Three HR Resolutions You Should Make in 2024
The journey for Human Resources (HR) professionals in recent years has been nothing short of a rollercoaster. As disruptive technology shakes up talent needs, triggers layoffs, and strains employees’ mental health, HR teams try to keep pace with organisational change while safeguarding their well-being.
In 2020, Singapore’s Ministry of Manpower recognised this challenge. It launched the HR Industry Transformation Plan - a five-year initiative to equip HR practitioners with the skills needed in the digital business landscape.
While it's heartening to have government support, HR teams must look closer at themselves. This involves identifying what needs to be fixed and recognising untapped opportunities to elevate their function and the broader workforce.
Three HR Resolutions to Consider in 2024
Let's delve into the top three challenges facing HR practitioners today and propose resolutions to tackle them head-on in 2024.
1. Productivity: Boosting Efficiency with Tech
What’s Not Working? Productivity Growth
Productivity has hit a roadblock. Despite employers’ best efforts, growth has been minimal. Issues like returning employees to offices, manual admin processes, and neglecting well-being interventions contribute to the stagnation.
The Resolution? HR Technology
Prioritise investment in HR Automation and Training. In 2024, HR technology will take centre stage in enhancing productivity. Singapore is already leading the charge, with 30% of organisations investing in technology. Automation, especially with Generative Artificial Intelligence (GAI) like ChatGPT, is poised to play a crucial role, potentially boosting productivity by 37%.
2. Recruitment: Investing More in Employees’ Skill Sets
What’s Not Working? Recruiting New Talent
As the technological landscape evolves, HR teams face growing hiring challenges. In 2023, 80% of Singaporean organisations struggled with recruitment, as they could not meet candidates’ salary expectations or find sufficient talent with the necessary technological skills.
The Resolution? Reskill and Upskill Current Employees
In 2024, organisations will shift their focus from new hires to reskilling and upskilling current employees. Over time, recruitment and onboarding costs often equate to or exceed technical training investment, and employees are more likely to feel engaged, valued and loyal to an organisation that invests in their career development.
3. Work-Life Balance: A Shift Towards 'Fit'
What’s Not Working? Work-Life Balance
Joint work-life balance initiatives like strict working hours don’t suit everyone's needs. Employee lifestyles and preferences vary, so enforcing rigid structures may be counterintuitive to supporting mental well-being.
Singapore echoes this testament. Minister of State for Manpower of Singapore, Gan Siow Huang, claimed that the Ministry Of Manpower (MOM) “strongly encourage employers and employees to be open to flexible work arrangements” to uplift workers.
The Resolution? Work-Life Fit
In 2024, shift from 'balance' to 'fit.' This means taking a more personalised approach that acknowledges individual needs. Embrace flexible work arrangements, as encouraged by Singapore's Ministry of Manpower, to enable workers to operate during their most productive times of the day, whether earlier or later than the traditional 9-to-5 window.
Looking Ahead: What Does the Future Hold?
Change is constant, and 2024 will bring new challenges and resolutions for HR teams. The soft-skills gap among Gen Z, employee data privacy, and recruitment bias elimination will likely become a sharp focus over the next two years.
At Accela Talent, we're always tuned to the evolving HR landscape. Our experts strive to help HR teams adapt and pioneer new ways to elevate their workforce. Because, ultimately, a happy workforce equals a happy business.
Let us guide your HR team through these challenges in 2024. Reach out to us at hello@accela.asia to explore our HR advisory services.
