In a context where companies experienced a rather prosperous period with positive economic activity, recruitment, and business growth, inflation has dealt a severe blow to the economy. What will be the challenges for 2024?
The biggest challenge for 2024 will be to control costs as much as possible to avoid having to increase prices. Cost control begins with sound human resources management. Facing a dynamic and constantly evolving labor market, it is essential to implement a proactive approach to ensure alignment of the skills necessary for your company’s success.
Surround Yourself with Essential Skills for Your Business in 2024
To meet emerging challenges, prioritize targeted recruitment by seeking talent that matches specific skills and key expertise you need. Invest in efficient and targeted recruitment processes to attract qualified professionals, thereby minimizing costs associated with recruitment errors and excessive training time.
We have identified key skills for 2024.
For many companies, content-related challenges represented a major obstacle in 2023. Recruitment and strengthening of skills in social media and brand content were necessary and will continue to be so in 2024. The same applies to issues related to CSR, Data, and AI, already present in 2023, which will remain objectives to achieve in 2024, given that not all sectors are at the same level in these areas. Work continues accordingly.
However, here are the emerging topics for 2024:
- A year marked by increased negotiations given the economic climate. Companies will need to defend and preserve their margins to ensure stable economic activity, which implies recruiting experienced sales professionals.
- The constant evolution of cyberattacks and fraud. Although we are now alert to these manipulations, companies face a real protection challenge due to the substantial amount of data they host. Cybersecurity and data protection will be at the heart of concerns in 2024.
- The growing exposure of brands and leaders, making experts in executive coaching, corporate communication, and sensitive or crisis communication essential.
Of course, these projections are not set in stone, especially since from one year to the next, external events require constant adaptation. However, here is what we anticipate at the start of this year, with the hope that companies will achieve their objectives.
Preserve Your Talent: Compensation Challenges
If the main challenge is to attract new skills to boost your activity in 2024, you must also retain the talent already in your teams. To this end, it is essential to implement your talent retention strategy.
Annual reviews are coming up, and the salary question will inevitably come to the table. So this year, raise or no raise?
After analyzing several compensation studies, it appears that in 2024, salary increases would be around 4% across all sectors and professions combined. Certain populations will receive particular attention and should perform well. Finance, for example, financial directors and CFOs, as well as Sales professionals and, of course, digital and data specialists.
However, the economic context suggests that not all professions should necessarily experience the same growth. SMEs are particularly concerned about their upcoming financial year following an already challenging 2023 for many (retail, real estate, and tech startups).
While it seems that Communication and Marketing professionals should not experience significant salary growth, we expect a few exceptions given 2024’s challenges: digital communication, brand content, corporate communication and sensitive communication, data functions such as Data Engineers and Data Analysts, AI experts, event management professionals boosted by the Olympics, and of course positions related to CSR issues will likely see their compensation increase.
Innovate and Personalize Your Retention Strategies
If you are unable to increase everyone’s salary, you will need to consider other motivation levers. Of course, annual reviews will help you understand each colleague’s ambitions. Training, coaching, involvement in company projects, and other options abound. But right away, we propose a few original ideas that might inspire you.
Here are companies that have used strategy to engage and retain their employees:
- Airbnb: Experience Points (XP):
Airbnb introduced an internal program called “Experience Points” (XP), which allows employees to earn points by participating in volunteer initiatives, helping colleagues, or making exceptional contributions to projects. These points can then be exchanged for unique experiences, such as vacations, cooking classes, or leisure activities. This approach aims to recognize and reward efforts beyond the professional framework.
- Salesforce: Time Off to Volunteer:
Salesforce actively encourages its staff to engage in charitable work by offering each employee seven paid days off per year for volunteer activities. This policy not only rewards community engagement but also strengthens the company’s corporate social responsibility culture.
- Google: 20% Time:
Google is famous for its “20% Time” policy, which allows employees to dedicate 20% of their work time to personal and creative projects they are passionate about. This autonomy and creative freedom act as an intrinsic reward, fostering innovation within the company.
- HubSpot: Culture Code Awards:
HubSpot organizes the “Culture Code Awards” every year to celebrate employees who best embody the company’s values. Winners can choose from various rewards, such as travel, personalized gifts, or unique experiences.