New Year, New HR: What to Prioritize in 2024
Wednesday November 29th, 2023
Estimated time to read: 1 minute, 45 seconds
It’s the holiday season, and for many organizations, that means it’s also budget season. As teams assess needs for 2024, it’s important to consider investments in employee experience (EX).
Excellent EX is top of mind in today’s workforce. Ninety-one percent of HR leaders say it’s the main priority they are focused on improving for their companies.
In the 2023-2024 Voice of the Workforce Survey, more than 1,100 full-time employees spoke up about their needs and expectations from their employers. Based on their responses, these are some of the priority investments for employers to consider adding in 2024:
Empowering HR Software
Seventy-one percent of employees want self-service capabilities for HR, benefits and payroll tasks. Employees value having their important HR information at their fingertips. By providing helpful software features like employee self-service and an HR chatbot, employers can empower their workforce to find the information they need, when they need it.
In fact, if employees were given access to an HR chatbot or virtual assistant, 54 percent would use the technology to learn about their benefits and 53 percent would use it to get paid time off (PTO) information.
This is impactful not only for everyday employees, but also for HR teams. With employees having access to simple HR-related questions and tasks, HR teams gain time back to focus on more strategic goals.
Simplified Benefits Enrollment
Forty-seven percent of employees find the benefits election process stressful. To combat this and provide better EX, employers should focus on creating a streamlined process and develop clear communication plans for their open enrollment seasons.
The research shows what employees want most from their employers is a cost analysis of benefit plans and more communication about the process. This means offering technology that shows the breakdown of costs as employees are making elections can ease the open enrollment process. A clear communication plan can also take stress out of enrollment by giving employees detailed information about their options and a timeline for making elections.
Payroll You Can Count On
One of the basic musts of positive employee experience is providing accurate, on-time payroll. Letting payroll errors slip through the cracks is a quick way to lose employee satisfaction and lower company retention rates.
Fifty-five percent of employees say that payroll mistakes could lead them to browse the job boards. With payroll playing such a critical role in EX, it is key to use tools and software that ease administration and deliver accurate, on-time payment.
Organizations can also boost experience by exploring flexibility in payroll options. Half of employees would like their employers to offer on-demand pay, which gives them access to their wages as they earn them.
As the demand for better employee experience continues to grow and evolve, gaining insight into feedback from employees can be a powerful tool for keeping organizations competitive when shaping strategies to attract and retain talent.
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