Could upskilling help you secure a wage increase, or would your company provide you an “in-person premium”? Here are a few tendencies to be aware of.
For a lot of us, the places and methods of our jobs have altered dramatically in the last several years. While working remotely can offer greater freedom and save time and money on transportation to the workplace, the coronavirus pandemic has also hastened the trend toward remote employment.
Conversely, however, a lot of people have discovered that their pay has not kept up with the exponential increases in living expenses. So, what is planned for 2024?
Initially, 27 million workers would experience a reduction in National Insurance starting in January. Based on estimates from the UK Government, an employee earning £35,400 per year will find this to be worth approximately £450. 2024 will also see changes to self-employment taxes.
In the interim, the employment and recruitment specialists at Dynamic Staffing Services, offered predictions for the rest of the year. They discusses some major developments that are believed to be happening this year:
Improvements In Pay Despite A Decline In Inflation
Mr. Varun Khosla states, “The labor market has been impacted by the economic headwinds of 2023. In particular, people’s pay packets have been affected by high rates of inflation and the cost-of-living crisis, as real wages have dropped.”
Wage growth picked up speed in 2023, but substantial increases in living expenses have blunted the impact on how far workers’ paychecks will go. Some people may begin to feel the impact of salary increases more keenly in their wallets when inflation starts to decline.
In response to more challenging circumstances, employers should adopt a generous pay policy for their employees, according to Mr. Tilak, who notes that as compensation attempts to stay up with inflation, we may see additional modifications as we approach 2024.
Additional read: 10 Recruitment Trends to Keep An Eye On
Hybrid Work Environment
As far as structural resets go, Mr. Vijayan claims that the pandemic’s effects on the workplace represent one of the largest in recent memory. Although it helped to bring in more talent, decrease employee attrition, and pave the way for remote work, more companies are starting to require more in-person days.
While many workplaces that are positioned to offer this flexibility appear to be permanently implementing hybrid working, there are indications that some are raising wages for employees who must physically attend work—a practice we are calling the ‘in-person premium.’
It is expected that in an employer-led market, the current trend of increasing businesses requiring non-remote labor will continue.
Tech-Driven Hiring
Artificial Intelligence (AI) has generated much discussion over its potential to change our lives. According to Mr. Shamim, firms need to be on the lookout for new chances and ways to capitalize on the surge of technology developments that the industry is expecting in the near future.
The fact that 34% of companies are now developing an AI strategy to acquire technology and tools to obtain competitive advantage is highlighted by one of our most recent employer surveys. Also, in hiring new employees, a balance needs to be established. In an attempt to expedite the screening process, some recruiters utilize artificial intelligence (AI).
However, this approach carries risks since automation may incorrectly or improperly reject talent, which can have detrimental effects on both individuals and businesses. We shouldn’t give technology complete control over decision-making, even though AI can be used constructively in many situations.
Relearning and Upskilling
With adaptation and new skill acquisition, 2024 may be a reset year for some workers. According to Mr. Anand, while job advertisements decreased by 18% year over year in 2023, applications increased by 29% over the same period, indicating that businesses had regained control over the labor market.
Individuals seeking employment who possess advanced skills and knowledge will have an advantage as job rivalry heats up and demand for highly qualified applicants rises. Of course, job seekers must stay up to date on the quick advances in technology, especially in artificial intelligence (AI).
Since the whole trend will influence the quality of skills that employers will evaluate during the screening process, AI talents will probably eventually find their way into current employment roles, improving people’s productivity and capacities rather than completely replacing them.
Also read, The Market for Corporate Recruitment Process Outsourcing to Witness Massive Growth by 2022–2028
Green And Goal-Oriented Jobs
Mr. Prijoy expects we anticipate continued prosperity in employment with a purpose, especially for Millennials and GenZ candidates who are drawn to companies with a purpose, whether it be social justice, environmental, or charity. Green jobs are growing along with the climate emergency, but there is still a skills gap to fill these positions and help the shift to net zero.
In summary, the workplace is always changing, and the staffing sector is no different. With the help of advanced technology and innovative strategies, it is expected that the staffing industry will continue to transform in the coming years.
We at Dynamic Staffing Services are poised to play a key role in shaping the future of work by providing businesses with solutions for temporary and permanent staffing that can change to meet evolving trends and changing demands. Some of the big trends we can expect to see in the workplace in 2024 include:
- Increased use of automation and artificial intelligence.
- The increasing significance of emotional intelligence and soft skills.
- The popularity of flexible work schedules like gigs and remote work.
As businesses look to build more adaptable and agile workforces to stay competitive, we at DSS are becoming an essential partner in helping you achieve your goals. If interested, you can call us at +91-11-40410000 or email enquiry@dss-hr.com to know more about our services. Also, you can sign up for our newsletter to receive the latest updates on new jobs and market trends.
Visit our Website: Dynamic Staffing Services.
