As we settle into 2024, we’re taking a look at eight key business trends to expect for this year, based on research and analysis in the Forbes article: The 10 Biggest Business Trends for 2024.
Over the last few years, the pace of change to the business landscape has been rapid with massive developments in technology as well as widespread change to where and how we work brought on by the Covid pandemic.
Last month we focused on technology with a look at the rise of artificial intelligence (AI) and digital transformation. This month we turn our attention to staffing and the workplace. How will things look different in these areas over the course of the year? Here is what the business experts at Forbes are predicting.
Remote and ‘distributed work’ in 2024
“It’s no longer about companies surviving the pandemic, it’s about offering flexible arrangements, valuing employees’ time and harnessing the potential of a global workforce,” says Forbes magazine.
Yes, workers returning to the office has been a theme of the past 12 months. But employers are also ensuring that they retain the ability to work with geographically dispersed teams and attract talent from anywhere in the world.
For these reasons, we’ll see the number of job postings with ‘remote’ or ‘hybrid’ locations remain well above pre-Covid levels throughout 2024, says Forbes.
It’s worth noting that the Flexible Working Bill will take effect in 2024, meaning UK workers are set to be given even more flexibility over when, where and how they work. From flexi-time and part-time to compressed hours and term-time options, employers will have to consider the requirements of their staff from day one of their employment.
The bill also gives employees the right to make two flexible working requests a year rather than one. And cases must be heard within two months rather than three. But that’s not to say that employers are without a say in how and where their staff work.
A recent legal ruling against a manager of a team of 14 who requested the right to work from home full time could have far-reaching implications for the trend towards home-working. The judge cited ‘weaknesses in remote working’ in his decision. Read more about the case here.
Sustainability
In 2024 sustainability is no longer a buzzword but a critical aspect of business strategy. Companies are increasingly recognising the importance of adopting environmentally friendly practices. From renewable energy to reducing carbon footprints, sustainability is becoming a key factor in consumer choice and attracting talented employees.
In the first quarter of this year, the one-millionth all-electric car will set off on UK roads, according to BBC’s round-up of tech trends. It’s a complex picture but from January 2024, just over a fifth of vehicles sold must be electric.
With that in mind, it might be a good time to check out Enjoy Benefits’ car lease scheme which offers significant savings for employees and your business on electric and hybrid cars.
Our Cycle to Work Scheme also offers savings and green benefits. People with longer or more arduous commutes might be tempted back into the saddle with electric bikes, which are also available via the scheme.
Health and wellbeing
The events of the past few years have heightened awareness of how employee wellbeing can affect business. In 2024 there will be a focus on creating supportive and healthy work environments. This includes mental health initiatives, flexible work arrangements, and wellness programs aimed at enhancing employee engagement and retention.
The business benefits of looking after staff health and wellbeing are well documented and include reducing illness and boosting engagement.
Enjoy Benefits’ comprehensive Wellness programme offers a range of support on subjects including sleep, finances, nutrition and mental health.
Inclusive culture
Diversity, equity and inclusion are important elements for successful businesses. Companies that embrace an inclusive culture, reflect the diversity of the workforce, marketplace and society, meet expectations and unlock the full potential of diverse talent.
“There has always been a business case for ensuring diverse and inclusive workforces,” says Forbes, “but in the age of AI, as we increasingly rely on machines to make decisions that impact humans, it’s more important than ever.”
Addressing biases, promoting equal opportunities and creating a workplace where everyone feels valued is essential for a thriving business now more than ever.
Companies that seize opportunities presented by these trends are poised for success in 2024 and beyond. You can read the full Forbes article here: The 10 Biggest Business Trends for 2024.
About us
At Enjoy Benefits, we have 20 years of experience in helping companies of all sizes adapt and introduce benefits that are suitable for their workplace.
Benefits are easy to set up and ongoing administration is then run through a hub, allowing employees to manage their own benefits while the employer can see which benefits are proving popular and what level of take-up each has had.
If you would like an obligation-free chat to discuss which benefits might work for your business and your employees, please contact us by calling 0800 088 7315 or using our Contact Form.
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