The year 2023 was marked by challenges and resilience of the labor market. Despite the uncertainty, employers have demonstrated a strong commitment to balanced recruitment. In the new year, employers will have to further optimize their recruitment processes and improve working conditions. Learn more about the main HR trends in 2024

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The active development of artificial intelligence, the emergence of a mixed workforce, as well as the growing fear of losing relevance – these trends will shape the employment market in 2024.

Experts advise employees to develop resistance to rejection, flexibility and to apply the "testing and training" approach in their work.

So, what will the job market look like in 2024? We talk about the main HR trends below.

How will the emergence of artificial intelligence change the labor market?

The year 2024 will completely change our perception of cooperation with artificial intelligence, because this year many specialized assistants will work: teachers will receive an application that will evaluate homework, architects will have a program for designing with the help of AI, and students will have an assistant that will help with brainstorming. Also, Walmart Corporation plans to launch an application that will help employees increase productivity when performing routine tasks. Microsoft is creating the Co-Pilot application, which will analyze the results of meetings. In general, the implementation of artificial intelligence in work is aimed at increasing the efficiency and productivity of employees.

Artificial intelligence will also affect the tasks of the management of companies that are trying to keep up and also quickly implement AI in the workplace. Managers not only need to learn how to use Generative AI, but also how to manage mixed teams of people and digital assistants.

Also, according to experts, artificial intelligence technologies are likely to affect a quarter of all professions that exist today. In general, Generative AI will stimulate organizational change, influence work processes, automate some jobs and create new ones.

That is why in 2024, employees will look for training that will help them better understand the specifics of using artificial intelligence. For example, PwC has already announced a $1 billion investment in training its AI workforce through courses on topics such as AI ethics, responsible use of AI, and how to create AI cues for best results.

The hybrid work week is the norm in 2024

According to recent surveys, 64% of workers would consider quitting if asked to return to the office full-time. Also, numerous studies show that companies that have choice and remote/hybrid work environments are four times more profitable than their counterparts that are more strict about office attendance. Being in the office does not mean productivity, so managers in 2024 should learn to give their employees independence.

A mixed staff is a step towards the future of the company

The staff schedule will cease to be permanent. More and more companies are moving toward a blended workforce, meaning a firm employs full-time, part-time employees, as well as teams of contractors, temps, and digital workers.

Overall, half of the US workforce is projected to be part-time workers by 2027. Also, even now, in large corporations, from 30% to 50% of the total workforce consists of contract employees, who are hired temporarily to perform a certain list of tasks.

The transition to a four-day work week will become more relevant

In 2024, the majority of employees want more flexibility at work. The first experiments showed that when working four days a week, the productivity of workers increases, and in corporations, the outflow of labor force is significantly reduced. The advantage is that the wage level remains unchanged.

However, the transition to a four-day work week is not a universal method. Companies need to first test these changes and check whether employees and managers have the appropriate level of training.

Key skills for successful work in 2024

The World Economic Forum estimates that 44% of workers' essential skills are expected to change over the next five years. However, the five main skills of the future include:

- creative thinking,

- analytical approach,

- technological literacy,

- digital curiosity,

- stability, flexibility and dexterity.

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Promoting the development of financial literacy among employees will reduce the level of stress in the company

61% of American workers live paycheck to paycheck and lack basic financial literacy skills. Employees cited financial problems as the reason for the deterioration of mental health. It's worth noting that more than half of these employees earn $100,000 a year. Therefore, to relieve financial stress from employees and make financial well-being a part of their daily lives, leading American corporations hire financial coaches and help their employees set up their savings plans.

The position of the future is the head of the artificial intelligence department

Although more and more analysts say that artificial intelligence is the future, most organizations do not have the instructions and experience to use new tools in their work. That is why more and more corporations are looking for managers. who will adjust this sector of work. Experts say that in 2024, maximum attention will be paid to this issue.

Promoting the concept of sustainable development is also relevant in 2024

Climate change and environmental sustainability have become one of the main challenges for current and future generations. Key global corporations allocate considerable funds and their own profits to support environmentally and socially responsible projects, such as clean energy, environmentally friendly transport, etc. Also, 70% of employees are attracted by employers who adhere to the concepts of sustainable development. And nearly half of these workers said they would be willing to take a lower salary to work for environmentally and socially responsible organizations. In addition, a growing number of universities are setting ambitious goals for integrating sustainability into their curricula, campus operations, and endowments. Ecological development is a problem of both business and education, which requires joint corporate and university solutions.

Analyzing the main HR trends for 2024, we can come to the conclusion that the employment market will continue to change, offer new professions and create new challenges for workers.

Daria Rogova, Head of Insurance at Visit World

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