It’s that time of year, when Business Link Magazine invites the region’s business leaders to offer up their predictions for the year ahead.
It has become something of a tradition, given that we’ve been doing this now for over 30 years.
Here we speak to Dan Taylor, Director at Ford & Stanley.
As we assess what 2024 might bring, there are some ongoing key themes for businesses to fully embrace as they become significant factors for candidates as well as employees.
The employer-employee relationship has undergone a paradigm shift, as seen by the recent trends in the labour market. Both employees and employers are in a position of power due to the rising demand for specific skill sets and higher rates of inflation, which paves the way for a mutually beneficial relationship. In this new dynamic where both sides have substantial influence on the nature of the workplace, cultivating a harmonious culture that emphasises cooperation and communication is crucial.
Given the changing nature of the workforce and the value that employers now place on training, flexible work schedules, bonuses, raises, and perks, it is imperative that retention be given top priority.
Reskilling and upskilling will also become more prevalent, so it’s important for businesses to provide training and development programmes to staff, to help improve employee morale, increase adaptability and enhance employee confidence.
Candidates now evaluate pay in addition to emotional support, so talent will be drawn in with promises of generous leave, flexibility, and mental health benefits. Initiatives such as mentoring and support for wellbeing are now considered prerequisites for businesses.
All of this is being fuelled by unlocking a healthier, happier workforce, as organisations seek to further invest in both personal and professional development of their people to increase staff retention and enhance their sense of purpose which ultimately, will drive further company growth.
