Marchon Partners Blog HR Trends for 2024

As 2024 unfolds, many HR teams will implement new processes in order to enhance their  company’s efficiency for recruitment and retention. Many of these trends include new technology, collaboration, and flexibility that will help to ensure a thriving workforce.

What are the top HR trends for 2024?

According to the Academy to Innovate HR, several trends in 2024, will help refine the modern workplace that is turning toward new innovations, while also nurturing a diverse company culture. These trends consist of evaluating, building, and customizing the workplace, which includes:

Realignment of HR priorities

• Finding new solutions to address stagnant productivity, even when job satisfaction is generally high 
• Expanding recruitment to include the forgotten workforce (e.g., caregivers, retirees, and ex-inmates)
• Reinventing diversity, equity, inclusion, and belonging initiatives that serve all employees

Changing the human resources operating model

• HR professionals acknowledging how they add value to overall business objectives 
• Expanding HR functions from solely administrative to a more business transformation role
• Coordination with marketing department to develop PR responses for HR decisions

Updating HR’s image that will help employee relations

• Incorporating new AI technology while adhering to ethical and regulatory practices
• Customizing flexible schedules that may involve remote work as a better fit for employees
• Developing training programs that actively provide access to career development

How will these new trends help job candidates?

According to Forbes, as more Generation Z candidates enter the workforce, many Millennials will be transitioning into senior leadership roles in 2024. This generational shift means many new hires will be viewed more as an investment, versus an expense, which will create a personalized hiring process, including:

Better overall candidate experience - Job seekers have the ability to compare their candidate experience as they apply to various companies through different applicant tracking systems. When these job candidates are encouraged to provide feedback about the hiring process to potential employers, often they will receive more transparency and communication for the best experience possible. 

More opportunities for different candidates - A competitive job market gives many job seekers who had fewer choices in the past, more job opportunities. This may include someone not having a required degree, being a caregiver, an ex-inmate, or re-entering the workforce after retirement.

Developing a meaningful business partnership - As companies customize the hiring process to attract the best candidate, a mutually beneficial partnership is often established to allow the job seeker to seek an advanced career path.

How will this change recruiting for employers in the future?

According to the U.S. Bureau of Labor Statistics, the November 2023 unemployment rate was 3.7%. With unemployment being lower, it’s important for recruiters to be more focused on finding the best talent to fill positions the first time and avoid turnover. According to Forbes, some of the techniques that are used to recruit new hires, includes:

• Generative AI - This type of AI produces content such as developing accurate job descriptions and data analysis for specific salary expectations depending on the position and region.
  
  

• Digital recruiting - Finding potential active job candidates on platforms such as Linkedin and Facebook, while also reviewing professional forums to find potential candidates who currently aren’t seeking employment.
  
  

• Training opportunities - If the right employee needs additional skills to advance in their career, recruiters can offer training opportunities to fill those higher positions from within the organization.

What are the advantages for employers who embrace these trends in 2024?

As many HR departments implement or expand their HR initiatives in 2024, for many, it will be the starting point for preparing for 2030, when, according to SHRM, all Baby Boomers will be 65 and older and many will retire. Since Generation Z is a smaller demographic group, companies will need to tailor their hiring practices to establish themselves as an employer of choice. Some of the ways they will do this to obtain higher employee retention and job satisfaction will include:

Teaching advanced digital skills to develop a stronger workforce - As technology advances, more digital skills will be required for both new hires and existing staff members. Typically the more engaged an employee is, the more likely employees will stay and get promoted sooner. Techniques for increasing engagement include introducing gamification with digital rewards for achieving various skills.

Using robots for the automation of mundane tasks - Beyond getting a good salary, Generation Z also wants meaningful work that is recognized and appreciated. As robots become a more integral part of the workforce to complete repetitive tasks, this shift will allow Generation Z to have increased job satisfaction by concentrating on higher level work.

Offering flexibility of remote or hybrid work - Since the lockdowns, many workers found they preferred working from home, which means they are able to avoid long commutes, and add more balance to their lives. Flexibility, including remote, or hybrid work is now a preferred choice for many applicants. Companies who offer this type of flexibility have also found their talent pool has expanded to be more skill based, since location is no longer a barrier to completing projects.