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2024 HR Outlook: Predictions and Trends for Workforce Dynamics



With each passing year, the preferences and personalities of each generation become increasingly prominent, shaping the evolution of work. 2023 was no exception, and as we enter a new year, some experts have already observed emerging trends in workforce dynamics that will go step by step with millennials and Generation Z.


This article will go over what to expect in the realm of Human Resources and Recruitment for 2024.


The trends are shaped by HR and recruitment teams


Speaking of recruitment, according to statistics, by 2025, millennials will make up 75% of the workforce, and only the best candidates are around for ten days before getting hired. Many good job candidates are not actively looking for jobs, so recruiters might miss out on them if they don't actively search for them.


Ieva Brukstute, Head of Recruitment at Kilo Health, says:


“In 2023, predictions for the work trends of 2024 are being shaped by HR and recruitment teams. This is understandably fueled by the unstable geopolitical situation worldwide, inflation, and other uncertainties, causing a mild apprehension. Companies are either refraining from hiring or optimizing existing processes, reducing workforce, and so on.


Employees, not inclined to wait for better times, are moving to other companies. The phrase 'great resignation,' coined for the employee turnover trend, is likely to be applicable in 2024 as well.”


The HR department might find it necessary to modify its systems and approaches in response to the evolving demographics of the workforce. Given the big presence of millennials in the workforce, HR should tailor its strategies to meet the requirements of both its seasoned and younger employees.


“These predictions of 2024 highlight the need for HR to be adaptable and proactive in reacting to the changing dynamics of the workforce. To recruit, retain, and optimize the talent that drives organizational success, we must connect our strategy with the changing landscape,” explains Ilona Bernotaite, Chief People Officer at Kilo Health.


AI and Hiring


In 2023, we truly delved into the realm of AI, forming various opinions about it. However, experts argue that its utilization should focus on automating minor tasks and internal processes.


Brukstute elaborates:


"On the flip side, it's likely that the highly sought-after IT specialists will no longer be as desirable, as companies seem to gradually become saturated with these professionals. It's probable that the rise of AI has played a role in this shift.


Similarly, in the field of recruitment, there is a sense of sluggishness. People seem less inclined to change jobs due to uncertainties, with neither salary nor the company's image/brand likely to be the number one priority for candidates anymore. Instead, company stability and clear future plans are becoming more crucial.


During this slower period, there will be an opportunity to further automate, possibly even robotize internal processes, employing AI tools to enhance the candidate experience in the recruitment process."


People want to work remotely


As we approach 2024, the professional landscape is undergoing an important shift, marked by the emergence of hybrid work models that seamlessly integrate remote and in-person work. Some predictions indicate that the adoption of the hybrid work model is expected to reach 81%, with Generation Z showing huge enthusiasm as one of its primary advocates.


“The forecast, from a personal perspective, involves an increase in the average age of companies or the forced adaptation to highly flexible working conditions. The growing Generation Z  will not want to "depend on the employer, work 9-5 hours, in an office, and so on." Hence, employers will need to come up with ideas on how to attract or retain such employees. Hint: Do not eliminate remote work opportunities, as during the pandemic, everyone showcased that working outside the office is entirely possible,” explains Brukstute.


While not every company can offer fully remote work options, adopting hybrid work models is essential for companies looking to align with trends and meet employees' needs.


Besides that, in 2024, people are likely to prefer lifestyle improvements more than getting higher pay. Many are even willing to take an 8% pay cut if it means they can work remotely and enjoy more flexibility.

 
About Kilo Health

Kilo Health is a digital health and wellness company with more than 6,5 million customers worldwide. Since 2021, it has been listed as the second fastest-growing company in Europe on the Financial Times FT 1,000 and the second fastest-growing company in Central Europe on the Deloitte Technology Fast 50 list.


Currently, the company has 600+ experts and working hubs across 7 European cities. Kilo Health's portfolio contains over 30 innovative digital health products in chronic disease management, mental health improvement, and healthy habit change.

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