How AI and Inflation Shape Employee Expectations in 2024
Recently, ADP released research revealing data-driven insights about employees in North America and worldwide. This year and beyond, attracting and retaining talent has become more challenging than ever due to the pressures of an aging workforce, AI and technological advancements, inflation, and economic conditions. To attract and retain top-performing employees, understanding what they want and how they think is crucial. In this article, we highlight seven key insights into employee expectations in North America (Canada and the US) and suggest ways to bridge the gap between what you provide and what they expect.
Here are seven noticeable insights about Employee Expectations in 2024
Salary is consistently the top priority for workers and most of workers expect a pay increase in the next 12 months
2. Workers have high expectations of a pay increase
3. Salary, Job security and day-to0day enjoyment of work are top 3 priorities in a job for older workers aged 55++
4. Salary, Flexibility of hours and day-to-day enjoyment of work are top three priorities in a job for young workers aged 18 to 24 in North America
5. Remote work arrangements are still popular and “Return to the office” maybe more talk than action
6. AI poses challenges for workers' job security, particularly for those who are unfamiliar with AI or believe it will replace most of their job functions, making them more vulnerable. Many workers are not satisfied with their employer’s current investment in their skill development
7. Employers may have initiatives or efforts in place related to DEI, but workers may not be fully informed or aware of these efforts
8. US workers face significant stress at work and that many feel their employers are not adequately supporting their mental health
How to Meet Employee Expectations in an Age of AI and Inflation?
This is the toughest part, and there might not be an ultimate solution because we are human beings and our expectations are constantly evolving. However, here are a few key steps that you can consider to narrow the gap:
Competitive Pay and Benefits
One of the foundational elements of employee satisfaction is competitive compensation. Conducting regular reviews to ensure that salaries and benefits align with industry standards and local market conditions is essential. This can be supplemented by utilizing salary comparison tools and seeking feedback through employee surveys to gauge satisfaction and competitiveness.
2. Opportunities for Skills Development
Integrating AI training into workplace development for office and frontline workers is crucial for staying competitive in today's rapidly evolving landscape. Here are few key steps you should take it into consideration:
Begin by assessing current skills and identifying specific AI competencies relevant to each role.
Design tailored training programs that blend workshops, online courses, and practical projects to cater to diverse learning needs.
Collaborate with AI experts to ensure content relevance and depth.
Continuous monitoring and support throughout the training process are essential for fostering skill acquisition and application.
Regular evaluation of program effectiveness allows for adjustments and improvements, ensuring that employees are equipped with the necessary AI skills to contribute effectively to organizational success in an increasingly digital world.
3. Support for Remote Work and Flexibility
The past few years have highlighted the importance of flexibility in work arrangements. Offering remote work options and flexible scheduling empowers employees to manage their work-life balance effectively. This flexibility not only boosts productivity but also contributes to higher job satisfaction and employee retention.
4. Mental Health and Well-being Support
Recognizing the significance of mental health in overall well-being, employers should provide access to resources such as counseling services and wellness programs. Creating a supportive work environment where mental health is openly discussed reduces stigma and promotes a culture of well-being.
5. Diversity, Equity, and Inclusion (DEI)Diversity in the workplace
Diversity in the workplace isn't just a buzzword—it's a strategic advantage. Companies that prioritize DEI initiatives by implementing inclusive hiring practices, offering training on unconscious bias, and creating opportunities for underrepresented groups foster a more innovative and supportive workplace culture.
6. Transparency is key
Effective communication is fundamental to building trust and maintaining employee satisfaction. Keeping employees informed about company policies, performance expectations, and career advancement opportunities through transparent communication channels fosters a sense of inclusion and empowerment.
Conclusion
Creating a workplace environment that prioritizes employee satisfaction requires a holistic approach. By offering competitive pay and benefits, investing in skills development, supporting flexibility and remote work options, prioritizing mental health and well-being, promoting diversity and inclusion, fostering transparent communication, leveraging technology, and adapting to evolving work environments, companies can cultivate a culture where employees thrive. Ultimately, these efforts not only attract top talent but also contribute to sustained organizational success and growth in an increasingly competitive global market.
