What can HR leaders expect to grapple with in the coming year?
This article was produced in partnership with Cornerstone OnDemand
With decades of industry expertise, an obsession with customer success and a holistic AI-powered Talent Experience Platform, Cornerstone OnDemand is here to help you unleash the limitless potential of your workforce and streamline how you do it. Its end-to-end, skills-forward, AI-powered platform currently hosts over 125 million users across 180 countries and 50 languages.
In HR, only one thing is certain: the next challenge is always around the corner. Whether it’s talent shortages, employee engagement or the rise of AI, having a roadmap to navigate the current environment is always invaluable for HR leaders.
With this in mind, Cornerstone has released its 2024 HR Predictions report. Drawing on insights gathered in its 2023 Talent Health Index, it looks at seven dimensions which are vital to HR strategy: culture & technology, skills strategy, learning & development, content strategy, performance management, talent mobility and talent reporting, data & analytics.
So, what are the key trends that HR leaders should be on top of in 2024? According to Himanshu Palsule, CEO of Cornerstone, the world of work today is “almost unrecognisable” from what it was just a few years ago.
“Employees now want to be in control of their individual career paths,” Palsule comments.
“The 9 to 5 is fading and new ideas like fractional talent are emerging. We are navigating more legislation and compliance than ever before. The skills confidence gap continues to widen. And, of course, AI promises to accelerate it all beyond our imagination.”
Leveraging the power of technology and AI is set to be a hot topic this year. The emerging capabilities of AI can be used to drive everything from culture and wellness to learning, onboarding and managing performance – however, only 38% of companies are currently using AI to its full potential. Surprisingly, companies with over 10,000 employees are the least likely to use it.
However, the use of AI is only going to increase, and Cornerstone chief learning officer Marc Ramos says the swing “away from fear and towards highlighting all sorts of new possibilities” is exciting.
“I think this journey from a state of conscious incompetence about AI to conscious competence about its value is only going to continue,” Ramos says.
The 2024 HR Predictions Report also highlights learning and development as a key focus for the year ahead. Employees are increasingly looking to strengthen their skillset, and the demand for technology and AI-based skills is growing.
When it comes to performance management, we’re likely to see a move away from manager-driven annual reviews, which will be replaced with ongoing performance conversations. Formal rating systems and scales are also on the decline, and are being replaced with employee-specific objectives.
Talent mobility also continues to be a hot topic, and Cornerstone predicts that internal recruiting will become more proactive in 2024. Organisations have been moving to give employees more insight into open internal positions and projects, as well as the skills they’ll need to switch roles.
This isn’t a second too soon, as Cornerstone’s 2023 Global Talent Mobility Study showed 73% of employees want to know about career opportunities within their organisation.
“Of course, one of the challenges of encouraging internal talent mobility is that it may require a bit of cultural change, creating a culture of shared talent rather than one more accustomed to hoarding talent,” Cornerstone VP of people experience Brianna Foulds comments.
“But celebrating internal talent mobility will be key for both the employee and the leader, as it lands the value of growth for employees while supporting the success of the organisation.”
Finally, investing into strong HR data analytics will be vital. Sapient Insights Group CEO and managing partner Stacey Harris notes that HR has a long history of collecting employee data that ultimately goes unused, and while there is no ‘quick fix’ for this, investment into this area will help manage your employee information.
Predicting the future in HR is hard, and there’s no surefire roadmap. However, acting on the identified themes will help organisations to navigate these uncertain waters and be well prepared for any challenges ahead.
“In 2024, the number one call for action for organisations is clear: invest in your people,” says Bernd Leger, chief marketing officer at Cornerstone.
“Our industry is experiencing a seismic shift in employee demand for internal growth opportunities, facing persistent skill gaps and shortages, and navigating a new world where technologies like AI and machine learning are transforming the way people learn and work.
“This is an incredible moment for organisations across industries to invest in the power of learning, and explore more innovative ways to empower their people to grow.”
For free access to the full e-book, Remaking Work for a New World: 2024 HR Predictions, click here.
