HR Trends Report 2024

Allgo's 6th annual HR Trends Report, giving a snapshot of the HR landscape and predictions for the year ahead. The report was compiled based on an in-depth survey of over 200 HR Leaders and Managers in January 2024.

Download the full report here for free - https://info.allgo.ie/hrtrendsreport2024

To summarise the key findings:

In 2023, HR Managers directed their attention towards Employee Engagement and Retention due to the prevalent trend of 'Job Hopping' among employees. This year, companies are prioritising the growth of both their employees and the organization itself, with Learning & Development and Talent Development taking the lead in HR projects for the current year.

Since emerging from the pandemic, the foremost HR challenges persist as Employee Engagement and Employee Health & Wellbeing. In contrast to previous years, Communication is no longer a primary concern for HR leaders. Notably, HR Legislation has become a mounting challenge for the first time since 2021, given the evolving landscape of regulations concerning Remote Working, Sick Pay, Parental Leave, and more.

Recruitment is showing a notable improvement, with 23% of HR Managers anticipating smoother processes this year, a significant leap from 2019 when the expectation was a mere 1% ease compared to the previous year. For the 5th consecutive year, Work/Life Balance remains the paramount factor in attracting talent, while Company Culture once again takes precedence over Pay. The significance of Line Manager and Employer Brand is diminishing in recruitment considerations, giving way to the rising importance of Work Colleagues. Employees persist in seeking roles that harmonise with their lives rather than molding their lives around their jobs. No surprise that Directors, Managers and Technology Specialists are the toughest rolls to recruit for, as this has been the same since 2019.

Retention is predicted to be the easiest it has been since we started this survey and for the first time since 2021 and Work/Life Balance has now become a higher priority for retention over Pay. While Bonuses are no longer a top factor, the two factors determining the company's essence—Company Culture and Employer Brand—are now emerging as primary focal points for retention.

For the first time in 4 years the Bike to Work Scheme is no longer the top Financial Benefit offered by companies and taking its place as #1 is Paid Maternity Leave. Company Bonus / Profit Share continues to grow in popularity as a benefit. Employee Assistance Program now claims the #1 spot for Non-Financial Benefits, breaking the 4 year trend where the Christmas Party reigned as the top benefit.

Although there seems to be a lot of talk of a shift back to office, more companies than ever are fully remote with 22% of companies reporting to have a fully remote policy, up from 10% last year. Yet 36% of companies report they will be changing their policy this year.

So 2024 will see the ongoing significance of Employee Engagement and a shift towards employee development and new challenges such as HR Legislation.