“The needs of the workforce are constantly shifting, and 2023 has only thrown this reality further into the light,” Bar Huberman, Head of HR Strategy & Practice at XpertHR, comments. “The ongoing cost of living crisis, changing employee expectations following the pandemic, and social shifts are forcing organisations to reconceptualise how best to remain competitive when it comes to attracting and retaining employees. As we look to 2024, HR teams are tasked with keeping their finger on the pulse of upcoming changes. By harnessing data, organisations can assess what skills to invest in, how best to use AI and shifting benefit packages.”
With this in mind, XpertHR has put together five key priorities for HR leaders to be aware of as we enter the new year:
Getting people in place with the right skills
Organisations are currently facing a tight labour market and skill shortages in the workforce; 78% of companies reported that they were struggling with a skills shortage in the XpertHR recruitment and retention survey. HR teams can harness employee data through benchmarking exercises and internal surveys to create competitive benefits and rewards packages, in turn attracting and retaining talent. Alongside this, organisations can consider their current talent and pursue upskilling or reskilling some of their workforce to meet the demands of the business. Building an internal talent marketplace via project work outside of employees’ regular roles can help to build a culture of continuous learning and skill specific training, which can fill the skills gaps plaguing companies.
Building people centric organisations
Cultural shifts have changed the way that employees view their life at work, with many now having different expectations regarding pay, benefits, purpose and flexible working arrangements. To meet these shifting expectations organisations are turning to a people centric approach, with listening at its heart. For example, XpertHR has found that 53% of employers are now using employee survey findings to ensure they are providing adequate benefits packages to their workforce. Organisations should continue to focus on this people centric approach, using data and benchmarking tools not only to review the relevancy of benefit packages but also hybrid working arrangements, training initiatives and DEI programmes.
Supporting employees with pay and benefits
The cost of living crisis has placed financial strain on the workforce and companies alike. As employees seek to gain pay and benefit increases to combat this period of financial difficulty, organisations should be prepared to adapt accordingly whilst also keeping in mind affordability issues of their own. Strategies revealed in the XpertHR benefits and allowances survey, including the increased emphasis on communicating benefit packages to employees and the fact that 39% of companies now use some level of flexible benefits, are likely to become more relevant in 2024.
Upskilling leaders and managers
As a key point of contact with the wider workforce, leaders and managers play a vital role in managing both the output of the company and the environment for the workforce. But in order to walk the line between evolving employee expectations and the needs of the business, these managers need to be better equipped to support their employees and handle discussions around topical concerns such as hybrid working and the cost of living. With an upskilled managerial cohort, HR can rely on this group to support their talent strategy. In 2024 HR can support this upskilling by providing training for line managers on areas like managing a hybrid workforce and supporting employee wellbeing.
Generative AI and technology
HR teams play a crucial role in implementing the use of AI in businesses, and it is important that they continue to assess the impact of its use on people’s roles whilst helping to allay employee concerns. AI is also impacting the roles and responsibilities of HR teams; whilst the recent XpertHR survey found only 2.2% of organisations used AI to draft HR policies in 2023, the use of AI is likely to expand over the next few years in areas like recruitment and learning and development. Not only can this assist HR teams with administrative tasks, but it will also free up time for HR professionals to focus on the more ‘human facing’ aspects of their role.
Learn more about the HR priorities for 2024, and how to prepare, with the XpertHR webinar: http://bit.ly/41c1Vpw