In 2023, the global talent market saw rapid alterations, redefining future professions and capabilities. Despite industry issues such as attrition, many organizations have continued to innovate with novel ways of working, increasing employee engagement and navigating hybrid working. I believe that the new year, 2024, will also be interesting. This year could be critical for HR managers navigating the ever-changing currents of the modern workplace, from increased technological integration to reinventing the employee experience.
Here are some of the tendencies I anticipate as we set the pace for the coming year:
Technology integration will improve HR procedures, provide data-driven insights, and enhance employee experiences. Evolving technology will enable more efficient upskilling, training and development, and organizational assessments. Artificial intelligence (AI) is one of the technologies that is causing a revolution in this field. Recruitment teams are already utilizing AI to scan and evaluate applications more accurately and quickly. AI could assist reduce the impact of human biases while enabling more in-depth assessments by obtaining information from online public sources other than the resume.
According to Aon India’s 2022 National Wellbeing Survey, 81% of Indian enterprises have increased investments in well-being compared to the previous year, indicating a shift in the definition of wellness. Furthermore, 78% of these businesses recognize a growing need for emotional and well-being support in the workplace. In the coming year, businesses will continue to rethink how to create a culture in which employees feel safe and valued. Ensuring employees’ mental, physical, social, and financial well-being through policies and initiatives is crucial. Technology will continue to assist here as well, from digitizing wellness resources to providing the appropriate level of customization for wellness solutions based on employees’ specific needs.
Promoting diversity, equity, and inclusion (DE&I) policies and initiatives not only encourages creativity but also improves recruitment, employee morale, and productivity. A Nasscom research found that 95% of organizations consider DE&I as both an economic requirement and a moral duty. Many organizations in India have already taken steps toward greater inclusivity by implementing policies that support equitable treatment for all employees, regardless of sexual orientation, disability, or gender.
India Inc. still has a long way to go in improving LGBTQIA+ representation and creating an inclusive culture for those with disabilities. The coming year will also require a consistent attention on this component, with the development and communication of clear and practical DE&I policies that outline the commitment to establishing a diverse and inclusive workplace.