Summary
The 2024 HR Industry Benchmark Report outlines key challenges, opportunities, and trends for HR leaders in Australia and New Zealand. It identifies five significant trends influencing HR practices, including navigating economic conditions, addressing productivity issues, transitioning from tactical to strategic approaches, integrating data into decision-making, and leveraging technology for efficiency. The report presents benchmark findings on workforce growth predictions, turnover rates, budget changes, and hiring costs, revealing that the average cost to hire is now $20,000, with a concerning turnover rate of one in seven new hires leaving within their probation period. The report emphasizes the importance of internal mobility and succession planning as organizations face economic uncertainty and talent shortages. Furthermore, it discusses the barriers to productivity, such as employee disengagement and leadership capability, while highlighting the need for HR professionals to adopt a more strategic and sustainable approach to talent development.
