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The International Monetary Fund recently forecasted the fear of widespread recession in the world economy is fading amid the widening global divergence. Moreover, the IMF has also shared in the same report that the global headline inflation will fall from 6.8% in 2023 to 5.2% in 2024.
Moreover, in the U.S., the labour market is going strong as ever as the rise in job allocation increased to 336,000, almost double what was recorded previously. It projects an average annual rate of 0.5% growth, predicted to reach 163.8 million in 2024.
With the economic outlook slightly improving for the better, it is that time of the year when the anticipation of what comes next is much lauded in the form of ‘Workforce Trends’. The last decade brought revolutionary changes in the corporate world, and it wasn’t just an exodus of the suit-and-tie culture that was noticeable.
Not only does this exemplify that it will get better next year, but it also explains the automation and arrival of Artificial Intelligence and Machine Learning, something that the workforce considers to be its arch-nemesis, doesn’t gulp their jobs.
The unemployment rate in the US of A has de-escalated compared to last year.
Let’s look at 8 of the most plausible predictions in workforce trends that have a great chance of making it into offices around you. Whenever the new year phases on, employees walk into it with high spirits, newfound resolutions, and, in some cases, new jobs and, of course, new trends in the workplace.
Let’s see what this year has to show. What are workforce trends, then? Presenting the workforce trends 2024!
Workforce trend predictions for 2024
What do the 2024 workforce trends offer besides work from home, social distancing, and a raging pandemic? Find out here.
1. Gen-Z’s arrival with screens and memes
An age diversity transition is inevitable, and as we unveil the new year in all its spirits, Gen-Zers will officially take center stage away from baby boomers (well, at least they’ll try to; more on that later).
This zestful generation of young people born between the late ’90s to the end of the ’00s has a different perspective altogether—something that the management can salvage lots from.
Sure, the fact that they are #AlwaysActive on social media and use up to 5 screens at once does put them in a bad light, but in reality, this is what makes Gen-Zers an invaluable asset. More than a third of Gen-Zers in the workforce believe that engagement is the key to retention and better performance. That same proportion hankers for feedback from their superior/boss to become a better version of themselves.
Not only does this make it crystal clear that an organization has to tweak its engagement and recognition strategies accordingly, but it also offers its workforce more ownership than what they were doing already. This high-flying generation doesn’t simply get the job done, but it takes ownership of it as well.
Now that 2024 rolls on, we can surely expect more youngies in casuals loitering around with smart wearables on their clothes, headphones in their ears, and smartphones in their hands.
2. Remote work will take the win
Remote work is very much in contention to be the buzzword of 2024 as it is something that the workforce is very much looking forward to teaching in their daily lifestyle.
Now that flexible work hours are the corporate equivalent of the new world order, this calls for a more dedicated workforce that can function round the clock if needed (Author’s Note: I’m writing this bit while watching Manchester United play at home).
Gone are the days when a job was nine-to-five, and it has revolutionized into getting things done more than anything else.
The corporate culture study by Kronos indicated that 71% of workers believe that a rigid work window hinders their personal lives. Not only does this prove the importance of flexibility, but it also shows that it’s not just a game of bench-warming the office desk that gets things done.
One study has shown that a whopping 80% of executives feel contrite about the return-to-office decisions, pushing continuation of the opportunity to increase remote and hybrid work-mode in action in 2024. Moreover, a study from Gallup has found that 8 out of 10 CHROs from the Fortune 500 have no plans to decrease work flexibility in the upcoming year.
3. Gender equality will no longer be about balancing the scales
Come to think of it, thanks to all the efforts, the issue of gender equality isn’t a worrisome problem. It has been found that gender diversity has an astronomical impact on profitability (Ernst & Young).
An organization moving from zero female leaders to 30% of female leaders witnesses a 15% increase in net revenue margin—something that’s quite a robust figure in terms of skyrocketing numbers.
But it’s not just profitability and numbers that end the debate. Organizations have actively started respecting the sexual orientations of individuals at the workplace by supporting health and life insurance policies for partners with LGBTQ+ identities.
This is a crucial step for our advancement as a society, and employees feel honored to work with an organization that respects who they are. The new year will witness a huge revolution in normalizing gender identities and orientations. It’s best if everyone adapts to it, employers and employees alike.
