5 Workplace Trends Set to Impact 2024

As companies wrap up 2023 and set their 2024 budgets, at Casey Accounting and Finance Resources we’ve scoured the internet for the top workplace trends. This article is a compilation of our research on the categories that are expected to further develop or emerge next year. They are reasonable assumptions from the likes of HR Executive, EY, Gartner, Staffing Industry Analysts, IBM, LinkedIn, and Recruiterflow.

  1. Generative and Predictive AI

AI has received lots of buzz in 2023. From what we read, it will become more of a modern staple, not just in recruiting but across the organization and all industries.

According to Jill Barth, HR Executive tech editor, “Job market pressures …have some executives evaluating … recruiting technology infused with artificial intelligence. Madeline Laurano of Aptitude Research Partners and Tim Sackett of HRUTech.com report that 63% of companies are currently investing or have plans to invest in AI solutions for talent acquisition problems.”

According to EY’s recently released “Work Reimagined Survey,” GenAI is “expected to have an outsized impact on the labor market, on career and learning pathways, and on the realities of work.”

Emi Chiba,  a principal analyst in Gartner’s human resources practice, said the “hype around generative AI has served as a ‘tipping point’ for vendor roadmaps, sparking attention to ‘regular AI’ and how it can produce value for hiring teams.” Yet, as AI interest grows, Chiba also stated that employers will tread cautiously into the AI space until regulatory activity catches up with innovation.

  1. Diversity, Equity, and Inclusion (DEI) Sustainable Hiring Practices

The topics of DEI and sustainable hiring practices make the top prediction lists again as they continue to grow in importance for many candidates and employees, too. The goal of sustainable recruiting is to ensure that the recruitment process benefits not only the organization but also the broader environment and society. With a workforce comprised of tech-savvy, environmentally-conscious Gen Z candidates to Baby Boomers, companies need to prepare AI strategies that target and attract both sets of candidates.

According to research by Eagle Hill Consulting, fifty-three percent of U.S. workers say DEI is a key factor when considering a company for employment: Gen Z at 77 percent and Millennials at 63 percent. However, Recruiterflow states that currently, only one in three recruiters track the diversity of candidates.

If employers already haven’t included the following value propositions for employees and candidates, they should consider them: a bias-free hiring process, transparent and equitable wages, corporate social responsibility and community engagement, environmentally friendly practices, and prioritizing employee well-being.

This leads us to segue into the topics of employer branding and employee satisfaction, as much of the logic around DEI also applies to employer branding.

  1. Employer Branding / Employee Satisfaction

Recruiterflow notes that employer branding continues to be extremely important. Even if you have a team of 3-4 people, it’s time to make it a priority. It’s vital that you position yourself as a company that cares about its recruiters’ and other employees’ well-being and development.

Furthermore, the company states that “only a fraction of workers are currently fully engaged in their roles. Fostering a harmonious corporate culture that values collaboration and communication is essential in this new dynamic, where both parties hold significant sway in shaping the work environment. By embracing these shifts, employers and employees can forge a stronger, mutually beneficial relationship that celebrates and rewards their contributions.”

  1. Pay Transparency

Yes, we’re still talking about pay transparency, too, and in 2024, it will continue to gain traction. The gender pay gap has been a persistent issue despite equal pay legislation being in place for over 50 years, according to Recruiterflow.

A recent research report by Staffing Industry Analysts identified nine different legislative measures related to pay transparency, including access to pay information, advertising salary information in job postings, prohibiting employers from requesting salary history, creating an independent body to provide equal pay certification, obliging enterprises to publish gender and pay information, regular audits, pay assessments, and promoting equal pay discussions during collective bargaining.

This trend will surely change hiring processes, making job talks more open and pushing companies to share the pay they’re offering to create a job market that is fair and equal with a culture where companies have earned the trust of current employees.

  1. Reskilling

In a recent IBM report based on a survey of 3,000 global C-suite executives, the transformative impact of generative AI and automation on the workforce emerges as a dominant theme. The report underscores that 40% of executives believe a significant portion of the global workforce (approximately 1.4 billion individuals) will require reskilling within the next three years. This highlights the increasing importance of reskilling programs as a strategic recruitment and talent development approach.

