People and Culture

5 Key Human Resource Priorities for Business Leaders in 2024

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As the business landscape continues to evolve it is critical that Human Resource priorities play key part in an organization’s 2024 goals. While business leaders overseeing these Human Resource priorities have started to reframe focus traditional HR goals to a more People and Culture perpective they will need to focus on several key items to ensure that their companies are well-positioned for growth and success.  and yes, I too am suggesting you consider rebranding Human Resources as a defined function within your organization with a People and Culture (P&C) function.

In addition to making this shift in mindset on how significant the human resources people and culture function has on organizational success, below are five key suggested areas of focus on your people and culture in 2024.

Culture

A strong company culture can be a powerful driver of employee engagement, productivity, and innovation. Business leaders should work to create a culture that is aligned with the company’s values and mission. This includes promoting open communication, collaboration, and teamwork.

Employee Performance and Productivity

Optimizing employee performance and productivity is essential for driving business outcomes. Business leaders should implement strategies to attract, develop, and retain top talent. This includes creating a positive and engaging work environment, providing opportunities for training and development, and offering competitive compensation and benefits packages.

Employee Retention

In today’s competitive talent market, employee retention is more important than ever. Business leaders should develop strategies to identify and address the factors that contribute to employee turnover. This includes conducting exit interviews, gathering employee feedback, and making necessary changes to the company’s culture, policies, and practices.

Technology

Technology can play a vital role in improving efficiency, productivity, and decision-making. Business leaders should invest in technologies that can automate processes, provide data-driven insights, and improve employee engagement.

Employment Law Considerations

Staying up-to-date on ever-changing employment laws is crucial for business owners and executives. Failure to comply with these laws can result in costly fines, lawsuits, and damage to the company’s reputation. Business leaders should work closely with P&C experts and/or legal counsel to stay informed about new laws and regulations and ensure that the company’s policies and practices are compliant.

What next?

  • Conduct a comprehensive P&C audit to identify areas for improvement.
  • Develop a strategic P&C plan that aligns with the company’s overall business goals.
  • Invest in training and development for all employees.
  • Create a culture of open communication and feedback.
  • Leverage technology to automate P&C processes and gain insights.

By focusing on these key P&C priorities, business leaders can reap several benefits, including:

  • Enhanced company culture
  • Increased employee performance and productivity
  • Reduced employee turnover
  • Increased efficiency and productivity
  • Improved decision-making
  • Improved compliance with employment laws

In addition to the above, business leaders should also consider the following trends that are likely to shape the P&C landscape in 2024:

  • The rise of the hybrid workplace
  • The increasing importance of mental health
  • The need for a more personalized employee experience
  • The growing use of artificial intelligence (AI) in P&C functions

By staying ahead of these trends, business leaders can help their companies adapt to the changing world of work and continue to thrive.

 

About the Author

Steve Marklay | SENIOR HR ADVISOR

Steve has been a Senior HR Advisor with ALINITI for 7 years. He brings a wealth of Human Resource knowledge to support the clients he partners with. His industry experience is vast and spans over 30 years, ranging from Manufacturing to Financial Services, and Retail to Building Services. Whatever your HR pain point may be Steve will have the solution.