2024 Talent Outlook: Navigating the Future of HR
Explore 7 upcoming contexts that will affect HR in 2024.
In the dynamic world of human resources, staying ahead is not a choice—it is a necessity. In this blog we touch on some of the expected trends in talent management for 2024, offering insights into how the AI wave is reshaping HR, how global economic dynamics will influence your talent strategy, and why your approach to skills and talent acquisition is evolving. Our goal is to equip you with the knowledge to navigate challenges and seize opportunities.
Below are upcoming contexts and talent outlooks to keep an eye on that will help you navigate the future of HR.
- The AI Revolution is underway
2023 marked the beginning of an unstoppable wave of change with the advent of Generative AI (Gen-AI), including technologies like ChatGPT Plus. Gen-AI promises to make HR and business processes more efficient, reduce repetitive tasks, and enable predictive talent analytics. However, as organizations ride this wave, they must exercise caution, ensuring a thorough understanding of the technology and validating its suitability for integration in 2024.
- Global economic uncertainty will affect employees
Post-pandemic, the job market saw significant changes, leading to the Great Resignation. While employees gained power, the current tight labor market and economic uncertainty are shifting the balance. Organizations should continue investing in their people, offering development, mobility, and career growth to reap long-term rewards.
- Business transformation will shift HR strategy
Digitalization, sustainability, and diverse competition will drive business transformation in 2024. This transformation necessitates a shift in the skills and talent required for success. HR needs to identify skill gaps swiftly and address them through upskilling internal mobility, and talent acquisition.
- Labor shortages and demographic workforce changes
Global talent shortages are at an all-time high, and organizations need to critically evaluate how they can fill roles efficiently. Solutions may include exploring different talent pools and focusing on internal talent development to address critical skills gaps.
Organizations should continue investing in their people, offering development, mobility, and career growth to reap long-term rewards.
- Shifting from technical to behavioral skills
HR's focus on skills will shift towards behavioral skills in 2024. Identifying individuals with the agility to learn, problem-solve, and communicate effectively will be crucial. Recruiting, developing, and mobilizing talent with soft or behavioral skills will become a competitive advantage for HR.
- Data democratization
In 2024, HR practitioners need to become tech-savvy, analytical, and strategic. Data-driven decision-making and proactive approaches are essential as HR transforms into a strategic function within organizations.
- Hiring will slow, and mobility will rise
Hiring is likely to slow in 2023, with internal mobility on the rise. Organizations should focus on making internal mobility programs more effective, ensuring employees are aware of opportunities within the
organization and the benefits of staying within.
We have created a new '2024 Talent Outlook' eBook, revealing more in-depth insights into each context. As we enter 2024, SHL is committed to supporting you every step of the way.