Five Trends that Will Shape Work in 2024 and Beyond

Between inflation, cybersecurity threats, and the war for talent, even amid layoffs, 2023 was another tumultuous year of business uncertainty and volatility.

What can you look forward to in 2024? Political and global upheavals will undoubtedly be in the headlines in 2024, but what can you count on as trends for the workplace?

Return to office debate continues

Ongoing conversations between employers and employees about hybrid, flexible, remote and office work will continue. Many industry leaders are predicting a full return to in-office work by 2026. However, flexible work arrangements are a primary reason people stay in their current positions or move to a new one.

A recent McKinsey report shows that when workers are offered flexibility in a new role, 87% of them will take the offer. This mismatch between what employers and employees want could be a source of conflict.

4-day workweek will be tested

Early global trials by?4dayweek.com?found a 36% increase in revenue and a 68% reduction in burnout when employees switched from working a five-day week.

Resume Builder's?2023 study?shows that 20% of US employers have already implemented a four-day workweek, and 41% plan to do so.

Burnout is still simmering

According to the American Psychological Association (APA),?over 70% of US millennials report being stressed?out by work, and about 70% of Generation Z, the youngest segment of our workforce, are already experiencing workplace stress.

HR specialists are evaluating the following to help prevent employee burnout:

- Excessive workloads

- Constantly changing workloads and expectations

- Teams with high conflict rates

- Lack of clarity or conflicting direction

- Under-resourced teams

- Lack of recognition

- Ineffective management

Mental Well-Being Support

Burnout is just one factor that negatively impacts employees’ mental well-being. Employers are looking to HR leaders to help them cultivate a mental health work strategy and improve the support and policies they have in place. In addition, HR will look at their corporate culture to see if it creates issues that could, or has, lead to a toxic workplace. Leaders must focus on the culture of their teams and establish trust.

Increased pay transparency

A top priority for HR professionals is attracting and retaining talent, which relies heavily on a compensation strategy. New laws requiring employers to disclose salary ranges are expanding at the state and federal levels. At this point, ten states have some pay transparency laws.

As a result, we predict that 2024 may be the start of the end of ‘competitive salary’ on job postings. Not only is this the right (and soon-to-be legal) thing to do, but it can also help?startups and larger companies attract more talent: one recent survey found that?80% of job seekers?would likely pass on applying for a job without pay information.

Transparency will likely extend to compensation policies and philosophies so candidates and employees can see the thought process of determining salaries so employees know they are being paid fairly and equitably.

As your employer of record, Strategic Contracting Services can help you manage these challenging times and provide employment stability and security for your company. Contact us today.