To prepare for this transformative landscape, IBM recommends a future-focused approach involving redesigning work processes, substantial investment in talent development alongside technology adoption, a skills-centric workforce strategy, and empowering employees to pursue meaningful and skill-enhancing tasks as automation becomes prevalent.

Conclusion

Of course, we can’t predict changes in 2024, and nobody knows exactly what’s to come in the new year. However, we’ll keep an eye on these top 5 trends and check back in six months. What we do know is that the workplace will continue to evolve, and embracing these trends while adjusting accordingly may provide the value proposition needed for recruiting and retaining a multi-generational and cultural workforce. Let us know how we can assist you with your workplace strategies.

From our families to yours, we wish you a very joyous and restful holiday season. We look forward to collaborating with you in 2024. And if you need to hire talent over the holidays, we’ll be in the office to assist you. Happy Holidays!

4 Tips For Mining Your Employee Alumni Database to Fill Open Positions

The need for skilled talent remains high, yet recruiters struggle to find candidates to fill their open jobs. With more companies requiring employees back to the office, economic challenges, fewer opportunities for remote work, and “the Great Resignation” waning, where are recruiters finding talent? It might surprise you that employers are communicating with their former employees – those who left for so-called “greener pastures” and those who retired –  to see if they’ll “boomerang back” to their former company.

According to an article in ALM Benefits Pro, “4 out of 10 employees who quit their jobs during the pandemic now admit they were better off at their old job, according to a multi-country survey by workforce solutions company UKG.” Harvard Business Review also recently noted that “statistics around the prevalence of boomerang employees vary by industry, but a hot-off-the-press study conducted by HR analytics firm Visier between 2019 and 2022 found that 28% of “new” hires were actually boomerang employees who couldn’t stay away more than three years.”

Wooing Back Former Employees With These 4 Strategies

Here are some things to win back former employees. Oftentimes, a conversation with the former employee on why they left and how they’re doing may shed some light on what it will take to rehire them:

  1. Employee Culture: If you already have an awesome culture, congratulations! Many boomerang employees return because they miss the caring culture and work/life balance. If your culture needs improvement, work on the “low-hanging fruit” and move forward from there. Perhaps the former employee would like to be part of the team to enhance the company culture.
  2. Alignment of Mission and Values: ALM Benefits Pro notes that the “the advancement of diversity, equity and inclusion (DEI) and environmental, social and governance (ESG) initiatives, employers are really being compelled to take a look at their own DNA — who they are as a company, what they stand for, whether they have the right talent on board.” Employees want to feel respected and valued for their contributions.
  3. Colleague Experience: If we’ve heard it once, we’ve heard it thousands of times – employees oftentimes love the people they work with but find the environment intolerable. When evaluating your employee culture, reassess benefits and perks, professional development and growth opportunities, and peer resource groups as options to improve the environment.
  4. Considering Retirees/Mature Employees: While some of your former employees may have retired, there are also many mature employees who would be valuable assets to your employee diversity. ALM Benefits Pro urges company executives to “rethink stereotypes of older employees as being less capable, less able to adapt and learn, and unwilling to roll up their sleeves and dig in. Organizations that eliminate age bias from their cultures and hiring practices understand and appreciate the merits of hiring mature candidates. A recent Deloitte study shows that age brings a sense of security and wisdom to teams that can be used to their advantage.” ALM Benefits Pro asserts that organizations with a “more collaborative spirit and the benefits of diverse teams that integrate youthful vitality with the insights of experience” may “become more innovative, profitable, and likely to reach its full potential.”

It’s a good sign that employers can tap into their alumni database for recruitment purposes, not only to rehire them but to seek referrals. By the way, these tips are important for all employers and could prevent employees from leaving in the first place.

Casey Accounting and Finance Resources is ready to help you with your labor shortages. Contact us today to see how we can solve your workforce challenges.

