Forecasting the top HR trends for 2024

Welcome to 2024! As we embark on another year, it’s important to stay ahead of the trends that will shape the HR landscape. In this week’s edition of TalentTech Weekly, we explore some industry predictions for the coming year and how they'll impact the future of work.

Companies that take proactive measures to address these trends will benefit from a more diverse and engaged workforce, increased productivity, and improved talent retention.? By staying adaptable, HR leaders can position their companies for success in an ever-evolving business landscape.

Let’s get into it!

HR Exchange Network predicts more comprehensive DEI initiatives in 2024

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The HR Exchange Network turned to the experts on Featured to ask what they think will be the biggest trends of the coming year.?

The article shares eight predictions including the emergence of the "Hidden Workforce," prioritizing data privacy of employees, and more comprehensive Diversity, Equity & Inclusion (DEI) initiatives. For the full list of predictions, check out the article linked above.

Despite a growing understanding of the importance of authenticity, not everyone feels able to be themselves in the workplace, according to a Hays survey .

In fact, 37% say they have felt the need to hide an aspect of who they are for fear of judgment by others.

Organizations are expected to adopt more comprehensive and inclusive approaches, with a continued focus on promoting mental health resources.?

The first step in adopting an inclusive approach is to collect data on the current make-up of the organization to determine if it’s representative of the market and consider the steps needed to take to populate the gaps.

Employees are looking to their organizations to mitigate bias and ensure inclusion at all stages of hiring, as well as salary transparency and fairness when advertising roles internally.

People Matters predicts an enhanced employee experience in 2024

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People Matters spoke with HR leaders and shared their own outlooks for the year. Among the list of predictions, an enhanced employee experience is at the forefront of HR organizational approaches.

People Matters interviewed Manoj Shikarkhane , Chief Human Resource Officer at LTIMindtree , about their approach to the employee experience in 2024.?

Shikarkhane explains the need for innovative approaches that establish connections and manage employee engagement and workforce motivation.?

“Our focus would be on adapting to the evolving environment, and continually emphasizing a fresh perspective on the communication and collaboration skills and methods required in the new context of work. For instance, our MPower program is designed to enhance employee engagement across diverse workforce segments, spanning from Gen X to Gen Z. It provides managers with fresh approaches and methods on the people aspect of management, tailored to successfully navigate the future of work.”?

Companies that prioritize the well-being and development of their employees often witness enhanced productivity, improved morale, and a lower turnover rate.

Moreover, a company’s business outlook has played a larger role in driving employee satisfaction in the post-pandemic era in 2023 as compared to the intra-pandemic period in 2021.?

“Agility in HR practices, strategic partnership with businesses and increasingly leveraging people analytics to make data-driven decisions for employee engagement and retention strategies will also top our priority list,” adds Shikarkhane.

A top tip from Glassdoor is to keep up with evolving workplace culture. While culture and values remain the top drivers of overall employee satisfaction in the workplace, many workplaces look different today than they did three years ago.

Human Resource Executive predicts the development of a skills-based approach in 2024

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The HR Executive team conducted interviews with leading HR professionals, including Paulo Pisano, chief people officer of Booking.com . Pisano emphasizes the importance of continuous skill development in a dynamic workplace

The skills-based approach is gaining momentum as employers recognize the importance of selecting candidates based on their skills and capabilities, moving away from relying solely on traditional qualifications or degrees.?

“This shift allows companies to better match individuals with the right jobs, expanding their talent pools and increasing overall success,” said Pisano.

Recent studies suggest that over the next three years, a staggering 1.4 billion people will need to reskill due to the continuous advancement of artificial intelligence. New technologies are making skills obsolete faster than ever before.

Globally some trends are shared, such as the struggle to find new hires with the right skills, but regional disparities are starting to emerge.?

In the UK, 62% of talent acquisition professionals attribute the skills shortage to the challenge of finding candidates with the necessary skills, according to a 360Learning survey . The difficulty of recruiting new employees with the necessary skills appears to be less severe in the US and France, where the percentage drops to 46% and 44% respectively. This suggests that finding skilled professionals may not be as acute of a struggle in these countries. In Germany, the challenge is even less so, with only 11% of respondents citing this as an issue.

Pisano recommends organizations concentrate on creating internal talent marketplaces. Internal talent marketplaces emphasize the importance of nurturing the existing employees' skills to be able to match them to the right projects. This approach prioritizes cultural alignment, excellence in innovation, and career progression and development for their employees.?

The first step toward a skills-based approach is to map the skills within your organization. This will enable you to identify the skills gaps at an employee level, making it easier to create robust reskilling and upskilling programs or hire the necessary talent.

Recommended reading: Why skills matter more than job roles: The importance of the skills-based organizational model

Download our white paper: The skills-based approach to workforce management

Get your copy here: [LINK ]?

As several industry experts have predicted for 2024, the skills-based approach is driving to the forefront of workplaces. More organizations are moving beyond degrees and job titles to focus on the skills a job requires and that a candidate possesses.?

With 73% of workers agreeing that skills-based practices would improve their experience at work, organizations should consider implementing the approach to achieve better business results.

Check out our white paper to learn more about the skills-based approach and the benefits of implementing it in your organization.?

Written by: Alexandra Paasch