“Companies are seizing the chance to recalibrate their human resources strategies, deliberately constructing work models that are more sustainable, inspiring, and less draining.”, says Kate Bravery, Senior Partner, Mercer.
As we delve into the new year, the global employment landscape is undergoing significant transformations, driven by technological advancements, shifting workforce dynamics, and evolving societal values. Let’s explore the top five global employment trends poised to shape the job market in 2024.
Navigating Global Employment Trends and Strategies for 2024
In 2023, businesses grappled with challenges like inflation, generative AI (GenAI), geopolitical unrest, labor strikes, return-to-office (RTO) disputes, evolving DEI initiatives, and heightened climate change concerns. Looking ahead to 2024, disruptions are anticipated to persist. Gartner’s research identifies new trends, including the increased integration of advanced workforce management tools, shaping the future of work in the context of global job market trends. Organizations that proactively formulate clear business and talent strategies to navigate these trends will gain a competitive edge in achieving strategic goals and optimizing talent outcomes.
Here are the top 5 global trends shaping the landscape:
The Rise of Hybrid and Remote Work Models
The prevalence of remote work saw a rapid increase due to the COVID-19 pandemic, and projections indicate its sustained momentum throughout 2024. Global Employment Trends indicate that companies are embracing hybrid and fully remote work models to attract and retain top talent, reduce operational costs, and promote work-life balance. However, this shift also presents challenges in terms of collaboration, team building, and maintaining a strong company culture.
Though the pandemic accelerated the adoption of remote work, a recent global study by KPMG reveals that 64% of CEOs anticipate a full return to the office for employees by 2026. This prospect is likely to be divisive, as a considerable number of individuals have grown accustomed to increased flexibility in their work locations and are resistant to reverting to their former routines. Moreover, according to Gartner, more than half of workers would actively seek new employment if their ability to work flexibly were compromised.
Upskilling and Reskilling for the Future of Work
As technology continues to disrupt industries, the need for continuous upskilling and reskilling has become paramount. Global Employment Trends suggest that organizations are investing heavily in employee training and development programs to equip their workforce with the necessary skills to stay relevant and competitive. This includes training in areas such as data analytics, artificial intelligence, cybersecurity, and digital literacy.
The Future of Jobs Report by the World Economic Forum discovered that technological advancement is outpacing companies’ abilities to develop and expand their training programs.
Emphasis on Employee Well-being and Mental Health
With the increasing recognition of the importance of mental health and work-life balance, Global Employment Trends reveal that companies are prioritizing employee well-being initiatives. This includes offering flexible work arrangements, mental health support programs, and promoting a healthy work-life balance. By fostering a supportive and inclusive work environment, employers aim to attract and retain top talent while promoting productivity, employee engagement and ultimately, workforce management.
The Gig Economy and Contingent Workforce
The gig economy, characterized by short-term contracts and freelance work, continues to gain momentum. Global Employment Trends indicate that companies are increasingly leveraging contingent workers and independent contractors in a skills first hiring approach to access specialized skills and expertise on a project basis. According to Hays’ latest annual report, the need for contingent workers is expected to persist through 2024. This trend offers flexibility for both employers and workers but also raises concerns about job security, benefits, and workers’ rights.
Diversity, Equity, and Inclusion (DEI) as a Strategic Priority
In 2024, Global Employment Trends highlight the growing importance of diversity, equity, and inclusion (DEI) in the workplace. Organizations recognize the benefits of a diverse and inclusive workforce, including improved decision-making, innovation, and employee engagement. Companies are implementing DEI initiatives, such as unconscious bias training, inclusive hiring practices, and promoting diverse leadership.
What Do the Stats Say?
In 2020, the World Bank highlighted the potential of closing gender economic gaps, estimating a “gender dividend” of $172 trillion for the global economy. However, the Global Gender Gap Report 2023 by the Forum revealed that the Economic Participation and Opportunity gap has only closed by slightly over 60%.
Discussions at Davos emphasized the economic benefits of inclusion, particularly in facilitating mothers’ return to the workforce to address skills gaps. Reshma Saujani, Founder and CEO of Moms First, pointed out in a session on the ‘Workforce Behind the Workforce‘ that “606 million women worldwide are not working due to unpaid care responsibilities, a stark contrast to the 40 million men facing a similar situation.”
Bottomline
As these global employment trends unfold, it is crucial for organizations and individuals to adapt and embrace change. Employers must foster a culture of continuous learning, prioritize employee well-being, and leverage technology to remain competitive. Individuals, on the other hand, must be proactive in developing relevant skills, embracing lifelong learning, and cultivating resilience in the face of a rapidly evolving job market.
Procloz is your dedicated partner in workforce management excellence, offering streamlined global hiring, comprehensive support solutions, and unparalleled employer of record services. So, are you ready to ride the wave of global workforce trends together? Let’s chat about how Procloz can elevate your business in this dynamic landscape. Contact us now.
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