Dissecting 2024 HR trends: Ft. Sarah Deverell – Head of People at Enara Bio Ltd.

The world of talent management is a dynamic and ever-evolving field, where understanding and adapting to new trends is not just an option, but a necessity for businesses aiming to succeed. In a compelling episode of Coffee Mornings, we welcomed Sarah Deverell , the esteemed Head of People at Enara Bio. Sarah, in conversation with our host, Sam Ingram , dove deep into the pivotal HR trends shaping the workforce in 2024 and beyond. These trends, ranging from employee well-being to the integration of technology, Upskilling, and a commitment to Corporate Social Responsibility (CSR), are redefining how organisations operate and interact with their employees.

Recent statistics indicate a significant shift in the HR landscape. A 2023 survey revealed that 78% of HR leaders consider employee experience a top priority, highlighting the growing importance of well-being initiatives. Moreover, a staggering 85% of companies are now investing more in learning and development programs compared to pre-2020 levels, illustrating the critical role of Upskilling in today’s workforce. These figures underscore the pivotal themes discussed in our podcast and the urgent need for HR professionals to stay abreast of these evolving trends.

As we begin a journey through the latest HR trends that are shaping our work environments, it’s crucial to recognise the underlying forces driving these changes. These trends, highlighted in our discussion with Sarah, are not isolated phenomena but are part of a larger narrative in the world of work. They reflect a collective response to global shifts in technology, social dynamics, and economic landscapes.

The following sections deeply explore each of these trends in detail, discussing their implications and how they are actively reforming the workplace. From the rise of employee-centric well-being programs to the integration of cutting-edge technology in HR processes, and the emphasis on continuous Upskilling, each trend represents a facet of the modern work culture that is adapting to the needs of a changing workforce. We will also discuss the increasing importance of CSR in corporate strategies, a reflection of the growing societal demand for ethical and responsible business practices.

Evolution of workplace trends and transformations

1. Well-being in the workplace

In our insightful discussion, Sarah profoundly emphasised the evolving landscape of employee well-being. Gone are the days when well-being initiatives were considered luxury perks; they have now become essential services, integral to the core values of organisations. This paradigm shift recognises that employee well-being directly influences productivity, engagement, and overall job satisfaction.

Sarah highlighted the critical need for organisations to offer comprehensive well-being programs that go beyond traditional healthcare. These include holistic therapies, mental health support, and access to basic wellness services, which are increasingly seen as fundamental employee rights. This perspective is backed by recent data showing that 70% of employees expect their employers to provide mental health support (Mind Share Partners, 2023).

During the conversation, Sam reflected on the broader implications of this trend, noting, “The emphasis on well-being reflects a deeper understanding of what truly motivates and supports employees. It’s not just about healthcare; it’s about creating an environment where people can thrive.”

Sarah’s quote, “It’s about keeping people in the best state with regard to accessing healthcare and supplemental services…” resonates with this emerging ethos in HR. It underscores the need for businesses to not only cater to the physical health of their employees but also to their overall well-being, including mental and emotional aspects.

2. Technology’s role in HR

Sarah discussed the crucial role of technology in HR. She highlighted the potential of data storytelling, a powerful tool that can transform raw data into compelling narratives to inform decision-making. However, Sarah emphasised the importance of maintaining a balance between technological advancements and the inherently people-centric nature of HR.

Reflecting on this, Sarah remarked, “In HR, it’s difficult because we’re so people-oriented… As wonderful as some of these technologies are, there’s a person at the end of all these interactions…”

This statement encapsulates the challenge of integrating technology in a domain traditionally driven by human interactions. It’s a sentiment that resonates with current HR trends, where a survey indicates that while 77% of HR professionals recognise the importance of technology, 65% also stress the need for maintaining personal connections (HR Technologist, 2023).

Sam, aptly added to this conversation, highlighting that the use of technology in HR is not about replacing human judgment but augmenting it. “It’s about finding that sweet spot where technology enhances our human capabilities, not overshadows them,” he said.

This viewpoint echoes the larger conversation in the HR world about leveraging technology to streamline processes while preserving the essence of human engagement.

Expanding on the discussion about technology’s role in HR, Sarah specifically pointed out that future trends will likely focus on identifying the right data sets and building a robust ecosystem for smooth, technology-driven operations. This approach is essential for harnessing the full potential of HR tech solutions, ensuring that they’re not just high-tech, but also high-impact.

Sam, contributing to the conversation, mentioned the inevitable evolution of job roles due to technological advancements. He emphasised that while technology will reshape the requirements and nature of certain positions, the human element remains irreplaceable.

“Technology is likely to change the nature of roles needed by the business, but the human touch will always stay at the very center of all things we do.” - Sam Ingram, CEO of Northreach.

Sarah’s insight and Sam’s observations underscore a pivotal trend in HR – the need to strategically integrate technology without losing sight of the human element that lies at the core of human resources. It’s a delicate balance that demands thoughtful application of technology, ensuring that it enables human connection and empathy in the workplace.

