Casey Accounting and Finance Resources

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.

2. 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.

3. 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.”

4. 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.

5. 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!