Five Trends We Expect To Impact 2024’s Employment Sector
Americans have begun to see the emergence of a new post-pandemic workplace culture. Employers are looking to quickly adjust to this new employment landscape and determine what new challenges they may face.
Here are the five trends that the Talent.com team and I predict will shape the workplace in the year to come. We hope that these insights can help organizations prepare for a successful 2024.
Also, check out this list of benefit trends to keep an eye on this year.
Organizations will lean into developing prosperous hybrid cultures
Employees have adapted to hybrid work models thanks to the pandemic, and are enjoying the benefits and flexibility that it offers.
A recent study from the World Economic Forum found that hybrid work was favored by 68% of global respondents, and two out of three people found that it improved their work/life balance.
We believe organizations will continue to listen to their employees, and build trust and employee satisfaction, by leaning into hybrid work.
In talking to industry leaders, many teams have built successful working processes during the pandemic which has built a strong case for continuing to allow for remote work.
With that being said, many high-level executives see more value in in-person work. Slack’s Future Forum displayed this disconnect perfectly, with 44% of executives looking to return to the office full-time vs just 17% of employees.
We have seen tech companies such as Apple and Snapchat push for a return to office mandates, which has incentivized many employees to look for new roles.
Ultimately, I think that hybrid work is here for the long haul and organizations will place an emphasis on delivering quality employee experiences virtually, while still providing available touchpoints—e.g. summits—for in-person connection and collaboration.
Mental health conversations will reactivate due to increased economic pressures
Conversations surrounding mental health in the workplace became normalized during the pandemic, and we expect to see these discussions pick up steam as economic headwinds continue in the new year.
With employees holding many real fears, it’s important for employers to provide their teams with the necessary transparent communication and support needed to keep their teams in good spirits.
Organizations that provide support and programs to assist in overall employee wellness will create a healthy working environment.
At Talent.com, we provide all employees with a subscription to Dialogue, an integrated platform that provides access to multiple mental health and wellness services and resources, to help ensure the mental well-being of our team.
Other available offerings, such as Lyra Health, provide a comprehensive network of services, including therapy, coaching sessions, and access to guided meditation programs.
The American Psychological Organization has reported that 37% of employees agree that taking advantage of services offered by their workplace contributes to a more positive culture, which ultimately has the potential to lead to better work performance overall.
Pay transparency will make waves nationwide
Socio-economic issues have taken the news cycle by storm over the past two years, and pay transparency is an issue that we expect to continue making waves nationwide.
A recent Talent.com study showed that nearly 35% of candidates experienced pay discrimination and over 50% of those were women.
In talking to employees and job seekers, many feel that it’s very difficult to bring up topics such as pay disparities and the issue goes unaddressed—especially when it comes to women and racial minorities.
Salary transparency can help overcome the wage gap and pay discrimination, and this will continue to be talked about as pay transparency laws come into effect.
In fact, now’s a great time to review your overall compensation philosophy and get your organization aligned.
Upskilling will be an area of focus for employers
Conversations surrounding upskilling have taken off in 2022, especially with today’s labor market favoring job seekers.
There are approximately two open roles for every available worker, resulting in employers struggling to acquire top-tier candidates.
With this in mind, we will see employers positioning upskilling as growth and development opportunities in hopes of attracting and retaining talent.
Through industry conversations, I’ve gathered that employers are putting a focus on soft skill development, as these are important across all industries and skill levels, as well as updating skills to focus on new technologies and best practices.
This practice of upskilling will also result in existing employees and job candidates feeling as if their professional development goals are a priority to the organization, providing more reason to stay.
Employers will further benefit from this upskilling by developing adept teams that can better contribute to an organization’s success.
Related read: How To Create A Learning And Development Strategy In 7 Steps
Recruiters will lean on benefits to attract top talent
Nearly 60% of applicants consider benefits as an important element to consider during their job search, according to a recent Talent.com report.
Knowing this, and with pay transparency potentially limiting compensation negotiations, we’ll see employers turn to alluring benefit packages to stay competitive in a labor market that favors job seekers.
When speaking to job seekers, enticing benefits, such as access to fertility treatments, mental health services, and increased 401(k) matching, are a few of the many perks they would like to see, and we expect these previously untraditional benefits become much more common in the year to come.
The workforce continues to shift before our eyes, and it’s important to understand the impact of these changes. We encourage employees and employers to think about these five trends and the effect they may have on their business activities.
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