Written by Michaella Prow, Recruitment Partner | Talent Acquisition | Workforce Planning | Outplacement and Career Transition | Top 10% Recommended Recruiter on Sourcr.
As your organisation gears up for the approaching year, it is crucial to grasp the anticipated trends for 2024 and tailor your strategies to navigate these forthcoming changes, challenges, and opportunities.
In aid of your organisational preparedness, we've condensed key projections for the upcoming year, outlining how you can proactively plan for them.
1. High Demand for Talent
The persistent challenge of talent acquisition is expected to continue in 2024, with an escalating demand for individuals possessing the right skills. Tackling talent shortages is imperative for organisational vitality in the coming year. While specific sectors like healthcare, mental health, construction, and education may experience more acute shortages, the challenge is anticipated across all industries.
Strategic workforce planning becomes paramount to address talent shortages not only in the short term but by charting workforce needs for the next 2–3 years, especially for organisations in growth stages. A comprehensive strategy should include initiatives for employee retention, internal succession planning, team restructuring, flexible work arrangements, diverse workforce integration, and investments in learning and development.
Building a robust employer brand, including a compelling Employer Value Proposition, will be pivotal for attracting and retaining talent.
2. Industry Growth
Certain industries are poised for growth in the coming year, leading to increased opportunities and a surge in demand for specific skills. Notably, healthcare, mental health, technology, construction, property, and engineering sectors are anticipated to expand.
The rise of AI and technological advancements will influence job roles, emphasizing the need for employees with robust tech skills. Organisations are encouraged to upskill and reskill their workforce in AI and technology to gain a competitive edge.
3. Flexible Working
The permanence of flexible and hybrid working models has been affirmed, rendering the traditional 5-day office week obsolete. Job seekers and employees prioritise flexibility and work-life balance, making it a crucial factor for talent attraction and retention. Organisations that can offer flexibility will stand out and gain a competitive advantage.
Achieving this requires educating leadership, transforming company culture, and setting examples through role modeling.
The heightened demand for skills has led to wage inflation, placing strain on organisational sustainability. Previous reports show salary increases in specific roles and industries, a trend expected to continue in 2024, particularly in high-demand sectors. However, organisations must review operational costs to ensure long-term sustainability.
Successfully navigating these changes requires a shift in perspective, recognising that recruitment and workforce development extend beyond job roles to encompass individual well-being, team dynamics, updated business processes/systems, and a positive workplace culture.
For organizations seeking support in any of these areas, our HR/Recruitment Partners at Essential HR are available to assist.
How can Essential HR help?
As specialists in recruitment & human resource management Essential HR can assist in formulating strategies and crafting an Employer Value Proposition (EVP) that articulates your purpose, team culture, and fosters strong workplace relationships.
We look at aligning compensation, benefits, professional growth opportunities, enhancing employee experience through HR technology, creating positive working environments, and providing intiatives around work-life balance. In doing so, we help create effective EVP''s to not only attract the right talent but also improve employee engagement, reduce turnover, and enhance the organisation's overall performance.
To learn more visit our website at: www.esshr.com.au or get in contact with us.