“Peopletech is currently arising as an industry, redefining our approach to technology and human capital management collaboration. It is where people managers and technology work together to accelerate employee progress and experience.”
A profound transformation is currently taking place for small businesses and entrepreneurs in the ever-evolving work landscape. As we glance at 2024 in the rearview window, we see that traditional boundaries between HR and technology are necessarily dissolving, giving rise to an integrated ecosystem where people and tech fuse to create the future of work.
In this trends prediction article, we will stop at the intersection of people and technology - going beyond either silo to foresee the formation of an emerging industry: Peopletech.
We will also be examining the exciting innovation that can be leveraged by brands and businesses.
The Rise of Peopletech: A Necessary Integration
Peopletech is currently arising as an industry, redefining our approach to technology and human capital management collaboration. It is leaving behind the narrative of technology advancing just itself and HR separately.
Peopletech is a symbiotic relationship enhancing the talent management value chain in the digital age, where people managers and technology work together to accelerate employee progress and experience.
No longer confined to specific roles, it demands a holistic approach involving the design of a human capital strategy with technology and digital at the core to increase the capability, efficiency, and experience of employees in the organisation. Because without talent, there is no business.
This mindset shift is needed to stay relevant as we navigate 2024 and beyond. It's not just a prediction but a declaration of a new era where technology and the talent ecosystem harmoniously coexist, creating a digitally-led, innovative, and deeply human-centric future of work.
AI is the New Flex – not Foe
The real revelation is AI's potential. There is a perception that humans and AI cannot coexist harmoniously in the workplace, but we must embrace this technology if we are serious about creating work-life balance and well-being. We've finally been given a platform that aids us in reclaiming meaningful time. In our pursuit of well-being and flexibility, AI, when applied correctly, liberates us from mundane tasks, unlocking our potential in the workplace.
AI doesn't replace the creative and people-centric aspects of our jobs; instead, it tackles the slog, allowing us time to revel in the enjoyable, human facets of our work. Far from a threat, the technology is a powerful ally in enhancing our work experience.
The unsung hero revolutionising our daily lives, AI goes beyond workplaces; when embraced, it is the secret to reaching complete efficiency. In HR and recruitment, we see this highlighted in the global social media platform LinkedIn, through their new AI features and integration into their Recruiter products.
LinkedIn Recruiter's AI-generated messages redefine communication, personalising InMail for an enhanced candidate experience. AI streamlines job descriptions, making the process precise and customisable. This technological prowess extends to LinkedIn profile building, offering intuitive writing suggestions—a transformative wave in HR, optimising recruitment touchpoints.
The takeaway? AI is the future of personalised and efficient talent engagement and a game-changer for productivity and scale.
The Power of Social Leadership: A CEO's New KPI
Part of our Craft is empowering top CEOs and executives in South Africa to build strong social leadership brands on LinkedIn. This was once considered a 'nice-to-have' or something managed as low priority by a personal assistant but has quickly evolved into a critical KPI and a major trend. Consumers are increasingly favouring subject matter experts over traditional brand narratives, and we see the same with candidates.
Research by LinkedIn Business has shown that companies with formal employee advocacy programmes are 58% more likely to attract top talent and 20% more likely to retain them. This underscores the strategic power of proactive leadership. Today's CEOs are no longer passive figures; they are intricately linked to their company's reputation.
If C-level executives need further convincing of the talent benefit, PwC's Trust in US Business Survey highlights the shift to more proactive leadership. It reveals that 49% of consumers increase purchases due to trust, while conversely, 44% disengage from companies lacking trust. Workforce trust complexities result in 22% leaving companies, with 19% choosing employers based on high trust levels. Think about it: who better to manage your company's trust reputation than your leadership team?
Social leadership is a digital strategic necessity that calls for CEOs to unite in a collective industry dialogue. It's the new-age KPI defining success in the trust-centric economy. It's time for CEOs to embrace this responsibility, wield the social microphone, and seize the digital centre stage of leadership—this should no longer be just the responsibility of a company's comms team.
DEI is More Than Wallpaper: Leveraging the Power of Cognitive Diversity
In the quest for a diverse and inclusive workspace, cognitive diversity takes centre stage as the indispensable driver for tomorrow's inclusive and equitable work environment. Beyond mere buzzwords, it champions unique perspectives needed to create brands and businesses with a bigger impact. Cognitive diversity can unlock talent pools that defy norms in business environments.
Hybrid Working and the Four-day Workweek are Dealbreakers
Beyond work-life balance, flexible working arrangements and the four-day workweek are trending strategies to retain critical skills and top talent.
Employee feedback emphasises its importance, with 51% requiring a 21–50% pay increase to consider returning to a traditional five-day workweek. A steadfast 13% express a strong preference for the four-day model, irrespective of monetary incentives.
This trend aligns with broader challenges, as reflected in the African Youth Survey 2022, which found that over half of individuals aged 18-24 across 15 African countries consider emigration for better opportunities. The four-day workweek signifies a shift in perspective, prompting companies to adopt proactive talent management approaches.
Well-being will be a Talent Magnet
A transformative shift has happened in the importance of employee well-being in the professional environment, now considered a "must-have". This notion, along with the movement we have seen in South Africa with the removal of the medical tax benefit, is heightening health benefit costs and emphasising its importance in the role employers can play in attracting and retaining talent.
Employers urgently face the need to address burnout and prioritise well-being as a strategic imperative. Internal prioritisation extends beyond altruism; it's essential for sustained business resilience, envisioning a workplace where employees seamlessly integrate well-being.
Discovery's approach to incentivising consumers for healthier living serves as inspiration. It prompts the question: Why not apply the same strategy to employees for increased engagement and productivity?
Embracing the Power of Peopletech and its Influence on the Future of Work
Peopletech is defining the future of work. To stay relevant in a competitive and complex market, businesses must embrace the integration of AI, strong social leadership, flexible work arrangements, and the power of cognitive diversity as essential ingredients for success.
Leaders who proactively adopt these innovative trends will position their businesses as forward-thinking, resilient, and attractive to both talent and consumers. As we look ahead, the key to success lies in creating a harmonious blend of technology, human-centric strategies, and visionary leadership that together will redefine what it means to work and lead in the digital age.
What do you think of these future trends for small businesses?
At the social craft we love to hear your feedback and engage with businesses of all shapes and sizes. We are always keeping our thumb on the pulse of current and future trends for businesses big and small. If you want to stay updated with more content like this consider subscribing to our newsletters. We'd love to keep you updated on the latest information around employer value branding, HR and all things PeopleTech!
Comments