Navigating the Future of Work in 2024 : Insights from Simon Masters, Director of People and Talent at Shieldpay
How is hybrid working going to evolve in 2024?
The future is still to be set, and the determining factor is the candidate market. Employers are going to be swayed by the expectations of their talent pool. Firms can’t pass up on good talent just because there is a sticking point around mandatory office hours.
To answer the question straight, hybrid working will continue and progress in 2024. Fully remote working was tested in the pandemic era and while for some it did work, those who made the transition to hybrid when allowed to do so quickly felt the benefit of having people in the office.
I think the main point of evolution will be a distinct strategy for developing and fostering engaging office cultures. Employers will want to give their teams optionality, but because there are strong benefits of working in an office environment, such as collaboration, relationship building, and routine, they will also want to gently encourage staff to engage and participate with their colleagues and the wider company in-person.
Employers will look to provide support and guidance for teams that are doing hybrid work as they will want to promote strong work-life balance as this can be a challenge. However, it is not about mandating any type of behaviour but rather fostering a culture that enables the team to work as their best selves.
What are key HR trends to keep an eye on in 2024?
Employee Experience
Employers are becoming more mature in their understanding of their populations – how they are thinking and feeling about their employer.
- There are different ways this can be realised. It’s about communication and platforms for providing feedback. Important to have different methods of doing this, with some being anonymous or some level of confidentiality.
- By having access to that information, they not only have the ability to listen but there is now a responsibility to act on it.
D&I
- There are more companies reporting on gender pay gap, diversity ratios – some because it is an obligation, others out of choice. With this, there is greater awareness, both employers and employees are cognisant of this information and the importance of fostering diverse and inclusive workplaces
- Employers can’t just want it, they need to take action to realise a company that upholds values that align to their workforce.
- Employees now expect and want to be supported, and that is across diversity – not just gender and ethnicity but also neurodiversity and other challenges.
- Firms need to be demonstrating that they can support, not necessarily having all the answers but that they are addressing any problems that arise (some overlap here with wellbeing)
Career Development
- Employers have increased responsibility to support their employees to progress in their career
- This is driven by the feedback trend – if they have open lines of communication so they need to take action on this key concern of the workforce.
- More firms are doing more because they need to have a very engaged workforce to reduce turnover. Companies cannot afford to have high performers exiting the firm.
- Firms need to provide pathways for career continuation in order to gain competitive advantage for talent. Build a strong employer brand.
Employee Wellbeing
- Flexible Working:
While we’ve been in the post-pandemic era for a little while now, there is still some debate about what “the new normal” really is. A big part of this debate is flexible working.
Firms are still finding their feet. We have seen reports of disgruntled employees because firms have mandated 4 or 5 days of office attendance. We have also seen a trend towards offering flexible and hybrid working as part of a benefits package.
The jury seems to be still out on exactly how best to find a balance that suits everyone. How we settle the debate is through the mood music of employees, here in the UK and internationally.
- Mental Health:
A key aspect of employee wellbeing and a continued trend into 2024 will be employer support for mental health. While benefits packages have included physical health support, there is a growing expectation that mental health is also recognised and addressed.
The stigma around this topic has been lifted and is now firmly embedded into everyday discourse when it comes to HR and people tasks and responsibilities.
While there is no set standard yet for what employers should offer, there needs to be at least a base level of support package.
- Hiring and Recruiting:
This is not a trend unique to 2024, but rather it is a steadfast point of focus for HR and talent professionals. Skill shortages are always a popular subject, but I think going into the new year there will be more of a focus on employer brand and how this impacts talent acquisition and retention.
Employers need to be aware of their shop windows. Having clear, transparent access into the company, its culture and its people, will enable it to attract, attain and retain top talent. Sites such as Glassdoor and even LinkedIn are so important for existing and prospective employees. On this point, it’s important to note that an employer brand goes hand in hand with a commercial brand.
Another trend to include here is the emphasis on care and consideration throughout the hiring process. From the recruitment systems you use, to the details of the interview process and all the way through to on-boarding, everything needs to be representative of the employer and company they are joining.
Legacy recruitment systems have now been replaced by new players in the market that allow a company to customise their journey to reflect their values, branding and tone.
When it comes to designing an interview process, employers need to find a careful balance between challenge and sale. Top tier talent wants to be challenged in their interview process, but you also need to make sure you are engaging with them enough to hook them in and really understanding if they are the right fit for the culture of the company.
In summary, this is about putting new talent on a journey and being considered in your first impressions at each key stage - application, interview and day 1.
- Data Privacy and Security:
This point is a key consideration moving into 2024 because there has been Iincreased automation in the HR sphere recently. There has been a move to create a joined-up ecosystem, allowing People teams to become more efficient, but also to provide better privacy and security controls.
When designing this core infrastructure, teams need to be very aware of how they are managing sensitive data and keeping their employees and prospective talent safe from a cybersecurity perspective.
To Summarise
In a comprehensive interview with Simon Masters, Director of People and Talent at Shieldpay, the focus is on the evolution of hybrid working in 2024 and the key HR trends to watch. The conversation emphasises the impact of candidate expectations, advocates for engaging office cultures, and addresses crucial trends like employee experience, diversity and inclusion, and mental health support.Throughout, the interview underscores the importance of adaptability and strategic planning to navigate the ever-changing dynamics of the modern workplace.