HR’s Changing Landscape in 2024
In today’s HR landscape, we are seeing fewer top-down change initiatives and entering an era of employee-centric evolutions. This is a theme that was echoed by this year’s HR Tech Festival at the Sands Expo which saw thought leaders and experts from across the people function and HR technology space come together to discuss the evolving world of HR.
With the theme being Engage. Grow. Transform, Designing the Future: How HR can be architects of change, it was evident how important it is for firms nowadays to get the right people strategy – given employees are the heart of businesses.
Employer/Employee Relations
One of the biggest evolutions in the workforce we have seen over the last few years is the shift in employer/employee relations. The workforce was previously built on the premise of the employer being the sole decision-maker and employees delivering the deliverables. Today, we have a workforce built out of 4 generations (Boomers, Gen X, Millennials, and Gen Z), and as a result, there has been a shift in the dialogue of employees’ roles in a firm and their decision-making power. Most notably, we see numerous organisations globally in a debate about remote, hybrid, or on-site working which isn’t surprising considering our recent Frazer Jones Asia HR salary and market guide [1] revealed that 58% of individuals would turn down an opportunity if it meant four or more days in the office. For many businesses, fully remote working is a challenge for a multitude of factors whilst hybrid is a more manageable shift. The common concern amongst main HR leaders is the impact on the firm’s culture, according to Gartner, 41% of HR leaders say employee’s connection to culture is comprised by hybrid work [2].
As a result, HR professionals are at the forefront of steering this change, whilst advising business leaders on how to ensure a working culture succeeds.
HR Technology
We couldn’t discuss HR’s changing landscape, without mentioning the fast growth of technology in HR and talent. Generative AI was one of the most discussed topics at HR Tech Festival and we increasingly are hearing the discussion amongst HR leaders. According to Gartner, 76% of HR leaders do agree that their firm will be lagging in organisational success if they don’t adopt and implement generative AI in the next 12-24 months [3]. Technology is thought to help with cost-saving and improve productivity, especially if it allows employees to focus on the ’more human’ element of their role, i.e., creativity, innovation, and relationship building. However, it’s important firms don’t lose sight of the demand of a human-centric approach when implementing technology in their strategy otherwise they run the risk of disengagement and change fatigue.
Change Management
During Dr Tanvi Gautum’s talk on ‘Navigating Disruption’ she highlighted that 98% of businesses have changed their business model in the last 3 years [4]. With the pace of this change in addition to the ongoing external uncertainties (e.g., geopolitical, and economic instability), it has resulted in a change fatigue amongst employees and as a result impacts their productivity and engagement. HR and Business leaders must now consider change fatigue risks when aiming to drive a successful transformation, whether it be digital or structural. This feeds back into the shifting workplace landscape, and the need to view employees, according to McKinsey [5], as ‘potential thought leaders who have influence through the right training, support, and guidance’.
Final Thought
By prioritizing the position of employees in decision-making processes, embracing, the shift in HR technology, and fostering a clear communicative, and inclusive, strategy, HR and business leaders can better drive organisational resilience and success. This is why it’s a hugely exciting time to be operating as an HR professional, with firms increasingly realizing the value they add to a firm’s future success.
If you are looking to build a future-ready HR Team or wish to have a confidential discussion about your next career move, please get in touch as we would love to hear from you.
[1] Asia HR Market Report and Salary Guide 2024, Frazer Jones Asia HR market report and salary guide 2024 – Frazer Jones
[2] Gartner, Top 5 Priorities for HR Leaders in 2024, hr-top-priorities-ebook-2024.pdf (gartnerweb.com)
[3] Gartner, Top 5 Priorities for HR Leaders in 2024, hr-top-priorities-ebook-2024.pdf (gartnerweb.com)
[4] HR Tech Festival Asia 2024, HR Tech Festival Asia 2024 (23rd Edition) – Designing The Future
[5] To defend against disruption, build a thriving workforce, McKinsey & Company People & Organisational Performance To defend against disruption, build a thriving workforce | McKinsey