3. Upskilling and Learning & Development (L&D)

Sarah’s insights on Upskilling and Learning & Development (L&D) were particularly striking, echoing themes we explored in last season’s podcasts. She emphasised the need for fostering a growth mindset and nurturing curiosity among employees, underscoring the idea that continuous learning is integral to personal and professional growth.

“Encourage people to be curious… what is the point of you versus a machine? Right. And the point is that you’re human, you’re nuanced. And you bring something to the table and that is your perspective.” Sarah stated.

This quote highlights the unique value of human curiosity and the ability to apply knowledge contextually, something technology alone cannot replicate. Her perspective is supported by recent findings that suggest 74% of employees feel they aren’t reaching their full potential at work due to a lack of development opportunities (LinkedIn Learning, 2023).

Sam built on this, referencing past discussions from our podcast series, where the importance of Upskilling and learning in growth and career development was a recurring theme. Joining in Sarah pointed out that while tools like ChatGPT can provide instant answers, they cannot replace the creative and critical thinking that human minds offer.

This part of our conversation with Sarah reaffirms the notion that in an age where technological capabilities like AI and machine learning are on the rise, the human element – our ability to think, question, and apply information in nuanced ways – remains our strongest asset. Businesses must focus on fostering this sense of curiosity and providing their employees with opportunities to learn and grow. The responsibility lies in building the future workforce from within, by creating environments that encourage exploration and development. This approach not only enriches the individual employee’s experience but also strengthens the company as a whole.

4. Benefits and Compensation

In our conversation, Sarah brought an innovative perspective to the topic of benefits and compensation, emphasising the need for creativity and personalisation. Her approach goes beyond traditional monetary rewards, focusing on experiential benefits that directly impact mental health and well-being.

“Get a bit creative… We’ve been focusing a bit more on experiential benefits linked to mental health and well-being,” Sarah remarked, highlighting a shift towards more holistic and meaningful employee benefits.

This perspective aligns with recent data indicating that employees increasingly value non-traditional benefits. A 2023 survey showed that 60% of employees would choose a lower-paying job with better benefits over the opposite scenario, underscoring the importance of innovative benefits packages (Forbes, 2023).

Sam added to this by drawing a parallel to discussions from previous episodes, noting how these creative benefits strategies are not just trends but essential elements in building a resilient and adaptive workforce. He pointed out that while this approach might seem closely related to the broader theme of well-being, it offers a distinct angle focused more on the tangible aspects of employee support.

Through this segment of the podcast, Sarah and Sam highlighted the evolving landscape of benefits and compensation, demonstrating that the future of HR is about offering packages that not only meet basic needs but also enrich employees’ lives, contributing to their overall satisfaction and engagement at work.

5. Corporate Social Responsibility (CSR)

Sarah’s insights on Corporate Social Responsibility (CSR) highlighted a crucial trend in modern business practices. She emphasised the growing expectation for companies to not only be economically successful but also to stand firm on global issues and align their values with the beliefs of their employees and society at large.

“People are far more interested to know that my company stands for something good, that my company stands for individual human rights…” Sarah stated, underscoring the increasing demand for ethical corporate behaviour.

This perspective is substantiated by recent studies showing that 87% of consumers prefer to buy from companies that advocate for issues they care about (Cone Communications, 2023). Sam added to this conversation by highlighting the importance of CSR in attracting and retaining talent . He states that CSR is not just a moral obligation but also a strategic advantage in today’s socially conscious market. Their discussion pinpoints the importance of companies going beyond traditional business objectives to embrace their role in societal issues, reflecting a shift towards a more responsible and values-driven approach in the corporate world. A trend that is likely to get stronger with the passing years.

Takeaway

To conclude, our conversation with Sarah offered profound insights into the ever-evolving domain of HR. As we progress into 2024 and further, it’s apparent that a more holistic, human-centric approach is becoming central to HR strategies. These trends transcend simple adaptation to new technologies or policies; they represent a shift towards fostering workplaces that prioritise well-being, lifelong learning, and a deeper sense of purpose.

Additionally, while not trends per se, pivotal issues like HR burnout demand attention.  42% of HR professionals reporting increased stress levels, the need for addressing this  is critical. Sarah’s recommendation to seek external third-party support in managing workload highlights the necessity of strategic partnerships for enhanced team efficiency. Moreover, promoting a culture where employees are encouraged to bring their authentic selves to work fosters inclusivity and belonging. By keeping people at the forefront, organisations can navigate any era successfully, as people flourish in environments that cultivate community, belonging, and unity.

We invite our readers to join our team in further discussions and exploration of these ground-breaking HR trends and strategies. We can partner to tailor and implement the most effective talent strategies in your workplace, ensuring a future-ready, thriving organisational environment. So get in touch for a quick chat.