Trends and Events in Human Resources That Happened in 2024
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The world of human resources and workforce management has been buzzing with activity in 2024, with groundbreaking studies, impactful mergers, and forward-thinking trends reshaping how organizations engage their people. From Gallup’s illuminating research on how employee recognition can boost retention to major acquisitions like Perceptyx integrating AI-driven engagement tools and 15Five expanding its performance management platform, the year has been a turning point. Companies are doubling down on hybrid work models, equity in compensation, and upskilling, reflecting a workforce craving flexibility and development. Meanwhile, flagship conferences like SHRM’s Annual Expo and Gartner’s HR gathering have spotlighted the industry’s evolution, from mental health initiatives to cutting-edge technologies. It’s clear: HR is no longer just a support function; it’s driving the future of work.
Employee Recognition and Retention
A Gallup study in 2024 highlighted the critical role of employee praise and recognition in improving retention rates. Recognizing employee contributions was found to significantly boost workplace satisfaction and productivity. The study found that people who have a sense of employee recognition are 45% less likely to leave their job.
Perceptyx’s Acquisition of AI HR Tech Companies
Perceptyx, a leader in employee experience solutions, acquired multiple organizations specializing in AI-driven insights, including Cultivate and Waggl. These acquisitions in learning and development and surveys aimed to enhance their platform’s ability to measure and act on employee sentiment, emphasizing real-time engagement solutions.
Workplace Flexibility and Compensation Transparency
Companies are increasingly focusing on flexible work arrangements and transparent compensation models. This shift responds to the expectations of a multigenerational workforce, which prioritizes ethical practices, pay equity, and work-life balance. Another reason to find ways to connect and recognize employees no matter where they are. Hybrid workplaces need hybrid solutions.
15Five’s Strategic Expansion with Emplify Acquisition
15Five acquired Emplify to integrate its employee engagement capabilities into its broader performance management platform. The $50M deal strengthened its offerings in employee feedback, engagement strategies, and manager enablement.
Focus on Employee Well-being and Mental Health
In 2024, there has been a strong emphasis on employee well-being as organizations increasingly recognize the link between mental health and productivity. Programs targeting mental health, such as expanded Employee Assistance Programs (EAPs), stress management workshops, and workplace wellness initiatives, have gained traction. This shift is driven by studies showing that companies with proactive well-being programs see improved employee engagement and reduced absenteeism. Additionally, organizations are adopting “mental health days” as part of their standard benefits package to support employees’ holistic well-being.