Welcome to 2024! As we step into another year, it’s crucial to stay on top of the trends shaping the HR landscape. In this month’s Impact HR Blog, we delve into industry predictions for the upcoming year and their profound impact on the future of work. (Notice our subtle play on “impact”? We thought you might!)
By embracing emerging trends rather than avoiding change, organizations that lead in these trends not only promote diversity and engagement but also enhance productivity and contribute to retaining top talent. In the ever-changing HR landscape of Canada, adaptability emerges as the secret sauce for leaders. Stay ahead, chart your course, and position your company for a successful year ahead.
Strategic Partnership: HR as a Strategic Ally
HR continues to be recognized as a strategic partner within organizations. McLean & Company reports a significant increase in the strategic partnership role increasing from 36% in 2021 to a notable 50% in 2024. This shift highlights the growing realization among organizations that HR isn’t just a support function, but a strategic ally with the potential to shape and execute business strategies.
Employee Experience: Flexibility Beyond Remote Work
The employee experience takes center stage, with organizations focusing on creating positive workplace environments. Those excelling in this area report 36% lower voluntary turnover rates, emphasizing the need for a holistic approach that goes beyond traditional benefits. What shapes the employee’s experience goes far beyond traditional benefits and modes of recognition like pizza parties. Offering a culture of reward and recognition and professional development opportunities are two ways organizations can keep their employees engaged.
Pay Transparency: Ensuring Pay Equity and Pay Fairness
In 2023, BC and Ontario embraced Pay Transparency laws, suggesting a potential requirement for all Canadian provinces to follow suit in 2024. This also follows changes to the Canada Labour Code, which required federally regulated organizations to ensure their HR practices did not involve gender pay disparity. Discussing salary during the recruitment process is no longer taboo, as today’s candidates expect transparent conversations about compensation early on.
Physical and Mental Wellbeing: A Holistic Employee Experience
Employee mental health and wellbeing remain critical in 2024, with 500,000 Canadians on mental health-related leave according to a report from the Centre for Addiction and Mental Health (CAMH). Tailored wellness programs instead of the one-size-fits-all approach, personalized benefits, and open communication cultures are key to addressing employee burnout and disengagement.
A New Approach to Employee Rewards: A Focus on Professional Development
As the focus shifts to retaining employees, individuals will be seeking employers who provide clear career paths, flexible work options and opportunities for professional development.
Generative AI in HR: Controlling the AI Madness!
Embracing artificial intelligence (AI) in HR operations is a rising trend. According to a recent Gartner survey, 76% of HR leaders believe adopting AI is crucial for organizational success in the next 12–24 months. The challenge lies in finding the balance between AI efficiency and preserving the “human” element in Human Resources.
Diversity, Equity, and Inclusion: DEI as a Cornerstone
Diversity, equity, and inclusion (DEI) continue to be a top priority in 2024. Creating an inclusive workplace culture, fair hiring processes, and addressing disparities are vital for attracting top talent and enhancing organizational performance. A diverse and inclusive workplace culture can help organizations attract top talent and enhance organizational performance.
In conclusion, the evolution of HR to a strategic partner role is reshaping the organizational landscape. Recognizing HR as a strategic ally is not merely a trend; it signifies a fundamental shift that propels organizations toward a future where HR is at the forefront of driving innovation, managing change, and ensuring sustained success. As we navigate 2024, the strategic partnership between HR and the broader organization is poised to be a driving force behind transformative business strategies.
Jessica Fehr, Senior HR Consultant and Recruitment Manager
Jessica Fehr is a Human Resources professional with over 7 years of progressive experience across both public and private sector industries. Jess is passionate about providing a wide array of strategic recruitment and Human Resources support to organizations of all sizes. She works closely with organizations to improve their HR processes and support development and satisfaction of their internal teams. Her relationship building, adaptability and interpersonal communication skills allow her to effectively tackle challenging HR Initiatives.
Jess is a Registered Professional Recruiter (RPR), CPHR candidate, and has a Bachelor of Arts degree in Communications and Media studies from the University of Calgary. She is currently pursuing a post-grad Certificate in HR Management through Simon Fraser University.
Sources:
McLean & Company. (2023, December 5). HR Trends in 2024 Will Impact Employees and Organizations Across All Industries: New Report from Research Firm McLean & Company. [Press release]. PR Newswire. https://www.prnewswire.com/news-releases/hr-trends-in-2024-will-impact-employees-and-organizations-across-all-industries-new-report-from-research-firm-mclean–company-302006257.html
McLean & Company. (n.d.). Delivering on the Employee Experience.https://www.newswire.ca/news-releases/hr-trends-in-2024-will-impact-employees-and-organizations-across-all-industries-new-report-from-research-firm-mclean-amp-company-810681465.html#:~:text=Delivering%20on%20the%20Employee%20Experience,-The%20third%20section&text=According%20to%20the%20report%2C%20organizations,that%20succeed%20in%20this%20area
Centre for Addiction and Mental Health (CAMH). (n.d.). Workplace Mental Health: A Review and Recommendations. https://www.camh.ca/-/media/files/workplace-mental-health/workplacementalhealth-a-review-and-recommendations-pdf.pdf?la=en&hash=5B04D442283C004D0FF4A05E3662F39022268149#:~:text=1%20Every%20week%20at%20least,billion%20resulting%20from%20lost%20productivity
Gartner. (n.d.). Artificial Intelligence in HR. https://www.gartner.com/en/human-resources/topics/artificial-intelligence-in-hr#:~:text=Drive%20organizational%20success%20by%20implementing,compared%20to%20those%20that%20do.