What does HR expect in 2024?

UK-based technology and consultancy company Sage has published a comprehensive report with predictions for 2024: The changing face of HR in 2024.

We have compiled the future-related headlines from the report, which is based on the responses of more than 1000 senior executives:

• 91% of HR leaders told they’re excited about the future of HR. Despite this, some 66% of HR leaders told us they still have some worries about what lies ahead.
• 83% of HR leaders and 85% of business leaders say employee experiences and satisfaction will continue to become more of a focus for HR—as the function moves away from admin towards a more strategic and people-focused role in the changing world of work.
• HR leaders also told that, in the future, their experience makes them the perfect candidate to be future CEOs—and current business leaders agree. 91% of HR leaders and 95% of c-suite execs say HR has the right skills to become heads of business.
• The financial health of companies could not be more important right now. In the immediate term, 93% of HR and business leaders say economic uncertainty will be a challenge for HR in the years ahead.
• 92% of HR leaders say the sheer amount of work they have to undertake is a big barrier to future success in 2024. Limited budgets, lack of resources, and not having the right skills in the HR team are also barriers.

 

What does HR need in 2024?

A boost in HR skills and increased investment in specialisms feature highly on HR’s list to succeed.

• Increased upskilling in HR – %42
• More technological know-how within HR – %40
• Invest in HR specialisms e.g. DEI specialists – %37
• Increased well-being initiatives to prevent burnout – %34
• Better peer-to-peer support networks in HR – %33
• More support networks within the company – %32
• More understanding of HR’s role – %31
• Better support from senior leaders – %29
• Investment in technology – %28
• More support networks with external partners – %28
• More funding – %26
• Increased support from external consultants – %24
• Better access to c-suite – %24
• A bigger team – %21

 

Disagreement in management

The research also highlights the divergence of opinion between HR leaders and chief executive officers. HR leaders and CEOs don’t have the same view when it comes to the top skills needed in HR.

 

HR leaders’ top three ranked skills needed in HR teams

1. Leadership and management skills
2. Teamwork skills
3. Coaching/mentoring/training facilitation skills

 

C-suite leaders’ top three ranked skills needed in HR teams

1. Leadership and management skills
2. Financial skills
3. Analytical skills