In 2024, employers worldwide will continue to confront a range of challenges, encompassing sociopolitical uncertainty, global legal convergence and disparities, the adoption of hybrid work models, an amplifying workers' voice, and the pursuit of enhanced employee engagement.
Here are the five global trends this year:
1. Sociopolitical challenges: Looking ahead, many of the geopolitical conflicts and developments from 2023 will continue to play out in 2024. Continuous multipolarity and a global elections supercycle will contribute to geopolitical complexity in the new year. The course of businesses and employee management around the globe will be significantly impacted by the outcomes.
Global employers should:
- Continue risk mapping efforts and identify high-risk regions;
- Develop short-term contingency plans and long-term business strategies specifically for high-risk areas; and
- Collaborate with cross-functional teams and maintain open communication.
2. The ongoing trend of convergence in global employment laws indicate that regardless of region or country, many governments are addressing common workplace issues like pay transparency, AI, work scheduling, and DEI. However, the approaches vary due to diverse environments and unique challenges.
Employers are advised to stay informed about crucial legislative and regulatory changes in key markets. Utilizing resources such as HR Policy Association's Global team can be invaluable. Collaborating with government relations and legal teams is essential to comprehend the implications and impacts on employees.
3. The return-to-office battle has softened: Following nearly three years of tension between employees and employers, the distribution of people working from the office, those working remotely, and those in between has finally stabilized. Approximately 28% of employees are currently working remotely. The widespread acceptance of hybrid models indicates that workers will retain unprecedented flexibility and are unlikely to lose it entirely.
Regardless of the chosen work model, it's essential for employers to recognize that creativity in the benefits offered – the total value proposition – is crucial for attracting and retaining talent.
4. The voice of the worker grows louder: In 2023, there was a global surge in employee voice, a trend that is expected to endure, particularly concerning work flexibility, benefits, and social issues. These successful labor movements have not only inspired and empowered current workers but have also fostered greater sympathy from younger generations toward organized labor. As the next generation assumes a more substantial role in the workforce, they are anticipated to be increasingly receptive to pro-union initiatives.
Employers should establish effective communication channels to attentively listen and promptly respond to employees' concerns. Train your frontline managers to handle related queries and continue to refine your communications and campaign strategies in key markets.
5. Employee engagement takes center stage: Gallup data revealed that 59% of over 120,000 global workers reported disengagement at work, and stress levels have hit a new record high.
Given the significant correlation between engagement and performance outcomes, such as customer loyalty, employee retention, and productivity, global employers must keep engagement at the forefront. Ensure your engagement survey is meaningful and impactful. Keep identifying key areas that can boost engagement.
Join us for our CHRO Summit, March 13-15 in Orlando, FL and gain more insights into the latest labor developments and their implications for member companies from both a U.S. and global standpoint. We'll provide a comprehensive review of the current labor-relations landscape, highlighting new union strategies and actions in the U.S. and worldwide.
