A new year presents a new set of challenges for Human Resources professionals. Even though it is no surprise that recruiting and retention are at the top of the list of things that are top of mind for HR from a recruiter’s perspective, there is a long list of things to keep tabs on in 2024. Current economic and market changes and challenges certainly play a role in what HR professionals must prioritize this year above and beyond hiring.
Our HR recruiters conducted some research to identify some of the biggest HR challenges companies will face in 2024.
What are the biggest HR challenges for organizations in 2024?
The annual Human Resource Executive (HRE) What’s Keeping HR Up at Night? Survey provides some invaluable insights into what HR professionals are focused on right now. And it’s in alignment with what our recruiters believed to be at the top of the list – recruiting and retention – no shock here.
Jen Colletta from HRE summarizes the key results:
“The survey of more than 350 HR leaders conducted in late 2023 found that about 36% cited recruiting and retaining key talent as their top challenge, compared to 47% last year. While making the right hiring decisions is still, far and away, HR leaders’ biggest focus, the findings suggest the pressure may be easing slightly; the 2022 survey, for instance, found that 72% of respondents were somewhat or extremely concerned about losing talent in the next year, compared to about 62% in 2023.”
So, even though recruiting and retaining talent is the top priority, companies are not as worried about it as in previous years. Companies are also somewhat less concerned about losing talent.
Here are the results of the survey answering “What are the biggest HR challenges facing your organization today?
- 36% Hiring and retaining key talent
- 19% Improving company culture
- 16% Learning and development
- 14% Improving employee engagement
- 14% Boosting manager training
- 12% Managing the cost and scope of benefits
- 11% Improving employee experience
- 10% People analytics
- 8% Navigating HR budgets
- 8% Managing hybrid/remote workplace
At IQ PARTNERS, our recruitment clients have echoed many of the above concerns in conversations with our recruitment team. By addressing company culture, employee engagement, and investing in learning and development, HR teams will foster an environment where people want to stay and where top talent will want to be part of.
What should HR focus on in 2024?
One of the top responsibilities of HR teams will be the identification and anticipation of skills that are indispensable for the future of their organizations. This task arises in response to the escalating power and capabilities of artificial intelligence (AI). As these technological advancements continue to reshape the employment landscape, HR professionals play a pivotal role in deciphering the skill sets that will be critical for organizational success.
How Should Companies Approach Recruitment from an HR Perspective?
In 2024, forward-thinking companies are embracing a holistic approach to stay ahead in the dynamic landscape of human resources. These organizations are placing a strategic emphasis on reskilling initiatives and adopting a more nuanced perspective by deconstructing traditional job roles into essential skills. The paradigm shift is evident as companies recognize the need to empower their existing workforce in unprecedented ways.