The top 5 employment trends you can expect to see in 2024

Whether you’re an employer looking to attract and retain top talent, a worker wanting to advance your career, or a candidate in search of your next opportunity, it’s important to keep up-to-date with changes in the job market and how the world of work is likely to develop.

Here are the top 5 employment trends you can expect to see in 2024.

The effect of AI

Since the launch of Chat GPT in November 2022, there has been a rapid increase in the number of AI tools available to businesses and the general public. 2023 was all about jumping on the AI train. 2024 will be more concerned with how to stay on that ride but make it more efficient and cost-effective.

2023 provided employers with a chance to assess how AI could improve their business processes and constructively alter the way their employees worked. The fear that AI will replace human workers has been replaced with the realisation that AI is more likely to evolve the jobs we already work in.

While AI related legislation and guidance was introduced in 2023, this process of evaluation will continue in 2024 and beyond. For instance, the UK Government published a white paper called AI regulation: a pro-innovation approach in 2023 and the EU AI Act is expected to be introduced in early 2024.

Employee experience

While the Great Resignation may not be as strongly felt in 2024, post-pandemic employees and candidates still want a better employee experience. It’s no longer just about pay. Jobseekers and employees are keen to work flexibly, whether that’s hybrid working, flexitime, or a 4 day week. They also want better perks and benefits, especially those that help counter the increased cost of living. Finally, people want to work for employers who offer a range of career advancement opportunities.

In 2024, businesses will continue to be under financial pressure caused by high interest rates, debt taken on during the pandemic, and the cost of living crisis. Retention of existing staff will become the favoured option over the more expensive process of hiring new staff. Improving the employee experience will therefore be a key concern for businesses in 2024.

Decentralised workplace

One of the biggest employment changes caused by the pandemic was the shift to remote and hybrid working models. It began as a way for businesses to stay open during lockdowns and ensure a safe return to work after restrictions were lifted. By the end of 2023, working on a remote or hybrid basis was commonplace and had transformed the face of the worksite.

2022 and 2023 provided a chance to assess the effectiveness of hybrid working. Businesses explored what hybrid working meant for employee communication, data security, staff engagement and well-being, and the purpose of the workplace.
In 2024, more jobseekers and employees will demand the option to work on a hybrid basis. Thankfully, employers are now armed with the tools and knowledge to embrace this trend in a way that works for all.

Interested in the effect of hybrid working on the world of work? Read How might hybrid working affect the future of the workplace?

Diversity and inclusion

In 2024, diversity and inclusion continue to be not only demanded by workers, but a must-have for employers too. Employees are keen to work for businesses who embrace and are transparent about diversity and inclusion. Employers recognise the value of building a diverse workforce in a complicated job market, and how inclusion can attract and retain top talent.

A number of factors will continue to drive the need for diversity and inclusion in the workplace:

• as older workers near retirement, Gen Z workers who insist on diversity and inclusion, become prevalent in the workplace
• the need for innovation and creativity to maintain competitiveness and relevance
• in the ongoing skill shortage, building a diverse workforce provides the chance to recruit from a larger pool of talent
• legislation and best practice
• corporate reputation

Diversity and inclusion have proven their value to the business world and in 2024, they will play an even bigger role in recruitment and retention.

The importance of skills

In 2024, one employment trend that is expected to overhaul the recruitment process is skills-based hiring. Skills-based hiring evaluates candidates based on their individual abilities and skills, instead of their previous job titles, work experience, and education.

According to a report by Wilson HCG, skills-based hiring has risen in popularity over the past year, and they expect this trend to continue in 2024. Early adopters of skills-based hiring have reported a reduction in time spent on and the cost of filling vacancies, and an increase in workforce diversity.

Hand in hand with skills-based hiring is the importance of reskilling and upskilling the existing workforce. With a focus on retention, employers will attempt to fill skill gaps by training their current employees before they turn to external candidates.

Wrapping it up

It may seem that the 2024 world of work will be a continuation of 2023, with the same challenges and trends. However, rather than being ‘more of the same’, 2024 will be an evolution of many of the issues that employers and workers have experienced over the past twelve months.

AI has proven its value to both businesses and workers but has also made clear the challenges and dangers it presents. Workers continue to seek employment that is fair and rewarding, while businesses struggle to balance these demands with financial pressures. Remote and hybrid working has evolved and changed the concept of ‘workplace’, necessitating the creation of new ways of working. The benefits of a diverse workforce have never been so attractive to both businesses and workers, leading employers to concentrate on the individual combination of skills that a candidate or employee can bring to the business over their experience and qualifications.

2024 is set to be a year of rapid change where employers and workers alike must stay up-to-date with the evolving job market.