4. Salary & benefits shall stay on as key motivators
If someone’s wondering whether 2024 would be the year when employees would fall for the “don’t work for the money” speech, then let’s burst that bubble—salary and the benefits will stay on as critical motivators for a quintessential employee.
But these factors are fiercely in competition with long-term job security, an opportunity to step up the career ladder, and a pleasant work atmosphere.
While an employer’s priority lies in hiring an employer that helps the organization become financially healthy, uses the latest technology, and carries a very good reputation, you can easily see the gap between employee-employer demands (Randstad).
This has to be curbed to build a healthy culture where employees are recognized for their work and engaged to the max.
5. Formal communication will get more informal
Now that platforms like Slack, Google Business Hangouts, Skype, and hundreds of others are dominantly used by organizations for intra-office communications, the textbook email templates would soon flourish.
The salutations and pleasantries will slowly be cut out as instant messaging (IM) platforms make verbal communication handier and more accessible.
It is correct to say that a formal communication channel as regal as email cannot be replaced. Still, for internal communications and inter-team collaboration, a group chat would be more effective than an email thread that goes on s for miles.
6. Millennial employees will no longer be job nomads
Millennials are often known for their ‘job skipping’ stereotype as most of them keep scouring for opportunities to scale up their designations and paycheck.
As the last decade wore on, millennials are now fully committed to settling in rather than switching jobs. 90% of millennials would stay at their current job for more than ten years if they’re offered two things:
- Annual raise in the paycheck
- A rise on the corporate ladder
This conclusion came from a CNBC-exclusive survey with Qualtrics, wherein many exciting findings were discovered. It was found that almost 40% of millennials would stay at their current job if they liked it, and only 36% of the total would leave it for a better opportunity.
As for the stereotype that millennial employees have one foot out the door, only 3% of millennials said that they don’t like to spend all their time on one job, which disapproves the myth.
The ‘Job Nomad’ stereotype hasn’t disappeared. However, it shall move from one generation to the other. It won’t be a surprise if Gen-Zers take that tag shortly.
7. Baby boomers will make a comeback
Coming back to the original hustlers of this cross-generational platter, the number of workers aged 65 years or more has bizarrely escalated.
But why are baby boomers making a comeback? Not only is it happening because the jobs are not as 'physically daunting' as they were before, but also because they bring a vast amount of knowledge with them. Many baby boomers are also seeking jobs because they couldn't plan their' fairy tale retirement plan', forcing them back to work.
8. Automation will make jobs easier & not gulp them down
Whenever there's talk of Artificial Intelligence (AI), machine learning, automation, or self-driving cars, the first thought that comes to the employees is," what about our jobs?"
Automation and amalgamation of efforts of human beings and technology have genuinely led to miraculous things in the near past, and this collaboration would only bolster as the times fly.
This Oxford research on how susceptible our jobs are to automation highlighted back in 2013 how more than 40% of jobs were at risk thanks to the rise of automation.
Now that AI is coming in with the 5th Industrial Revolution, the job risk would surely be there, but jobs won't be lost to ones who update their knowledge base. No, that doesn't mean that data-operators are supposed to learn machine learning, but at least they have to gear up with the change. AI and automation are just here for the betterment of consumers, ease for businesses, and make employees' jobs simpler. Learn how AI can help in recruitment.
Hot on the Block: This Amazing Workforce Engagement Software
As we officially step into the world of remote work, it's obvious that employees need a platform to communicate and collaborate on everything work and beyond. Emails and IMs have already been deemed too professional, where Empuls, the workforce engagement software, fills the void.
With Empuls' rewards and recognition traits, the organization can celebrate big wins and small victories by sending out pats on the back, awards, and value tokens to keep the workforce motivated, especially lacking in remote workers. Here's to the most significant prediction of all: workforce engagement software shall save the day, and you'll see a lot more Empuls in the foreseeable future. Give it a try now.
Bring on the New Decade!
Now that the new year rolls out as the opening act for the new decade, here's how the workforce trends should phase out in the year 2024. It would turn out to be a brilliant decade for all stakeholders in the business, but one thing's for sure—employees dig recognition, respect, and formidable pay. Hence, keeping them engaged is highly crucial to adapt to every trend that comes along.
