Top 10 Workforce Trends in 2024

The workforce and business practices have tremendously evolved post-pandemic. Businesses now majorly depend on Artificial Intelligence (AI) and automation for their success and growth.

Let’s study the top 10 workplace trends for the upcoming year.

1) Workforce health and well-being continue to be a priority:

Over the past two years, the companies have used different strategies to address employee health issues. Intelligent employers understand how vital workforce well-being is, and we can expect even better healthcare programs for the coming year. Statistically, 53% of organizations added mental health programs to their workforce benefits due to the pandemic.

2) Transformed hiring practices:

The traditional ways of hiring no longer serve the modern workforce adequately. We can expect a significant transformation in the hiring process this year. Recruiters will shift to a video interviewing platform like Jobma that helps them hire quicker, smarter, and for less.

3) Significant increases in the hybrid and remote work culture:

We have seen a great hike in hybrid and remote work culture post-pandemic. More businesses will implement the remote first work model this year. In addition to this, employers will also allow the employees to control their work schedules.

According to research from WeWork, both the employees and employers noted that work flexibility and schedule control were the top benefits of the hybrid model.

4) Prioritizing employee feedback and input:

Organizations that fail to seek employee feedback struggle with employee retention, which tremendously harms the business’s success. Companies will generate employee feedback programs and focus on improving employee experience. Employers would no longer miss out on innovative business ideas and workforce feedback.

5) Emphasis on employee retention:

Employers are trying to battle the labor shortage in 2024. Companies have started increasing their salaries to attract the workforce. Some employers are working on beneficial packages that include perks like stock options and wellness incentives. The rest of the businesses are focusing on methods to retain the existing employees. The modern workforce will no longer tolerate poor treatment at work, and employers have to maintain a higher work standard this year.

6) Reskilling within the workforce:

Statistically, 7 out of 10 companies globally reported a talent shortage and difficulty in hiring. Companies this year will focus more on arranging training programs to reskill the existing employees instead of replacing them. According to the World Economic Forum, about 40% of the global workforce will require reskilling of up to six months by 2024.

7) Increased focus on soft skills:

In 2023 digital skills will be in high demand. However, soft skills (emotional intelligence, management of dispersed teams, and effective virtual communication) will also be valuable in the remote work culture.

8) Improved workplace benefits:

As companies struggle to retain their top talents, they must bring some concrete actions into practice this year. Employees in 2024 will expect additional mental health support and other offerings that promote their well-being. Also, employers need to focus more on work flexibility this year.

Recent studies claim that 54% of employees would consider quitting the job post-pandemic if they are not provided the same flexibility at work.

9) Companies will work towards ECG issues:

Environmental, social, and governance issues (ECG) became crucial post-pandemic. Statistically, 78% of executives believe that ECG performance helps create more organizational value. A company is bound to attract more consumers and job seekers when they respond to issues like these.

10) A revised hybrid culture:

While the hybrid work culture keeps growing this year, employers will work over the bias toward remote employees. A major culture shift is expected in 2024 in which managers would take necessary steps that all the workers are treated equally.

We have experienced a great change in workplace trends over the past few years, and it will be interesting to see how the workplace trends evolve further.

Conclusion

As we look ahead to 2024, it’s clear that the workplace will continue to undergo significant changes, driven by the need for adaptability, employee well-being, and technological advancements. From prioritizing health and mental wellness to embracing hybrid work models and reskilling the workforce, these trends underscore the importance of creating a supportive and flexible work environment. Businesses that proactively adopt these trends will not only attract top talent but also foster a more engaged, productive, and resilient workforce. The future of work is evolving, and staying ahead of these trends will be key to sustained success and growth in the coming year.

FAQs

What is the top priority for businesses in 2024 regarding their workforce?

The top priority for businesses in 2024 is the health and well-being of their workforce. Companies are increasingly investing in healthcare programs, including mental health initiatives, to support their employees.

Will remote work continue to be a trend in 2024?

Yes, remote work and hybrid work cultures will continue to grow in 2024. More businesses will adopt a remote-first work model, allowing employees to control their work schedules and offering greater flexibility.

How important is reskilling in the workforce for 2024?

Reskilling is very important in 2024. With a global talent shortage, companies are focusing on training and reskilling their current employees rather than replacing them. It is estimated that 40% of the global workforce will need reskilling by 2024.

What role do soft skills play in the workforce of 2024?

Soft skills such as emotional intelligence, managing dispersed teams, and effective virtual communication will be highly valuable in 2024, particularly within the remote work culture.