How Gen Z Applicants Drive Today’s Interview and Job Offer Process

With confidence, a resilience born out of the pandemic, and a strong sense of what they want to do both professionally and personally, Gen Z applicants appear to have the upper hand in the job search process. Projected to make up 27% of the workforce by 2025, Gen Z prioritizes their job applications with companies that create a healthy and thriving work environment. This blog will dive deep into what’s most important to Gen Z and how they are holding their employers accountable to deliver on those needs.

Generation Z Defined

Generation Z comprises people born between 1997 and 2012 and accounts for 30 percent of the world’s population. As of 2022, Gen Z’s oldest members are turning 25 and have likely been in the job market for at least a few years now. Many others are at the tail end of their college careers, while still more are in high school and lower grades – which means the job market is soon to be flooded by this demographic, and the influx won’t slow for quite some time.

6 Things Gen Z Wants

Source: Handshake survey data found the top 6 things Gen Z wants from their next job. Hear more sentiments from the Class of 2023 in the latest Handshake Network Trends Report.

According to Valerie Workman, chief legal officer at Handshake, Gen Z graduating college seniors and those already in the workforce “want some semblance of normalcy: 85% of Gen Z job seekers say they’re prioritizing stability in their job search,” according to a new report from Handshake, a career site for college students and recent grads. Workman applauds Gen Z’s aptitude for transparency about what they want. “This generation cares about the work they do and wants to be at a place that appreciates their talent, and that they can stay with. They understand the business economics, the macroeconomics and how their salary plays into how they’ll be living. This generation of talent is making a difference because they are willing to talk openly about their needs,” Workman says. Gen Z “doesn’t want to be caught in a role where their needs are not met,” both professionally and financially.

How to Attract (and Retain) Gen Z Employees

Max Freedman, a content writer who has written hundreds of articles about small business strategy and operations, with a focus on finance and HR topics, offers some additional key takeaways that apply to all businesses looking to refresh their recruiting and retention strategies:

  • Keep work hours reasonable. Frequently asking this demographic to work more than their usual hours can sap their motivation and lead to workplace burnout.
  • Avoid micromanagement and toxic work environments.
  • Be flexible. Even if you can’t quite keep your team remote all the time, it’s important to give Gen Z the option. That flexibility can keep them engaged at work every day – even from a distance.
  • Provide free food. Glassdoor’s data shows free workplace lunches where co-workers eat together can help keep Gen Z workers engaged with your company. If budgets are tight, snacks are an option, but full meals make the strongest impression.

See more from Freedman in this article.

Addressing the Disconnect Between Gen Z Workers and Their Bosses

Amelia Dunlop, chief experience officer for Deloitte Digital, and Michael Pankowski, an analyst also at Deloitte Digital, share research that found a number of areas where Gen Z workers and their bosses share priorities and a number of areas where they differ. Both groups, for example, place value on cultivating working relationships, flexibility in the workplace, and more. Despite these alignments, the survey data also reveals challenges between Gen Z and other generations. This insight provides a great opportunity for improvement and establishes the building blocks to develop fruitful relationships:

  1. Contrasting views on the importance of empathy – Gen Zers ranked empathy as the second most important trait in a boss, while bosses ranked it, on average, a distant fifth. \
  2. Disparate views on the impact of work on mental health –Less than half of Gen Zers say their boss helps them maintain a healthy workload, and 28% say they struggle with their mental health because of their boss.
  3. Disparate views on the importance of work to personal identity – The research found that 61% of Gen Zers already in the workforce feel that work is a significant part of their identity, while 86% of bosses say that work is a significant part of their identity.

Other areas that lack alignment include rewards and recognition, and training.

The Deloitte research also reveals that more than 7 in 10 bosses are excited about the ways the workplace will change as Gen Z makes up an increasingly greater portion of it. So, what can a leader do to bridge these gaps?

