It’s a new year, which means it’s time to share the top three HR Megatrends that will shape the world of work for millions of employees and organizations across industries.
As you may have heard, our friends Chas Fields and Julie Develin previewed the UKG HR Megatrends a couple of weeks ago on the People Purpose Podcast, featuring a discussion with special guest Dr. Jarik Conrad, VP of human insights at UKG and executive director of the UKG Workforce Institute.
Jarik was instrumental in determining the UKG HR Megatrends for 2024 — but he definitely wasn’t the only one. Each year, an international team of HR evangelists, thought leaders, and social scientists from across UKG meet to reflect on the past year’s developments, evaluate the implications for organizations and HR teams, and aim to predict how these forces will impact the workforce in the year ahead.
Based on these discussions, UKG has identified three HR Megatrends set to impact organizations and their people worldwide in 2024:
- Redefining the Employee/Employer Relationship
- From Buying and Borrowing to Building and Mining
- The Impending ESG (Environmental, Social, and Governance) Gut Check
We’ll be covering each of these concepts from a variety of angles and perspectives throughout the year here at the UKG Workforce Institute, including what they mean for the workforce and what organizations can do to best support their people in 2024. For now, here’s a brief breakdown of what to expect from the latest HR Megatrends.
Redefining the Employee/Employer Relationship
When it comes to what makes a great workplace, there is no single answer for all people. Fair pay and benefits top the list of employees’ needs, though account for just 37% of what employees want at work, according to research from UKG. The other 63% includes necessities such as transparent communication, personalized flexibility, and shared-value alignment. Because people are complex, responding to employees’ expectations effectively requires a multifaceted approach, so organizations can meet people where they are.
From Buying and Borrowing to Building and Mining
The world of work is constantly changing and the battle for talent is never-ending. Organizations need to get creative in finding their long-term top performers. In the traditional skills-acquisition matrix, there are three options: buy (traditional recruitment), build (internal reskilling and upskilling), or borrow (hiring temporary contactors and freelancers). The year ahead will introduce a fourth option of mining, which entails uncovering critical skills from an organization’s current workforce, in sometimes-hidden places.
The Impending ESG Gut Check
ESG initiatives have become standard business practice across the globe, and employees and consumers are demanding less talk and more action from companies. Organizations that made long-term promises to do better for people and for the planet — from ESG to diversity, equity, inclusion, and belonging (DEI&B) — must establish their authentic positions on ESG and DEI&B and stay committed to achieving their goals, in the year ahead and beyond.
We’re just getting started on the HR Megatrends for 2024. To learn more about how to best navigate these developments in the coming year, register for “The Future of HR” webinar on January 11, at 2:00 p.m. ET, featuring Julie Develin and Karina Monesson, senior manager of HCM research and advisory at UKG.
