As we anticipate the HR challenges of 2024, we’ve gathered insights from four professionals, including a HR manager and an Associate Consultant. They share their strategies on issues ranging from retaining talent amid rising salaries to promoting holistic employer value proposition. Dive into their experiences and plans to prepare your organization for the future.
Retaining Talent Amid Rising Salaries
My biggest concern and challenge is keeping the talented people we have hired. Over the past few years, we have hired many very talented individuals. However, rising salaries are making it difficult to keep them. The cost of replacing employees is high, but salaries are increasing faster than we can keep up with.
Human Resources Manager, Absolute Group
Addressing Regrowth After Economic Instability
Once the economy settles, my primary concern for most HR professionals is the regrowth. This is a cycle we have all seen before: We want to grow based on what we are seeing in the economy, we hire—a lot; we don’t hit our numbers or the economy shifts, leadership gets scared, layoffs start happening. Then we go through it all over again once the business gets back to a neutral standpoint following all the change. Since this is an ongoing cycle that even large top employers can’t seem to shift out of, it can be worrisome about how we regrow to avoid the same situation in the next cycle.
I am preparing clients and employers by having them rethink how work is done in the company and how we can do better in the next cycle. It involves rethinking how we hire, how we train and how we structure the work. When going through annual planning, add these types of questions into your process to help better prepare to not repeat this never-ending cycle.
Talent Innovator, BuildHR, Inc.
Promoting Holistic Employer Value Proposition
A significant HR challenge we foresee in 2024 is in effectively packaging, presenting and promoting a holistic employer value proposition to attract and retain talent.
As recruitment consultants, we’ve witnessed a substantial shift in employee expectations as a result of the Covid-19 pandemic and the growing divide between employees and management.
Our past experiences have taught us the importance of addressing a range of factors to meet these evolving expectations, such as creating pathways for career advancement, nurturing skill development, fostering a sense of belonging, championing a broader societal purpose, offering robust wellness benefits and aligning individual career objectives with organizational goals.
While these expectations have always existed, our approach for 2024 involves actively integrating these elements into the core of our organizational culture to retain top talent.
Marketing Senior, Kepler Search