2024 HR Tech Reflections and Predictions

As we pass the halfway mark of the year, we reflect on some of the key HR Tech trends we’ve seen thus far, as well as look towards what possibilities the next six months could bring. The HR space has been significantly impacted by global changes, and organizations have adapted accordingly. For example, the recent introduction of remote working and Generative AI has required organizations and HR departments to think differently, create new strategies and make use of cutting-edge tools to stay relevant in the market. These changes may bring challenges, not necessarily negative, as they rather provide the opportunity for organizations to improve productivity, efficiency and profitability.

2024 Reflections

‍Employee Experience has been a top priority
Employee experience has been a critical component of HR for many years, however more recently, organizations are acknowledging the significant impact employee experience has on overall business success. Employees who are happy and engaged in the workplace are more likely to stay at the company that they work for, with companies who have engaged employees reporting approximately 59% less employee turnover than those who don’t.  Employee experience has also been proven to have a positive impact on customer experience and operational efficiency, both of which significantly contribute to business growth and profitability.

Use of HR Software
There has been a significant increase in organizations using HR software to improve and streamline a range of HR processes, such as hiring, onboarding, payroll, employee engagement and more. With over 80% of organizations using some form of HR software, the need to automate processes and improve overall efficiency is clear.  

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The introduction and acceptance of GenAI has improved productivity
Whilst small, Generative AI is also making an appearance in the HR space. From generating content for job postings or using it to summarize important information, Gen AI is slowly infiltrating into HR. Not only does the introduction of Gen AI allow HR professionals to be more innovative in their usual processes, but it also has the ability to increase productivity and efficiency in processes that previously relied heavily on manual work.

Improved onboarding
With onboarding shown to increase employee retention by up to 52% and productivity by up to 60%, many organizations have realized the need for a robust onboarding program. In 2024 thus far, we’ve seen an increase in organizations turning to HR software to bring their onboarding experiences to life. With remote work on the rise, some companies have used virtual reality (VR) and augmented reality (AR) in their onboarding experiences to virtually showcase office spaces, conduct training sessions and meet colleagues. Onboarding experiences that accommodate all employees, whether in office or remote, has been critical for organizations who want to stay up to date in the market and be viewed as a ‘top’ place to work.

2024 Predictions

With the first half of 2024 successfully come and gone, we look forward to what the next six months of 2024 will hold for the HR space. Here are our predictions for the rest of the year:

Employee experience to continue being pivotal
Employee experience remains paramount to business success and is therefore here to stay for the rest of the year, and much longer! Employees are the cornerstone of an organization and the way that they feel in the workplace has a great effect on other processes and business outcomes. If organizations want to see improved retention, increased productivity and strive for a better customer experience, then they should focus their efforts on the core of their business - their employees.

Gen AI to create/alter jobs rather than replace
Whilst we’ve noticed the increase in adoption of Generative AI in the HR space, there has been concern around GenAI becoming a replacement for jobs performed by people. It’s no debate that Gen AI is significantly changing the way we work, but it is highly unlikely that Gen AI will replace the jobs of people in HR. What we will most likely see are modifications to the jobs we previously had, enhancing the capabilities of HR professionals and the creation of new roles as a result of AI. Success will be measured by how companies best implement this augmentation into their daily process.

Resource constraints
It goes without saying that the past few years have been challenging for businesses amidst times of economic uncertainty, the COVID-19 pandemic and more. Going into the second half of 2024, it is likely that we will continue to see some resource constraints around budget for new hires and not having enough people to manage tasks, making it all the more important for organizations to invest in HR software that streamlines processes and helps to improve efficiency.

Custom learning and development plans
Learning and development has long been an important aspect of HR and keeping employees motivated and engaged at work. With that being said, generic learning and development plans are no longer hitting the mark for employees. For the remainder of 2024 and looking to the future, we will most likely see more customization within learning and development initiatives, making them more personalized and relatable to employees’ career goals and learning styles. ‍

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Data-driven decision-making
With data becoming increasingly available through HR software, we will most likely see an increase in decision making that is driven by objective data as opposed to subjective insights. Using data to drive decisions enables organizations to have greater control over the direction of the company, encourages proactivity and builds confidence in the organization.  

Freelance / consulting work to increase
Freelancing has been on the rise over the past few years, and seems to only be increasing. The younger generations tend to prefer freelancing due to the flexibility and opportunity to learn new skills. In addition, organizations can also use this to their advantage during times of high labor costs and resource constraints.

Conclusion

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In conclusion, we’ve reflected on the key trends that have shaped 2024 thus far - from employee experience remaining crucial to improved onboarding and an increase in HR software. Furthermore, we look forward to what the next 6 months will hold for the HR space - perhaps we’ll see more custom learning and development plans, increased data driven decision making or a greater rise in freelancing work.

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