As we stand on the cusp of 2024, the world of employee engagement is undergoing a seismic shift. It's not just about business as usual; it's about adapting to a dynamic landscape that demands so much more from employers.
Not considering the wants and needs of the talent you have and looking to attract will leave you at a disadvantage compared to your competitors. Let's unravel some of the key themes shaping the workplace in the coming year.
Well-being takes centre stage
In the race for productivity, employee well-being should never be left in the dust. The World Health Organization reports that depression and anxiety cost the global economy an estimated $1 trillion per year in lost productivity. 2024 is the year to step it up a gear and prioritise meaningful wellness initiatives, offering resources, support, and a compassionate work environment. A happy, healthy team is a high-performing team!
Continuous Learning: the growth mindset
The rapid pace of technological advancements means the skills of today may not cut it tomorrow. According to LinkedIn, 94% of employees would stay at a company longer if it invested in their career development. Leaders should be looking at building out their performance enablement strategies and making learning opportunities more readily available, encouraging skill-building, and fostering a growth mindset culture. It's a win-win for both your employees and the success of your organisation.
AI Integration: balancing efficiency with humans!
As we ride the wave of technological innovation, artificial intelligence is transforming the way we are working. According to a study by PwC, by 2030, AI is expected to contribute over $15 trillion to the global economy. However, the key to success is finding the delicate balance between efficiency and maintaining that human touch. It's time to invest in AI tools that enhance productivity without compromising the unique skills and creativity a team brings to the table.
Environmental, Social, and Governance (ESG): beyond profit margins
2024 marks a paradigm shift—it's not just about profit margins; it's about purpose and responsibility. ESG factors, Environmental, Social, and Governance—are taking centre stage. A report by McKinsey highlights that companies with strong ESG performance are more likely to have lower costs of debt, demonstrating that sustainable and socially responsible practices are not only good for the planet but also the bottom line. Leaders should be looking at initiatives that help employees be part of the solution.
Inclusivity and Diversity: the heartbeat of innovation
In an era where diversity should no longer be just a buzzword, it is imperative - fostering an inclusive workplace and a sense of belonging is crucial. A survey by Boston Consulting Group found that companies with more diverse management teams have 19% higher revenue due to innovation. Embrace diversity, ensure equity, and create an environment where everyone feels heard and valued. But remember, is not just about ticking boxes; it's about meaningful actions.
Real-time Feedback: ditch the annual review
Say goodbye to the traditional once-a-year performance appraisal and hello to real-time feedback and on-the-job conversations. A survey by Workhuman found that 82% of employees appreciate feedback, whether it's positive or constructive. Embrace and commit to a structured cadence with regular check-ins, set clear expectations, and create an open dialogue. This not only keeps your team members engaged but also promotes a culture of continuous improvement.
So there you have it, 2024's employee engagement landscape. It's going to be a mix of well-being, learning, AI integration, ESG commitment, diversity, and timely feedback. These elements should all be woven into your people plans for 2024.
If you need to create a more aligned people plan that delivers positive results for 2024, pop us a message or check out our services: KickStarter or PeopleEngage+