Vital factors will be needed to succeed in 2024

As we step into 2024 organisations are facing a pivotal moment where the ability to navigate a rapidly changing landscape will determine their success in the months ahead.

This is against an economically uncertain backdrop for SA.

According to a report published by Deloitte entitled — “South Africa economic outlook, November 2023” — the National Treasury revised down the country’s growth outlook from 0.9% for 2023 to 0.8%. In addition, the growth outlook for the coming years has been revised downwards — from 1.5% in 2024 to 1%, and 1.8% in 2025 to 1.6%. It is expected to average only 1.4% over the 2024 to 2026 period.

This being said, numerous factors — many of which are within the organisation’s control — will play a critical role in shaping the business environment. Here are the key aspects that organisations must carefully navigate in the coming year.

ADAPTABILITY TO CHANGE

Organisations must realise it is not what happens to them that matters most but rather how they interpret and respond to these situations. Success will depend largely on their ability to adapt to change and efficiently redirect their resources.

Flexibility and agility will be essential traits as businesses navigate evolving market dynamics and unforeseen challenges.

EMPATHETIC LEADERSHIP

Smart leaders who genuinely empathise with their staff — and evoke a deep sense of trust and purpose — will be crucial in underpinning resilience, fostering innovation as well as reducing resistance to change. Building a culture of empathy and trust within the organisation will be vital for driving employee engagement and motivation.

COMPLIANCE WITH LABOUR LAWS

Compliance will be a key feature of organisations in 2024 as they navigate not only existing SA labour laws but also the approximately 10 new or amended laws that are in the advanced stages of the parliamentary process.

An example is the Administrative Adjudication of Road Traffic Offences (Aarto) regulations.

Ensuring adherence to these laws will be essential to avoid legal complications and maintain a harmonious work environment.

HR AND LABOUR RELATIONS POLICIES

Businesses will need to undertake a comprehensive review and refresh of their human resources and labour relations policies to align with both organisational and statutory changes. This proactive approach will help ensure the businesses remains compliant and supportive of its workforce.

SKILLS DEVELOPMENT

With the increasing impact of artificial intelligence (AI), organisations will need to do a thorough skills set analysis and identify training needs, particularly in the areas of AI and emotional intelligence.

Generative AI is set to affect 100% of jobs, making digital and emotional intelligence key focal points for capacity-building initiatives. organisations also need to properly train staff about how to use AI in their work.

There is a lot of misuse of AI tools, such as ChatGPT, because people use only one aspect of it.

DIVERSITY, EQUALITY, AND INCLUSION

Organisations must prioritise the acquisition and enforcement of behavioural skill sets related to diversity, equality, inclusion, and belonging. Failing to do so could result in devastating legal and business consequences.

Creating a culture that values diversity and fosters inclusivity will be crucial for firms’ success in 2024.

This year presents organisations with a host of challenges that require strategic responses. By focusing on adaptability, empathetic leadership, compliance, policy review, skills development, and diversity and inclusion, businesses can position themselves for success. Partnering with thought leaders in these areas and collaboration are essential.

ORGANISATIONS WILL NEED TO DO A THOROUGH SKILLS SET ANALYSIS AND IDENTIFY TRAINING NEEDS