As we approach the end of 2023, top business leaders from all markets are now honing in on 2024, hoping to better prepare for and pursue growth opportunities in an ever-shifting global landscape. Exploring uncharted markets, adopting new technologies, or tapping into new talent pools — which of these initiatives should companies prioritize in 2024? What new ways of collaborating and working together will we see? And how can companies of all sizes harness emerging opportunities in the future?
To answer these questions, we’ve returned with our Pangeo Predictions series, where our panel of growth-focused experts discuss the topics, trends, and technologies that will shape the year ahead.
For our AMER presentation, we invited Jane Funk, VP of People at Armory, Cleo Valeroso, VP of Operations and People at Bolster, Ryan Bonvillian, CRO of Paylocity, and Nick Cheesman, Senior Manager of People and Organization E&P America’s at Repsol, to share their predictions for 2024. Here’s what we learned from their discussion.
1. Upskilling will spearhead talent retention initiatives.
According to G-P’s Global Growth Report, over 41% of candidates believe global employers provide more opportunities to acquire new skills, highlighting the growing trend in upskilling program development. With the rapid pace of technological change and automation, companies need employees who can adapt to new technologies and work processes. Upskilling can help employees stay competitive in the job market and enable them to contribute more effectively to their organizations.
Employers looking to offer a competitive edge can significantly enhance their position by offering training courses and tools like micro-learning and AI. These initiatives not only support professional development and engagement, but they also boost onboarding and retention efforts. “Artificial intelligence is being incorporated into learning platforms to provide more personalized recommendations, track progress, and offer adaptive learning experiences,” says Valeroso. “This approach helps employees learn in small increments without overwhelming them as they’re joining a new organization.”
2. Cross-cultural communication will affect brand value more than ever before.
Our panelists acknowledged that while one of the top challenges to building global teams is maintaining a strong company culture across regions, creating environments that encourage idea sharing and connection across borders will be essential in 2024. By emphasizing a consistent company culture across all markets, companies can foster healthy communication that supports business goals.
Communication and cultural competence are vital among HR teams, where missteps can affect every part of the employee experience and role. “Part of [better cross-cultural communication] is helping individuals understand why someone sitting in Bolivia doing the exact same job as someone in Canada might be doing, might have different health benefits,” said Bonvillian. “[It’s important to] walk through those [nuances] and have some of those difficult conversations. So what we strive to do from a cost-cultural perspective is have a corporate culture that we then practice as part of our employee value proposition, and make sure that we get that cross-cultural communication piece right.”
3. CEOs in the U.S. will increasingly focus on global growth strategies for market expansion.
As the current economic environment continues to shift, more executive leaders in North America are embracing global growth strategies as they prepare for market expansion in the new year. “Deloitte did a recent study showing that 50% of CEOs are adopting a global growth strategy as part of their ongoing business strategy,” said Bonvillian. “We’re seeing an increase of M&A activity right now with the economic conditions because it’s harder to grow organically. As a result, some U.S.-based companies are acquiring global employees.”
By embracing a global talent acquisition strategy, companies can identify and attract top talent from different regions, tap into diverse skill sets and perspectives, and build a strong employer brand . This can be particularly important for companies that operate in multiple regions or wish to expand, as a positive employer brand can drive customer loyalty and contribute to overall organizational success on a global scale.
4. Ethical technology integration will be at the top of the agenda.
As AI becomes ubiquitous among businesses, leaders must understand when and how to deploy these new tools in a way that supports their workforce. The ethical ramifications of utilizing AI in HR processes remain to be seen. Still, our panelists believe there is a way to embrace technology without devaluing the contributions of workers. Valeroso urged companies to prioritize ethical governance as they advance and promote the utilization of AI. “Perhaps consider having an AI ethics committee to help establish governance structures and to oversee some of the deployment and impact of the technology you’re bringing into your current workforce.”
This type of oversight committee can help identify potential ethical issues and develop policies to address them, promoting transparency and accountability in the use of AI. By prioritizing ethical governance, companies can ensure that AI is deployed in a responsible and sustainable manner, benefiting both the organization and society as a whole.
Prepare for global success in 2024 with G-P.
As the world changes rapidly, companies must stay ahead of the curve and embrace new technologies and trends to remain competitive. At G-P, we remain dedicated to charting the latest trends and will keep gathering predictions from thought leaders around the world — stay tuned for our 2024 Pangeo Predictions eBook coming in January.
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