2024 – Ready or Not!

December always sneaks up on me (as does the need to Christmas shop!). I do enjoy the month of December, as it is a wonderful opportunity to both review the year that was, and look forward to the year ahead. The lessons we can learn, the goals we set for our future, and the growth we experience through taking on new challenges are all part of this year-end review that I relish.

As we plan professionally for 2024, it is important to understand what challenges are likely to face our organisations in the year ahead. This article by HRM Online unpacks recent research on what challenges HR can expect in 2024.  The challenges noted are much of the same, but especially highlight the challenges of AI, hybrid work, and ongoing recruitment difficulties.

The five top predicted trends for 2024 in the HR space are:

1. Talent acquisition challenges.
   Finding the right person, with the right skills, at the right time has been an increasingly difficult task. Unfortunately, next year looks to be a tight market as well. To address this, organisations must maintain a focus on employee retention and solid succession planning.
   
2. Tech skills in high demand.
   With technology rapidly increasing, and the introduction of AI, technology skills are being highly sought after. This includes acquiring these skills through external recruitment, and through upskilling existing staff. The more opportunities we can provide staff to experiment with new technologies in a low risk setting, the more we will grow our internal capabilities.
   
3. The impact of Artificial Intelligence.
   While AI itself will not necessarily replace full rules, it is clear that people and organisations who use AI will replace those who don’t use it. Organisations will need to learn how to harness AI for their competitive advantage and if we let it, AI can enhance our people rather than replace them.
   
4. Optimising hybrid working models.
   Hybrid work is no longer a ‘fad’, but a permanent fixture in the employment landscape. For those organisations who are struggling to find the right balance, or to maintain productivity, 2024  is the year to settle into a more deliberate hybrid work model.
   
5. Wage inflation putting pressure on organisation sustainability.
   The increasing cost of wages has put notable pressure on the operating costs of organisations. It is a critical point in time for organisations to balance their talent costs with their talent needs, ensuring a right-sized workforce.

What will really set organisations apart is not too different from previous years, but is their strategic decision making around their people and technology integration. Happy planning for 2024!