“Those who fail to plan, plan to fail.” ~Benjamin Franklin
Hey fellow small business owners, 2024 will be here in the blink of an eye! To help you prepare for the new year, provided below are some people strategy trends that I encourage you to consider and incorporate into your 2024 goals as needed. These trends can impact how you manage your workforce, attract, and retain talent, and create and foster a positive workplace culture. I warn you, some of these are not very new, but still very necessary and deserves to be mentioned.
Ready to begin, let us get into it!
- Health and Wellness: This really is not new but is still VERY necessary as the focus continues to grow every year. Your total compensation package should include benefits in which employees can take care of themselves holistically – physically, mentally, and emotionally. I encourage you to prioritize your employee’s health, wellness programs, and work-life balance initiatives to ensure your employees are healthy and productive.
- Diversity, Equity, and Inclusion (DEI): Again, this is not new, but still VERY necessary and can help your business succeed if done correctly and with the right intentions. Embracing diversity and inclusion is not only a social imperative but also good for business. By prioritizing and promoting DEI, you will foster a positive work environment, improve employee morale and satisfaction, and ultimately, drive growth, and success. You can also gain a competitive edge as well.
- Artificial Intelligence (AI) and Automation: Are your employees operating efficiently? AI and automation technologies can help small businesses streamline operations and improve customer service. Investing in data analytics, customer relationship management software (CRM) and other AI-driven solutions can be beneficial. Both AI and automation can empower your employees to automate tasks, processes, and workflows, leading you on the path to digital transformation and fostering a culture of innovation and agility.
- Cybersecurity: With the growing digital presence, small businesses will need to enhance cybersecurity measures to protect sensitive data and employee and customer information. The most commonly reported fraud is theft of digital information and every business that uses the internet is responsible for creating a culture of security that will enhance business and consumer confidence.
- Agile HR Practices: Small businesses are adopting agile HR practices to respond quickly to changing market conditions and adapt their workforce strategies accordingly. Applying agile methodologies in areas such as recruitment, onboarding, or performance management can have significant positive impact on your organization. Understand which practices your organization could benefit from the most and go from there!
While these trends provide a general direction for small businesses in 2024, it is essential to remember that the business landscape can change rapidly. Small business owners should stay informed, adapt to changing circumstances, and be ready to pivot strategies as needed to remain competitive and resilient. And if you need help with any of the areas mentioned above, FINE HR is just a phone call or email away!
Thank you so much for your time today! I will be speaking with you later. But in the meantime, Stay FINE!
Your favorite Chief HR Concierge!