This week, HRreview joined a member conference in London held by the Institute for Corporate Productivity (i4cp), the world’s leading human capital research firm focusing on people practices that drive high performance.
Throughout the evening, Kevin Oakes, CEO and co-founder of i4cp shared their 2024 priorities and prediction insights. He outlined a recent report released by i4cp, which gave key insights into the practices that drive high performance and will shape the future of work. The study, conducted over a 5-year period, sheds light on the distinguishing factors of high-performance organisations and offers predictions for the year 2024.
Defining High Performance
High-performance organisations, as defined by i4cp, are those that excel in key metrics such as revenue growth, market share, profitability, and customer satisfaction. The report delves into the practices that set these organisations apart and examines their correlation with market performance.
Best Practices for High Performance
- Culture Fitness: Organisations with healthy cultures are 18 times more likely to hold leaders accountable for employee outcomes, including retention and development.
- Accelerating Total Workforce Readiness: High-performance organisations are 7.5 times more likely to reconfigure their pay systems to incentivise employees for success with project-based work.
- Culture Renovation: A focus on talent mobility to accelerate a culture renovation is 7.5 times more likely in high-performance organisations.
- Structured Time Off: High-performance organisations are 3 times more likely to provide structured time off, granting everyone time off on the same day.
Predictions for 2024
- AI Strategy Integration: High-performance organisations are predicted to step up HR’s involvement in AI strategy. The report highlights that 70 percent of CEOs agree that AI will significantly change their company’s operations, with HPOs being four times more likely to already have HR functions utilising Generative AI.
- Future-of-Work Leadership Roles: Forward-looking organisations are expected to create leadership roles specifically geared towards the future of work. The study indicates that 69 percent of CEOs believe generative AI will require their workforce to develop new skills within the next three years.
- Quantitative and Qualitative Culture Measures: The report emphasises that culture measures are now expected to be both quantitative and qualitative. High-performance organisations are shown to be six times more likely to have fit cultures, impacting productivity significantly.
- Workforce Divisiveness and HR Challenges: Macro pressures are anticipated to continue driving workforce divisiveness and challenging HR. Record-breaking elections in 64 countries and organisations implementing policies limiting political discussions at work are some of the factors contributing to these challenges.
Addressing Toxic Cultures
Kevin also explained that toxic cultures are 10 times more likely to indicate an “unsafe environment for expressing opinions or concerns.” Organisations with toxic cultures are also 16 times more likely to report a lack of trust in senior leaders.
Click here to register for i4cp’s upcoming webinar on culture change initiatives.
Amelia Brand is the Editor for HRreview, and host of the HR in Review podcast series. With a Master’s degree in Legal and Political Theory, her particular interests within HR include employment law, DE&I, and wellbeing within the workplace. Prior to working with HRreview, Amelia was Sub-Editor of a magazine, and Editor of the Environmental Justice Project at University College London, writing and overseeing articles into UCL’s weekly newsletter. Her previous academic work has focused on philosophy, politics and law, with a special focus on how artificial intelligence will feature in the future.
