While the return to office conversations continue to fuel debates, the narrative around “quiet quitting” and “great resignation” is giving way to a renewed focus on resilience. According to the Bureau of Labor Statistics, the percentage of workers leaving their jobs dropped to 2.3%, matching the rate observed in February 2020. Organizations are recognizing the need to toughen up their workforce and the conversation is shifting from short-term concerns to the foundational elements that will define success.
In this dynamic environment, three key trends are gaining momentum, and addressing them will be crucial for long-term success of organizations.
1. Strengthening the Foundation: Imperative for Cultural Differentiation
As organizations recalibrate their priorities, the emphasis on strengthening the business foundation in 2024 becomes paramount. The realization that one in five employees has left a job due to poor company culture is driving leaders to find a more-long term, sustainable solution – prioritizing essentials over perks and productivity over experience. The focus is on laying the groundwork for a resilient culture that can withstand the challenges of the future.
Building a robust business foundation involves more than surface-level perks; it requires a deep dive into the core values and beliefs that underpin the organization. By doing so, companies can differentiate themselves through their culture, creating an environment that attracts and retains top talent. The strategic shift from short-term concerns to foundational elements positions organizations for sustained success.
2. Reimagining Employee Engagement: A Unified Global Approach
Employee engagement has long been a concern, with less than a third of employees reporting feeling engaged at work. There is a notable disconnect between what employees perceive as productivity and the viewpoint of leaders. In order to bridge this gap, leaders must effectively demonstrate how increased engagement directly influences company performance. The shift from decentralized engagement management to a unified global strategy signifies a commitment to understanding overall employee sentiment.
Finding the right balance between going after business goals and making decisions that may initially disengage employees, like the Return to Office (RTO), is a real challenge. This underscores the need for a thoughtful and strategic approach to engagement. Organizations must delve into creating meaningful experiences that resonate with employees on a global scale. The idea here is not just to convince employees that some actions are the way to go, but to make sure they genuinely benefit from being more engaged. That’s how organizations create a workplace where employees aren’t just there but are actively part of the team’s success.
3. AI as a Tool for Tackling the Skill Gap
As the workforce landscape undergoes rapid changes, bridging the gap between existing employee skills and those required for future jobs is crucial. By 2025, half of employees will need reskilling to meet the evolving demands of the workforce. Addressing the skill gap has become a top priority for organizations striving to optimize business outcomes.
In 2024, there is a significant opportunity for AI to play a pivotal role in providing tailored recommendations for upskilling, coaching, and mentoring. Leveraging available resources and technologies, companies can gain a comprehensive understanding of their workforce’s skill levels. This data-driven approach enables organizations to identify skill gaps efficiently and implement targeted strategies for workforce development.
As organizations confront the challenges of the future of work, the outlook for 2024 signifies a shift towards a more holistic approach that transcends immediate concerns. This evolution underscores the importance of building a resilient culture, reimagining employee engagement, and leveraging AI to address the skill gap. However, in a landscape where feedback serves as the cornerstone for growth, organizations must first champion effective listening to fully capitalize on these trends – transforming feedback from a mere data collection exercise into a dynamic, two-way conversation. This evolution is key to unlocking the power of the next generation of feedback analytics that allows organizations to seamlessly close the loop from listening and analyzing to taking action; ensuring they are well-positioned to navigate the dynamic terrain of the 2024 workplace and beyond.
ABOUT THE AUTHOR
Samer Saab
founder and CEO of Explorance
Samer Saab is the founder and CEO of Explorance, a leading provider of Experience Management solutions.
Before founding Explorance, Samer spent 10 years in the technology industry where he developed a broad perspective on leadership through various roles in diverse organizations, including Bombardier, Nortel, Sycamore Networks, and Nakisa. Through the lens of these experiences, Samer built a company that was organic, people-centric, and guided by leadership principles that looked beyond short-term achievements to a sustainable future.
He has led Explorance through two decades of growth and innovation with a mission of providing benefit to the larger society. Under Samer’s guidance, Explorance has being named the #1 Best Workplaces in Canada by Great Places to Work, a Microsoft’s Great Canadian Innovator, and recognized by EcoVadis for the company’s Corporate Social Responsibility (CSR) achievements.
Today, Samer participates in a wide range of philanthropic activities that focus on his two passions: entrepreneurship and lifelong learning. He provides grants and endowments, and acts as a mentor. Samer also sits on the Foundation Montréal Inc. Board of Directors, International Advisory Board for the Desautels Faculty of Management at McGill University and is a member of Quebec’s Regional Development Committee.