The results of the 2024 workplace trends survey conducted by international leadership development company the Arbinger Institute have been released, and the key theme in the report is something that we completely agree with; your people are the most important asset in your business.

However, it appears that many employees don’t feel they are being treated as an important asset, with less than a quarter of the people surveyed stating their job satisfaction as being excellent. Work-life balance, salary, meaningful work, appreciation, opportunities for growth and relationships with colleagues were all cited as impacting overall job satisfaction.

With results such as these echoed by other recent research studies, it’s little wonder that the key workplace trends for 2024 are all related to putting your employees first in your workplace.

Trend 1: Redefining the employee experience

A focus on wellbeing – not just physical wellness – is an integral part of the employee experience.

Only 29% of those surveyed in the Arbinger Institute study were very satisfied with their company’s efforts in addressing the wellbeing of employees. The areas highlighted for improvement include:

• Flexible working hours
• Financial wellness
• Mental health and stress management
• Fitness activities/physical health
• Team building workshops and activities

The benefits of investing in wellbeing far outweigh the costs, with more engaged and motivated staff leading to lower turnover and absenteeism and higher productivity and profitability. So, if you don’t have a wellbeing strategy yet, now is the time to get started.

Trend 2: Bridging the divide between leaders and employees

The disconnect between executives and their employees was also highlighted in the report, with significant disparities between what executives perceived to be issues and successes at their organisations, and how their employees see things.

So, how can you bridge this disconnect? Through regular and ongoing discussions between management and employees. Going by the numbers in this survey, less than half of all organisations offer employees regular communication with leaders. Those who regularly communicate have discussions focusing on:

• Personal development and wellbeing
• Overall job performance
• Career development opportunities
• Compensation and benefits

These types of discussions not only humanise leaders from the perspective of employees, but also help managers to better understand what employees’ are looking for in a workplace.

Trend 3: Turning the performance review on its head

While performance reviews have become a mainstay for most businesses, many employees and managers alike find them ineffective. Only one-third of those surveyed by the Arbinger Institute value performance reviews, while another third find them a complete waste of time.

So, what needs to change? Evaluating employee performance based on their contribution to company goals and initiatives and their impact on their peers, rather than measuring output and other predetermined expectations.

Reviewing performance only once a year is also seen by most as ineffective, with those who receive ongoing feedback – formal or informal – nearly twice as likely to find performance reviews valuable.

The trend for 2024? Empowering employees to take control of their own performance by having them schedule their own check-in conversations throughout the year.

Trend 4: Catalysing communication to improve collaboration

Communication is such a big challenge for businesses of all sizes, and this is reflected in the Institute’s report, with 40% of leaders ranking it as the most challenging aspect of the workplace. This hasn’t gone unnoticed by employees, with only 21% of those surveyed being very satisfied their company’s level of communication and collaboration. Interestingly, the report stated that “companies that experienced significant increases in revenue last year are more likely than others to have excellent communication and collaboration in their organisation.”

So, how can you promote better communication in your workplace?

• Foster psychological safety
• Have management be more transparent in their communications
• Promote regular “stay interviews” with both managers and peers
• Provide ongoing coaching and feedback
• Keep your employees highly engaged

Trend 5: Prioritising training and development to boost performance

The stats were also pretty bleak when it came to training and development, with only 27% feeling strongly that their company provides adequate growth and development opportunities. And this group reported job satisfaction 5 times higher than those not happy with their training and development opportunities.

What type of professional development opportunities do employees want that will enhance their skillset and develop their career?

• Leadership training
• Professional certifications
• Technical skills training
• Teamwork and interpersonal skills training
• Employer-subsidised degrees

Investing in training and development definitely has its payoff, with employees who received best-in-class training being 3 times more likely than others to work for an organisation that experienced significant revenue growth over the past year.

These workplace trends are here to stay

All of these workplace trends point to one thing: the critical role that people play in your company’s success. A people-centric culture, where people feel acknowledged, heard and valued, will deliver benefits across your organisation, and in your bottom line. Invest in your people, and the sky is the limit.

At Common Goal Consulting, we’ve always espoused that your people are the most important asset in your business. It’s even on the home page of our website!

We love nothing more than to empower organisations with tailored people strategies and solutions that enable growth, productivity and profitability.

Want to know more? Give our Director Nikki Jenkinson a call on 0472 545 584, or email projects@commongoalconsulting.com.au.