Employco Blog

In today’s market, managers and HR professionals must adapt to the changing expectations of organizations and employees amid difficult economic conditions. As such, proactive leaders and HR professionals will approach 2024 with strategies that incorporate artificial intelligence (AI) into everyday operations, satisfy employee demands for greater compensation and flexibility, and conform to evolving compliance standards. Organizations will benefit from putting people first and responding to what their workers need. To aid our followers in meeting organizations’ and employees’ demands and desires, this HR Insights article highlights six HR trends to keep an eye on this year.

Looking forward in 2024, the labor market is expected to ease somewhat, although employers will likely still struggle to attract and retain talented employees. Skills gaps and high inflation remain challenging, but the influx of Generation Z (Gen Z) workers into the workplace is expected to help shift market conditions in employers’ favor. Organizations that focus on learning and development opportunities, transparent practices, and competitive compensation may be better equipped to find and keep high-demand workers. Our latest HR Insights article explores five attraction and retention trends to watch in 2024 so employers can prepare their strategies for the year.

Chicago Paid Leave Changes Delayed Until Jul 1, 2024 – The Chicago City Council has voted to delay a new law that will expand the city’s paid leave mandate to 40 hours of paid leave (PL) plus 40 hours of paid sick leave (PSL). The implementation has been delayed to July 1, 2024. Until the new law is effective in July, Chicago employees will continue to earn one hour of paid sick leave, not paid time off, for every 40 hours they work (or at least five days per year).

Check out our PDF chart below for a list of states that have upcoming minimum wage increases in 2024 (click the image for the full report):

As a small business, it’s challenging to stay on top of effective and efficient people practices. With this in mind, we released a new Small Business Bulletin for December 2023. In the bulletin, we discuss the following topics:

• Year-end HR Activities – The last months of the year are a great time for small businesses to ensure they’re prepared for everything that needs to be done. It’s also an opportunity to evaluate which HR processes organizations want to take forward into the new year and which to leave behind. While certain HR compliance activities must be completed by the end of the year, small businesses can also use this time of preparation to focus on tasks that will set their organizations on the right course for next year.