It’s an exciting time to be at the helm of a forward-thinking organization as the future of the workplace continues to be redefined right before our very eyes. In just the past three years, we have collectively navigated a global pandemic, a historic economic and employment rebound, the extraordinary impact of automation and artificial intelligence on our workforce, and the resulting reckoning with what it means to work today.
As we close out 2023 and look ahead to the new year, we’re still in the midst of this rediscovery and most likely will be for the unforeseeable future — an undeniable fact that presents untold opportunities for companies that position themselves with purpose and confidence.
Visionary organizations recognize the need for strong, strategic talent management initiatives, especially as the historic war for talent rages on despite high-profile layoffs and economic uncertainties. It has perhaps never been more important to have innovative, proactive talent acquisition and retention strategies in place in order to stay competitive in today’s transformational marketplace.
As knowledgeable, insightful recruitment partners with industry-specific experience, the 20/20 Foresight team of executive search experts keeps track of macro economic and employment trends. These insights are invaluable when developing and implementing actionable hiring strategies that withstand fluctuations and build solid teams that lead organizations confidently into the future — whatever it may hold.
We think it’s essential — especially at the end of another momentous year — to celebrate company wins both big and small. We’d like to share some of the 2023 achievements our team is most proud of, as well as take a look ahead into the ever-evolving employment outlook for 2024 and what it means for your organization.
20/20’s 2023 in Review
Introducing our next-gen client tool: As a recruitment firm that continually invests in proprietary technology that powers our search efforts and client relationships, our team is proud to have launched the 20/20 Foresight Client Hub this past Fall. This first-generation cloud-based client portal allows for greater collaboration, transparency, and efficiency throughout the search process. This dynamic resource is unique in the search industry, furthering 20/20’s mission to be the most tech-forward executive search firm in the U.S. and the first to be 100 percent paperless.
Expanding our impact: Our unique strength lies in our talented team members and local presence in key markets across the country. We’re pleased to introduce the new recruitment and industry experts that joined our staff this year:
- Atlanta: Managing Director David Versel
- Austin: Managing Director Michael Morris
- Chicago: Managing Director Matt Hoffer, Managing Director Jed Degnan,
Managing Director Alby Gallun, Managing Director Michael Moran - Dallas: Managing Director Sutton Turner, Managing Director Ashley Monroe
- Washington, DC: Managing Director Karen Robertson
Receiving top honors: 20/20 Foresight was named an impressive #11 on the Forbes list of “America’s Best Executive Recruiting Firms”. This seventh-annual compilation — of which 20/20 has been named to each year — highlights the nation’s top recruiters, and 20/20 Foresight is honored by this recognition of our singular approach to recruitment. We were also once again named to leading industry research and news organization Hunt Scanlon’s Top 50 Recruiters list, which spotlights the Americas’ largest and fastest-growing executive search firms. These honors fuel our drive and our commitment to excellence in successfully serving our clients.
As insightful and celebratory it is to look back, we’re optimistic and energized for what the year ahead holds for our organization and for yours. Here are the trends that we believe will shape our industry in 2024.
What Are the Key Workforce Trends to Watch in 2024?
As cultural, societal, and technological developments continue to transform the very way in which we view work, recruitment and talent management will be at the forefront of distinguishing successful organizations from their competitors. Through insightful planning, meaningful collaboration, and strategic investments, business leaders and their teams have demonstrated the willingness and ability to build stronger organizations, uplifting and empowering their talent along the way.
Here we present our takes on the top 5 trends in employment and recruitment for 2024:
The return-to-office movement gains momentum: According to the U.S. Census Bureau, the number of Americans working from home has fallen dramatically since its pandemic highs. Today, fewer than 26% of U.S. households still have someone working remotely at least one day a week, which is a significant drop from the early 2021 peak of 37%. Meanwhile, in an Owl Labs study on the State of Hybrid Work 2023, 94% of workers said they could be convinced to come into the office. That’s no doubt music to business leaders’ ears, especially the 64% who believe there will be a full return to in-office work by 2026.
Artificial intelligence in the workplace: Undoubtedly, one of the biggest headlines to emerge from the past 12 months is the next step in the evolution of artificial intelligence. AI is no longer a futuristic concept; it’s a present reality reshaping the workplace landscape. From automating routine tasks to enhancing decision-making processes, AI is revolutionizing how work gets done. In 2024, we can anticipate the integration of AI into various aspects of the workplace, from HR processes to customer service initiatives. Companies that leverage AI effectively will gain a competitive edge in efficiency and innovation.
Enhanced emphasis on employee well-being: The events of the past few years have underscored the importance of prioritizing employee well-being. Organizations are increasingly recognizing the connection between a healthy, engaged workforce and overall productivity and profitability. A Gallup study found that every missed employee workday due to mental health issues costs a company $340 on average.
Traditional benefits packages are giving way to more flexible and personalized offerings. In 2024, progressive companies will tailor benefits and perks to meet the individual needs of their diverse workforce. This may include more flexible work hours, childcare support, mental health resources, and unique wellness incentives. Recognizing that one size does not fit all, organizations will strive to create a comprehensive benefits package that enhances employee satisfaction and loyalty. Creating a positive work environment is not just a moral imperative; it’s a strategic business decision.
Upskilling and reskilling initiatives: As technology continues to advance, the skills required in the workplace are evolving, as well. To stay competitive, organizations are investing in upskilling and reskilling programs for their employees. In 2024, expect a surge in personalized learning platforms, mentorship programs, and continuous training opportunities. As the half-life of skills shortens, adaptability and a commitment to lifelong learning are becoming indispensable.
Focus on sustainability and corporate social responsibility: The global community is becoming more conscious of environmental and social issues, and this awareness is extending into the workplace. In 2024, companies will prioritize sustainability and corporate social responsibility initiatives, aligning their business practices with ethical and environmentally responsible standards to meet the moment.
Forecasting the Future of Work
With our unparalleled industry experience and insights, our team is uniquely positioned to help employers navigate the evolving needs of the new workforce. Our dedication to white-glove customer service and collaboration, along with the recruitment industry’s deepest databases, advanced technological resources, and a proven comprehensive process, align 20/20 Foresight with your own organization’s talent management strategies..
As the 20/20 Foresight Executive Search team looks forward to commemorating our 30th anniversary in 2024, we would like to first wish you a happy, healthy, and rewarding new year. We look forward to working with you next year and beyond to strengthen your organization’s recruitment initiatives and build your most remarkable executive team yet.