  • Get curious. Explore a similar line of research with your workforce to understand what would elevate their experiences and build the trust of Gen Z specifically.
  • Connect. Be intentional about creating opportunities for connection between members of Gen Z and other generations.
  • Co-create. More than other generations, Gen Z wants to have their voices heard. They want agency to create a future that they find meaningful. Enlist their energy and problem-solving skills.
  • Build a culture of reverse-mentoring. Many organizations typically have older employees who mentor Gen Zers. In the same way, leaders can promote a culture in which Gen Zers reverse-mentor their mentors, helping these more senior employees better understand Gen Z.
  • Ask the influencers. Tap into influential members of Gen Z inside and outside their organization to help test ideas and shape the future culture of the workforce.

Download the full Deloitte report here.

Conclusion

Maya Alexander, an intern working with CNBC’s Strategic Content and Councils teams, offers these key takeaways on how HR is thinking about attracting and retaining Gen Z talent and notes that their asks are pretty straightforward:

  • The impact of Gen Z on the workforce may be greater than the pandemic and a potential recession.
  • Top HR executives are taking notice and adapting their recruiting and employee management practices around how to get and keep these younger workers.
  • Gen Z wants to work for employers that care about their mental well-being and offer opportunities to advance their careers.

“Top HR executives are taking notice and adapting their recruiting and employee management practices around not only the needs but desires of this younger class of workers. This is a clear generational divide,” said Don Robertson, executive vice president, and chief human resources officer at Northwestern Mutual. “This generation isn’t like previous generations, they know, they want to make an impact,” he said. “They want to connect with leaders, they want to be interacted with, they want it to be very personal and very intimate.”

Let us help you with your talent acquisition strategies to attract more Gen Z workers. Contact us today!

And, by the way, rumor has it that Gen Z doesn’t like to be called Gen Z. As members of the most racially and ethnically diverse cohort than any previous generation and who favor inclusivity, the notion of a “nickname” is nonsense. Just make sure your business prioritizes Gen Z values if you want them to stick around.

How to Get the Most Productivity Out of Your Meetings

A report by Harvard Business Review showed that more than 70% of the senior managers surveyed said most meetings are inefficient and unproductive. Among the top reasons were they keep managers from finishing their work, take away time for deep thinking, and result in lost opportunities to unite the team.

A study conducted by Beenote showed that 80% of the employees surveyed had problems in at least one stage of the meeting lifecycle. A lack of minute-keeping, participant preparation, team communication, follow-up tasks, and finishing on time made most meetings unproductive.

As a result, reducing the amount of time spent in meetings can increase employee satisfaction and productivity. You can use these tips to get started.

 

Follow these guidelines to increase productivity during meetings.

Limit the Number of Participants

Keep your meetings between seven and nine participants. Smaller numbers promote greater participation than larger numbers.

Invite only the necessary employees to participate. Smaller groups can make faster decisions and accomplish more than larger groups.

Advance the Agenda  

Send participants an agenda well before the meeting. Include the meeting goal and anticipated outcomes.

Limit the number of discussion topics. This helps the meeting stay on schedule and finish on time.

Begin on Time

Start the meeting at the designated time. Avoid recapping the discussion for latecomers. Do not let them in 15 minutes past the start time.

Beginning on time enforces the habit of employees showing up on time. This helps keep the meeting on track and within the timeframe.

Designate Action Items

Write down specific follow-up tasks according to the decisions made during the meeting. Include which employee is responsible for each task and what the deadline is.

These action items help prepare employees for the next meeting. They can more effectively report on their progress and results.

Enforce Time Limits

Keep each meeting at one hour or less. End the meeting on time, even if items are left on the agenda.

Enforcing meeting time limits lets employees more effectively plan their work day. It also encourages meeting planners to include only the necessary discussion topics.

Send Follow-Up Information

Let employees know whether you will send additional details about the topics discussed during the meeting. This encourages employees to participate more in the discussion and take fewer notes.

Ensure you send the information so employees can review it. This reinforces the discussion topics from the meeting.

 

Need to Hire HR Professionals?

Limiting the number of participants, advancing the agenda, and starting on time increase the productivity of meetings. Designating action items, finishing on time, and sending follow-up information increase the likelihood of implementing the decisions made during the meeting.

If you need to add HR professionals to your team, involve Arlington Resources in your hiring process. Find out more today.