I see three macroeconomic factors reshaping the way people experience work.

How does the macroeconomic environment impact the way people experience work?

First, let's look at what's happening in the economy. 2024 is showing steady but slow growth. Pretty much the same pace as 2023. Not a great outlook. Meanwhile, we have a lot of questions.

Everyone wants to know the effect of interest rates, inflation and the housing crisis on employment and the workplace. And let's face it, employees are only expecting more from their employers.

Next. How are people responding? Diversity initiatives are just the beginning. But we need to do more to create a more inclusive environment. We need to think about how to actually support people. There's a new standard that employers will focus on. The wellness and well-being of their employees.

Lastly, where's technology going? The annual EY CEO survey shows that 95% of CEOs plan to maintain or accelerate, transformational change in 2024. We're at a point where you can't train your people fast enough to keep up with how technology's evolving. Work is being disrupted in so many ways.

What challenges do organizations face in cultivating an engaging people experience?

So how do we win the war for top talent? There's a lot to think about. We need to offer employees meaningful experiences and ways to feel engaged. Employers have so many competing priorities. Profits, people, and purpose. Change. Fatigue is real.

Nearly half of employees say more meetings have not increased productivity, and yet organizations are looking for more from their people. Did you know that today five demographic generations are working together, each with different lifestyles, needs, interests and skills?

We're all looking for more work life balance. The reality is, we haven't even fully recovered from the pandemic. We're still trying to figure out how to make remote work work.

It's a lot to handle all at once.

What solutions can companies implement to improve employee engagement? 

So what's the solution?

It's time to humanize the employee experience. Put another way to create a real sense of connection and belonging. Here's how we're helping our clients think about the employee experience. Today, we're expected to balance productivity with mental health. So understand your employees and embrace total wellness. That means total rewards must include wellness benefits.

Next. We all know how people don't leave bad jobs. They leave bad managers. So prioritize empathy for your people and culture. Employers doubled down on empathy during the pandemic. And it's become the foundation for the employee experience. Finally, people want work that gives them meaning and purpose. When you give them challenging work opportunities, they feel engaged and they feel like the work's rewarding.

So connect their experience to your employee value proposition.

What does this all mean? To recruit and retain top talent. Understand and stay ahead of the forces reshaping the way we experience work. Because in today's world, we as leading organizations have to change the way people work to unlock their potential.