2024 Industry Insights
Most employers would agree: 2023 was a year of ups and downs for the world of work— with a lot of question marks.
From the uncertain economy to global conflicts, and ongoing transformations spurred by the pandemic, business leaders had to weather significant change this year.
While those changes are still very much playing out across industries, there are some insights we can already glean from the trends that impacted employers in 2023 to help build a vision of what’s to come. If this year taught us anything, it’s to be prepared for the unexpected—and 2024 likely won’t be any different! However, with a clearer understanding of the pain points that vexed business leaders and the strategies that helped them overcome those obstacles, employers can be better prepared to pursue success in 2024.
Here are a few realities about the world of staffing that defined 2023—and that will pave the way for ongoing transformation in 2024:
The Great Resignation is over … for now
Throughout this year, jobs numbers suggested that the Great Resignation that took hold of the nation in the wake of the pandemic—as employees reassessed their careers and purpose—is subsiding, with quit rates substantially down from 2021 and 2022. Many experts predict that talk of a recession and economic challenges could be holding employees back from job hopping; however, the reasons employees headed for the door in the first place—namely, low pay and lack of development opportunities, according to Forbes—could still cause retention issues if economic conditions change. This underscores the need for employers to create targeted retention strategies that speak to the individual needs of their workforce.
Employers need to know their audience
As organizations look to develop or strengthen their retention strategy in 2024, listening to employees will be key. Modern employees, and job candidates, expect their voices to be heard: Through the pandemic, they were largely given more freedom and say in how, when and where they wanted to work—and they want their opinion to continue to matter. That means business leaders need to deploy employee listening strategies that include pulse surveys, focus groups, town halls and more to ensure they’re targeting strategies to the particular needs of their employees—and showing those employees that they’re listening.
Non-traditional talent is in demand
For many organizations, full-time, in-office work is quickly becoming a thing of the past. The flexibility that spread throughout the workforce in the last few years has created new models: Workforces are comprised of a fusion of part-time, hybrid, remote, contract, seasonal and other types of workers. Those shifts mean that today’s employers need to be prepared to hire a bit differently—faster, more flexible and more forward-thinking. At Integrity Staffing Solutions, we have decades of experience placing talent and are leveraging this expertise to help organizations meet the new demands of hiring and retaining non-traditional workers.
Get ready for the most diverse workforce ever
For the first time ever, there are five generations in the modern American workforce, a reality that employers need to consider in 2024 as they design benefits programs, policies around workplace flexibility and more. Age is not the only factor to think about: Workforces are becoming more gender and racially diverse, as well as increasingly comprised of workers without traditional college degrees, as employers pivot instead to skills-based hiring. All of these contribute to a workforce that looks, believes, thinks and works differently than those in the past—and employer strategies need to likewise shift in 2024.
Make way for AI
The phrase “artificial intelligence” was everywhere in 2023—and next year probably won’t be any different! While this year was a time for employers to start getting comfortable with the idea of AI being deployed within their walls, next year is an opportunity for leaders to strategize for embedding AI throughout their organizations to improve productivity and practices. Employees are already using AI—more than half, according to UKG—and in 2024, employers will need to ensure regulations are in place to guide that use, along with training to efficiently upskill their workforces on AI.
The only constant is change
From the economy to technology and continuously shifting employee expectations, 2024 is primed to bring ongoing change to employers—as will national and global shifts that have yet to emerge. While preparing for unforeseen change is quite a challenge for employers, what they can be doing is ensuring leaders, managers and employees are all equipped to work in an agile way—ready for new challenges but staying rooted in company mission. With that goal as a North Star, employers can be confident they’re heading into 2024 ready, willing and able to thrive through all that may come.
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