The cumulative events of the last few years have resulted in significant, unbudging challenges for HR. Yet without modernising their approaches to employee experience (EX) strategies, businesses face the perfect storm that places significant risk upon how they attract and retain their 2024 talent pipeline.

What’s causing HR’s perfect storm?

1. Dissatisfaction. Since the pandemic, employee happiness has plummeted by almost a third (32%) resulting in anticipation of ‘The Great Gloom’ – bringing with it expensive consequences. Globally, Gallup estimates employee dissatisfaction to cost the economy upwards of £8.8 trillion. On an individual level, businesses face disengaged, unproductive teams planning their exit route.  

2. Disengagement. Gallup’s 2023 State of the Global Workplace data shows 69% of employees are currently disengaged and only 15% feel motivated at work, having profound impact on workforce wellbeing and productivity. From a financial standpoint, disengaged colleagues bring severe outcomes – costing the business nearly a fifth (18%) of their annual salary in lost output and an overall 17% drop in profitability. 

3. Turnover. A third of employees are actively seeking their next role in 2024. Lost talent is HR’s most painful and steep consequence and one many businesses face in an ongoing turbulent market without proactively readdressing their People strategy. 

Why EX in 2024?  

Positive employee experience creates a healthy and engaging environment that maximises and empowers the people potential behind a business. Yet ongoing workplace disconnection and disengagement demands employers to modernise their approaches in a changed world. As a competitive market continues into 2024, this has never been more crucial for future-proofing the talent pipeline. But, EX must now go beyond occasional office pizza parties and pension contributions and instead truly encompass what employees to need to join a business, maximise their potential and remain in role.

What’s the role of EX in future-proofing the talent pipeline in 2024 and beyond? 

1. Welcoming emerging talent. Latest Forbes data shows Millennial and Gen Z talent have the lowest generational scores for job satisfaction. By 2030, they will represent 80% of the global workforce – and the employee experience must reflect diverse and multi-generational needs, especially to secure the best future leaders.  

2. Sharpening employer brand. Only 45% of employees believe their organisation views them as a person – too often, EX strategies observe the workforce as a collective entity with employees’ individual power, purpose and value going overlooked. To instil authentic workplace culture and sharpen employer brand, EX must pivot to restore a long overlooked yet vital component: human connection.  

3. Prioritising employee wellbeing. Demand for relevant and targeted wellbeing support is rising from candidates and employees alike. Tick-box approaches are no longer cutting it – as they navigate a climate more challenging than ever, 42% of UK employees now value the benefits on offer to them as the most important factor they seek from a business, rising to 55% for 18–34-year-olds. EX in 2024 must place wellbeing at its forefront, or businesses risk expensive consequences.  

4. Instilling purpose. 2023 data shows culture to be a leading factor for 46% of jobseekers – and the most crucial for Millennial talent. And with 86% of candidates actively avoiding employers with poor cultural reputation, EX must become synergetic with this in creating a purpose-led, authentic workplace in which employees mutually share its values and vision, and importantly, understand their power in contributing to this. 

5. Restoring connection. The model of how, where and when we work has changed significantly, yet many businesses remain slow in evolving in line with this. This has resulted in a widening gap between remote, dispersed or frontline teams resonating with their business’ mission and purpose – just 28% feel connected to this, a record low since 2019. In 2024, EX strategies must restore this by connecting and engaging all talent with modernised approaches.  

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