Exploring 2024 workplace trends: RTO policies, hybrid models, DEI focus shift and job stability. Key insights for adapting to evolving demands.
It’s a new year and the job market continues to remain strong. The most recent report by the Bureau of Labor Statistics shows that the unemployment rate is 3.7% and industries added 172,000 more jobs during this period.
As we all know, the workplace is constantly changing. Not only must we stay abreast of the trends in our respective industries, but we must also pay attention to overall job trends.
U.S. News and World Report published an article entitled “8 Workplace Trends to Eye for in 2024”. Here are the key takeaways from this article you should know.
- Employees will continue to push back against Return to Office (RTO) policies: Companies are expected to persist with RTO policies in 2024. However, they must find ways to implement these mandates without losing credibility with their workforce.
- Variable RTO Policies: Companies might vacillate in their RTO approaches, with some industries sticking to hybrid models while others eliminate remote work and require workers to come into the office every day. This inconsistency may cause issues for workers who have made significant life changes based on previous remote work policies.
- Flexibility remains crucial: There’s a strong demand for part-time schedules from both employees and employers. Desk workers will likely see more hybrid and flexible schedules, while those in more hands-on roles might also be offered greater flexibility.
- Potential Decline of the 5-Day Workweek: As companies adapt to remote and hybrid work arrangements and distributed teams, there’s a trend towards fewer working days in a week. Companies might eventually gravitate towards either full remote work or a traditional 4-5 day office week.
- Shift in DEI Focus: The diversity, equity and inclusion (DEI) conversation is shifting, with more emphasis on inclusion and equitable processes over diversity. This approach is believed to attract a more diverse workforce organically.
- Reduction in Wage Pressures: Employers are expected to move away from large signing bonuses, significant pay raises for new hires and notable salary increases for lateral moves.
- Increased Job Stability Preference: Workers are anticipated to prioritize job stability over job-hopping in the face of economic uncertainties, seeking companies with a solid track record.
- Extension of Holiday Employment Season: The peak holiday employment period may extend into early 2024, driven by sustained e-commerce demand.
- Return of Retirees to the Workforce: Retirees, particularly those who took early retirement during the COVID-19 pandemic, are likely to return to work for financial reasons, social engagement, personal passion or mental stimulation.
The workplace is poised for significant transformations in 2024. From an emphasis on flexibility to evolving DEI practices, these changes represent a broader shift in a landscape of economic uncertainty and emerging technologies.
Become a Member of Corporate Counsel Men of Color
Joining a professional organization such as Corporate Counsel Men of Color can help you make an impact on other people. Want to learn more about Corporate Counsel Men of Color? Join our organization today.