The Future of Work & Elevating Your EVP in 2024!
The modern workplace is changing at lightning speed, and 2023 has been nothing short of revolutionary. Amidst these shifts, one constant remains: the need to not just attract but also retain top-tier talent.
However, the journey isn’t smooth sailing. Employee engagement is waning, the cost of living is soaring, and resignations (read: quiet and loud quitting) is on the rise.
Gone are the days of token perks that don’t resonate with employees (ping-pong tables and Friday beers, here’s looking at you). They’ve given way to the “anti-perk” movement, where these offerings don’t cut it anymore.
So, what’s the game plan to stand out in 2024?
Here are 5 key trends and strategies to supercharge your EVP (Employee Value Proposition):
1. Hybrid Flexibility: The buzzword for success in the new work era is flexibility. Studies worldwide affirm that flexibility boosts productivity and work-life balance. While some voices push for a return to the office, many candidates clamour for a hybrid model post-Covid. Research from Randstad found that 83.2% of Australian workers consider flexibility in terms of working hours to be important, and 74.6% believe flexible location is essential. When hiring, remember that many now consider intentional flexibility, transparently integrated into the business’s core, as a non-negotiable norm.
2. Lifelong Learning: Personal growth and development take centre stage in 2024. Investing in your employees through upskilling and reskilling is more important than ever. Equip your workforce with the tools needed to thrive amidst emerging tech (especially around data and AI). Robust, and ideally bespoke, internal L&D programs focused on the individual areas’ employees want to grow in professionally is one effective strategy to boost retention.
3. Gen-Z Integration: Gen-Z is taking the reins, constituting a sizeable portion of the workforce – an impressive 23% of it in 2024, according to studies (making up almost one-quarter of employees – where has the time gone?!). There’s no doubt their approach to work differs, emphasising in-person collaboration, diversity, innovation, environmental responsibility, and true work-life balance. Understanding and adapting to their preferences will be a game-changer.
4. DEI (Diversity, Equity, and Inclusion): Diversity and inclusion aren’t just buzzwords for virtue-signalling, but crucial aspects of a thriving workplace culture where everyone feels valued, respected and seen. Genuine, honest, and proactive efforts toward DEI – from diverse hiring practices, transparent policies, comms and procedures, to investing in how-to workshops on fostering allyship and understanding – have experts predicting fewer gender, race, and educational gaps in the corporate world. We have our fingers and toes crossed!
5. Generative AI: The rise of AI presents both disruption and opportunity. Automation frees up time for meaningful tasks, yet the true edge lies in the synergy between AI and human capability. Popular discourse states AI won’t replace jobs – but people who can use AI will replace people who can’t. The sweet spot? Embrace AI’s benefits of driving productivity and increased efficiency, while remaining mindful of its limitations in creativity and empathy.
Looking beyond the Great Resignation and Big Reshuffle, we predict 2024 heralds an era of The Great Stay.
By prioritising employee satisfaction, nurturing a vibrant workplace culture, and ensuring fair compensation, companies can not only help retain the crème-de-la-crème of talent but also gain a competitive edge.
Here’s to an exciting year ahead!
If you would like to discuss the future of work or your next career move, please reach out to Marina Gainulina or a member of our specialist recruitment team today.
Or you can visit Marina’s page HERE.
