Are you prepared to adapt your leadership style to the needs of the 2024 workforce?
To be a dynamic and effective leader, leaders and managers need to be aware of key changes that could impact their industry, market, and the relevance of their roles. As we progress into 2024, the new year is set to radically shift norms and perspectives; in fact, major transformations have already begun within technology and with generations in the workforce, including their motivations for work and the qualities they value.
As a leader, it's your responsibility to remain aware of these key changes and embrace these five leadership trends are set to take front stage in 2024:
Wellbeing-Focused Leadership
There has been a major uptake in focus on well-being and mental health initiatives within the workforce; this is particularly vital for those who work remotely, and even more crucial since we've all experienced major world changes that have altered our lifestyles, as the cost of living crisis and inflation, wars between countries and politics that have affected our families, and the ever-looming threat of layoffs. According to the American Psychological Association, approximately 70% of Americans feel that the nation does not care for them and are worried about their human rights being under attack, with 38% considering moving to another country.
Gallup's State of the Global Workplace report reveals that 57% of U.S and Canadian workers are stressed on a regular basis, while another report from the American Institute of Stress uncovered that 83% of Americans suffer from work-related stress, costing the economy $77 billion. This is something that leaders and managers cannot afford to turn a blind eye to, if they are concerned about reducing costs, improving productivity and high levels performance, and engaging employees. Well-being needs to be high on the agenda for 2024, with all leaders thinking and working collectively to develop strategies and policies that put the employees wellbeing first.
AI-Powered Leadership
With the generative AI boom that was sparked by ChatGPT, will come the need for leaders to adopt this technology at scale. This involves upskilling your team on how to use and deploy it effectively, and will bring significant returns in the long run, to improving overall productivity and boosting wellbeing, with employees being empowered to produce better quality work in less time. As a leader or manager, you will also be empowered with the data and intelligence to be effective in your role.
Emotionally-Intelligent Leadership
Employees want leaders who are more empathetic, compassionate, self-aware, excellent communicators, and can coach them to success instead of micromanaging or distrusting their work. This is especially essential as Gen Z takes over as the next biggest generation on the workforce, while Baby Boomers go into retirement. Many managers and leaders have complained about Gen Z's lack of work ethic, which in some respects, is justifiable. But since Gen Z is poised to be the next generation of leaders, why not develop one's own growth mindset and coaching skills to be a mentor and coach be these young professionals, so they can be high performers in their jobs and careers?
Additionally, when you are an emotionally intelligent leader, you will produce a more positive work environment, attract more quality candidates because of your employer brand, and resolve workplace conflict effectively.
Women and people of color will need more representation at senior levels
Emphasis On Equality And Diversity
To fully engage the workforce and support their wellbeing while attracting a diverse range of candidates to enrich your talent pool with their wide range of perspectives, leaders will need to remove their unconscious biases and pay special attention to marginalized and underrepresented groups, such as women and people of color, who are traditionally shut out from holding senior-level roles within organizations. Gen Z is already shifting attitudes in this direction, and leaders will need to change and provide a welcoming environment within their organizations for multiple cultures and generations to thrive, especially if their workforce is remote or global.
The Great Negotiation
"Tensions between young workers and their bosses could come to a head in 2024—and everyone will lose if the coming 'Great Negotiation' doesn’t end with healthy compromise," writes demographics expert Bradley Schuman for LinkedIn News' 15 Big Ideas That Will Shape 2024 report. With the unmanageable rising costs of living, and the freelancing industry being projected to swell to a staggering $14.39 billion by the year 2030, making up the largest contributor to the overall workforce and growing 15 times faster than the traditional job market—leaders and managers will need to accept the harsh reality...Your employees (especially the younger generations) are no longer working just for you.
It's time for leaders and managers to adapt to this trend and create policies that support younger employees to work flexibly and support themselves comfortably to maintain a decent standard of living in these turbulent economic times.
Flexible working means more than remote work or varied working hours; it entails being free to hold ... [+]
What's coming in 2024 will be a workplace revolution like no other. Leaders and managers who desire successful careers and want an empowered workforce need to be aware of these key changes that will impact their businesses and the global economy, and prepare through developing a growth mindset, being self-aware, and maintaining a positive attitude towards change while leveraging technology to remain competitive.
