Global business trends 2024

Here at Mauve Group, we don’t quite have a crystal ball. But we do have over 27 years of expert knowledge of the global HR landscape, and using that, we can make what we expect are some fairly accurate predictions about what 2024 has in store for global business.

Join us on a journey into the future, as we predict the global business trends of 2024.

Returning to the office

Across the board, employers are anxious to resume in-person working, with CNBC reporting that 90% of companies expect a return to office by the end of 2024. Giants like Goldman Sachs, Google, Amazon, and TikTok have already summoned their employees back to the office, with Amazon threatening to terminate employees who do not adhere to the return-to-work mandate, and TikTok recently introducing software monitoring their employees’ in-office attendance.

In Ireland, the governmental delay in implementing promised remote working protections for workers is prompting employers to expediate office returns.

All this taken into account, 2024 looks set to see the end of an era when it comes to fully remote working being the norm.

AI ubiquity

It’s no secret that AI is rapidly making its mark in the world of work, with tedious processes becoming automated and areas like recruitment becoming diversified and streamlined. The BBC notes that in 2024, AI is anticipated to improve recruitment processes and encourage inclusivity.

However, it is expected that AI will develop faster than legislation, with industry leaders calling for greater clarity and regulation around this rapidly evolving technology.

The BBC also notes that experts are anticipating that global collaboration - between governments, academics, and corporations - will be necessary for a successful AI regulative infrastructure to be implemented.

Nurturing soft skills

As so many components of the working world become digitised or automated as a result of AI, it is becoming crucial for employers to nurture the skills that machines cannot master. Forbes suggests that organisations will invest in supporting their workers to develop their communication, problem solving, leadership, creativity, teamwork, critical reasoning, and strategising, among other soft skills.

It is hoped that doing so will ensure that despite the rise of AI, the human aspect of work will not be lost, and continue to foster healthy, empathetic, and empowering workplaces in which team members can grow and develop personally and professionally.

Sustainability

The future of the planet is high on the list of priorities for businesses in 2024, with many aiming to cut their emissions and carbon footprints and meet sustainability goals. According to The Economist, a number of directives and standards have been set to encourage companies to meet sustainability goals in 2024. These include the EU’s Corporate Sustainability Reporting Directive (CSRD), to which almost 50,000 EU companies will report their climate and environmental impact, and Corporate Sustainability Due Diligence Directive (CSDDD).

In 2024, companies are likely to be promote their own transparency in the realm of sustainability, as an increasing number of prospective candidates and clients will assess an organisation’s commitment to sustainability when considering working with them.

In fact, according to TechTarget, a 2021 study by the IBM Institute for Business Value found that more than 70% of workers are attracted to environmentally sustainable employers.

Diversity

Ensuring that their business promotes diversity and inclusion will be front of mind for many leaders in 2024, as levels of awareness around unconscious bias and discrimination steadily increase. As Forbes notes, it is easy for unconscious discriminative bias to become normalised or go unchecked, and this mismanagement can feed into wider organisational problems.

Investing in Equality, Diversity, and Inclusion (EDI) programmes is important from an ethical perspective. Plus, EDI-driven initiatives can be beneficial, to help businesses undertake bias-free recruitment processes and attract more prospective candidates.

Business Chief notes that EY’s Belonging Barometer 3.0 shows that 73% of Generation Z and 68% of Millennials actively opt to work for organisations which promote and prioritise EDI.

The global business landscape is ever-changing. If you need support with your global workforce from a dedicated team of experts with over 27 years’ experience, contact Mauve Group today. Our suite of HR services and friendly team of HR professionals can help to ensure you get the most out of your international business.