As we move into 2024, organisations and industry leaders find themselves eagerly peering into the future to see what might be in store. In this era of rapid change, the proactive gaze towards the upcoming year is a strategic imperative for organisations around the globe – big or small, no matter the industry.
Reward Gateway conducts industry research throughout the year to connect with both employees and HR professionals about what they’re doing, what’s working vs. what isn’t and what people care most about in their careers and their roles.
These 2024 HR predictions are backed up by years of research and trend tracking, as well as close work with Reward Gateway clients over my 17+ years of experience. I have helped organisations of all sizes and in all industries reach and engage their employees, establish reward and recognition and wellbeing support programs and make their corners of the world better places to work.
Check out more 2024 HR predictions from Reward Gateway’s Head of People, Nebel Crowhurst, who has over 15 years of People experience and multiple awards under her belt. If you'd like to get a complete overview of the key dates and HR campaigns in 2024, check out our Comprehensive 2024 HR Calendar.
How can employers leverage data analytics and predictive HR metrics to make more informed decisions about hiring, engagement and talent development?
I have always found the most insight by looking at data by groups. While it is tempting to compare one company’s data to our own, you don’t know what that other company is really doing to achieve those metrics. If you compare locations or departments internally to see where engagement, turnover, time to hire, etc. is strongest or weakest, you can then start to figure out the story behind the numbers. Unfortunately, the story is usually more complicated that one policy change or one leader’s influence, but by looking at data trends over time and adjusting the levers within the organisation (how leaders lead, how recognition happens, how communication happens) you can make large adjustments happen and build to big success over time.
Are there any new metrics that employers should consider tracking/watching in 2024 that they don’t use already that looks at the status of employee wellbeing?
First and foremost, I’d have companies look at the data they are gathering. Maybe they have an employee engagement metric, but is it providing interesting insights? If you are relying on eNPS only, note that recently SHRM found that remote employees often have a higher eNPS than their colleagues, but are also more likely to leave their jobs than on-site employees. Measuring likelihood to leave directly will help. While absenteeism is often measured, we also need to include challenges with presenteeism: Maybe they are technically working, but are they working to their full potential?
We are also seeing a lot more focus on belonging and connection to determine if employees have built the ties necessary to keep them in a company longer-term. Are you asking employees if they feel a sense of belonging?
Our research found that 56% of Australian employees agree that a feeling of belonging at work is more important than a 10% pay rise. Unfortunately, only one in three (34%) Aussies feel a sense of belonging at work, but those that do are 1.5x more likely to recommend their employers to their friends and families.
I’m starting to hear the term DEIB for Diversity, Equity, Inclusion and Belonging. I love that shift and I think it engages employees into the conversation that may not have felt DE&I “applied” to them.
Can you provide benchmarks for employee engagement levels in different industries? How do you expect these to change throughout 2024?
There are so many variables that influence employee engagement that we usually recommend companies measure against themselves. Are you seeing an upward trend in engagement - keep going in that direction! And we recommend looking at engagement by leadership level. Sometimes companies focus on the front-lines, positions with the most potential for turnover, but how are your supervisors doing? How about your mid-managers? If that group is feeling the pressure, they are less likely to support their front-line teams to be successful. On the whole, we do tend to see lower engagement in entry-level positions and in those industries with a larger percentage of entry-level staff.
Schedule a call with one of our friendly employee engagement experts to learn how Reward Gateway can help to make your corner of the world a better place to work.
