As 2024 approaches, small and mid-size businesses will need to keep the following four human resources issues in mind.
- Remote Work and Workforce Flexibility: As continues from the pandemic-driven paradigm, many businesses will be balancing between home and office work in 2024. The challenge for smaller businesses will involve effective team management, ensuring proper communication, work coordination, data security, and maintaining employee motivation and morale remotely. Also, the demand for flexible working hours might increase, requiring businesses to adapt accordingly to attract and retain talent.
- Talent Acquisition and Retention: Given the competitive market, smaller businesses will face stiff competition to attract and retain top talents. As employees continue to value work life integration, businesses that fail to provide competitive benefits, relevant skill development opportunities, strong corporate culture, and meaningful work may face high turnover rates.
- Skills Gap: There is a growing gap between the skills needed for evolving job roles and the skills present in the existing workforce. Rapid technological advances, digital transformation, and the impact of AI will necessitate new skills, and smaller businesses could struggle to upskill their employees or hire new talent with the required capabilities.
- Compliance with Employment Laws: With changes evolving in employment laws related to workplace safety, wage and hour laws, family and medical leave, etc., there is a risk that smaller businesses may overlook their obligations due to their size and lack of resources. This can lead to significant legal issues, negatively impacting their reputation and finances.
These challenges point to the importance of strategic human resource management for businesses, especially smaller ones. The successful companies of 2024 will likely be those that can master managing these human resource issues, adapting rapidly to trends, and creating environments where employees can excel.
Marzano Human Resources Consulting works with businesses to not only mitigate risk, but to also develop strategies for short- and long-term success. Please consider reaching out to us for a no cost consultation.