The future of work: 10 key actions for employers in 2024
Published: 27 February, 2024
Geopolitical disruptions, quickly evolving technology and debates on returning workers to offices are influencing workforce strategies now, and will continue to in the future, according to recruitment and workforce solutions specialist Hays.
In their latest report, The Future of Work, Hays explores how to shape your workforce strategy in 2024 and beyond. To find a solution Hay’s believes organisations must consider three main categories: the macro landscape, the innovation landscape and the people landscape.
Key considerations for each are as follows:
The macro landscape:
- Inflation: Cost control in an inflationary environment is a key focus area for businesses, however majority of CEOs globally don’t fear a significant or long-term recession, and fewer are actively reducing the size of their workforces.
- Manage a cross-border workforce: Skills shortages in some areas are prompting a rise in nearshore hiring and an exploration of cross-border working, organisations should consider technology and external resourcing to manage the intricacies. For instance, a Vendor Management System (VMS) can track, automate and report on the full resourcing process. If you’re creating a cross-border permanent workforce, a global Recruitment Process Outsourcing (RPO) provider can connect you with the right talent and keep you compliant.
- Transform uncertainty into competitive advantage: Navigating cost pressures while upholding initiatives like Diversity, Equity and Inclusion (DE&I) and sustainability requires foresight and commitment. Organisations can safeguard such initiatives in 2024 by embedding them deeply into their core values and long-term objectives, communicating transparently about the importance of such initiatives and their impact on long-term profitability. In turn, this can aid talent attraction and loyalty, as well as trust with customers and investors.
The innovation landscape:
- Artificial intelligence: One concern organisations have about using AI technology as part of the recruitment process is the potential legal challenges that might result from bias within an algorithm. In Australia, the government is strengthening existing laws and developing new legislation to govern the use of AI in high-risk settings such as law enforcement, job recruitment and healthcare. But CEOs are keen to understand the efficient benefits that AI can offer, and are actively considering how to harness the benefits while mitigating the risks.
- A digital-first employee experience: With technological advancements enabling greater connectivity through remote working, the workforce of tomorrow is set to become more disparate and digital than ever. One approach is for leaders to rebalance synchronous (where employees work together, at the same time) with asynchronous (where they work remotely and at variable hours) work. Another is to consider setting core collaboration hours – this is especially useful for global businesses operating across multiple time zones. During these hours, prioritise the challenges that require collective problem solving, while giving people the opportunity to complete work that requires deep focus outside of these hours.
- Model the right to disconnect: Organisations should help their employees to draw boundaries between work and home to safeguard staff against chronic stress and burnout. With a rising number of non-permanent and freelance workers, leaders have a vital role to play in establishing the norm by modelling the right to disconnect, which can lead to increased productivity, employee wellbeing and retention.
- Sustainable workplaces: With an increasing number of employees believing their employers should take sustainability issues into account, ensure you understand what sustainability means in your organisation. Have a clear sense of direction.
The people landscape:
- A return to the office: People expect continued hybrid working in their future place of work. When shaping a workforce strategy, explore initiatives that ensure return to office directives remain a conversation rather than point of conflict with staff. Create meaningful reasons for coming into the office, from development opportunities to networking and social activities.
- DE&I: Employees are looking for authenticity from their leaders, so strengthen your approach to DE&I by capturing diversity data and collecting qualitative information from your workforce on inclusion and belonging at work. Translate strategies into actions and communicate successes. Maintain momentum by embedding a process to assess progress and identify areas for improvement.
- Training and development: Traditional forms of education can’t keep pace with growing skills gaps, particularly in tech-focused roles. Organisations must put training at the forefront of short- and long-term workforce strategies, to ensure their people are prepared for evolving roles. Understand what skills you’ll need to realise your organisation’s vision, analyse the skills and capabilities of your workforce, then build a learning and development program to close the gap.
With industry-leading expertise in workforce transformation, Hays is committed to partnering with you to shape a workforce strategy that will allow you to thrive in our rapidly changing culture and economic environment.
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Hays is the leading specialist in recruitment and workforce solutions.
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