving their revenue.

As for HR professionals, they need to look beyond just working from home as an employee benefit. They must create attractive benefits packages and alternatives that not only will keep employees in the office but can also attract a better pool of candidates and make them stick.

?

Prioritize upskilling, reskilling, and promotion of internal mobility

One of the best ways to retain employees is by providing them with opportunities to grow professionally and boost their career growth as per the stats of a 2023 Workplace Learning Report by LinkedIn . Not only will it help with employee retention but will also boost employee engagement which plays a significant role in deciding the productivity of an employee.

One of the main reasons why HRs find it difficult to attract and retain the right talent is because the organizations lack the promise of helping them upskill or providing them with training and development opportunities. The Xpert HR 2024 Budget Pulse Survey revealed that skills development remains a priority in the year 2024.

86% of HR leaders have expressed their concern over employees not having clear career paths in their organizations.

Source: Gartner

In situations where the market is down and there is a dearth of talented employees focusing on internal mobility by upskilling and reskilling current employees is an employer’s best bet.

?

Focus on Diversity, Equity and Management

Yes, this has always been a priority, but in the coming year, HR leaders are focusing more on fostering a diverse and inclusive workplace driving innovation and productivity at the workplace.

HR teams are to recruit and hire candidates by eliminating all bias associated with gender, ethnicity, culture, race, and sex and help build a more diverse workforce. Organizations are looking forward to providing employees with a rich, comfortable, and progressive workplace experience.

?

Pay Transparency

Gender pay gap is a persistent issue. Showing pay transparency can play a crucial role in reducing bias and promoting a gender-neutral feeling among candidates and employees. While pay transparency policies have already become commonplace in countries like US, UK, Canada, France, Germany etc. some other countries with huge working populations like India, China etc. are yet to implement it. The year 2024 is expected to see more and more HR professionals taking an active role in advertising pay transparency by putting up salary ranges in their job postings.

?

HR- a strategic business partner

While in the past, the HRs role was viewed as merely a transactional one having nothing to do with making an impact on actual business operations. But lately, there has been a slight shift, repositioning HR as a strategic business partner.

There has been a newly formed alliance between the CHRO and CEOs making them a part of business-related decisions. And this is a trend that we believe needs to be given more importance, because the HR department is one that knows about everything that is going on in an organization, they are the insiders! They know about the operational activities, changes in productivity levels, budget strains etc. Their becoming an integral part of your organization can help you change the course of your actions when necessary to see a change in productivity levels.

?

Closing words

2024 is going to be yet another interesting year for HR, as they move beyond the traditional scope of the function, towards innovation, creativity, strategic thinking that will drive inclusivity, resilience guiding organizations to new heights of excellence.

A sustainable future will be the top priority for HR as they continue to skillfully address immediate organizational needs. A work environment where employees thrive, and businesses achieve is what they’ve set out to do. 2024 presents a world of opportunity and the HR will continue to rise and shine like they always have.

?