5 questions your chief people officer will ask you in 2024

From using AI to doing more with less and ensuring employee engagement, will you have all the answers?

Reward leaders have a lot on their plates, chasing ever-moving goalposts as employee expectations quickly change and remits continue to grow.

As well as being responsible for a reward and benefits strategy that works to attract, engage and retain amazing people, we are tasked with helping the organisation achieve its environmental, sustainability and governance (ESG) and diversity, equity and inclusivity (DEI) goals, support employee wellbeing, build a positive culture and implement new systems.

And all with limited resources.

With employee expectations evolving at pace (85% of employees say that their employee experience at work is more important now than a year ago), it can be difficult to keep up. As well as tackling the most pressing challenges today, you’ve got to have one eye on the future – to anticipate where employee needs will go next.

As you set your 2024 strategy, here are 5 questions that are likely to dominate your interactions with the CPO:

1. What should we be doing with AI (and what shouldn’t we be doing)?

AI was the most common topic of conversation at every industry conference this year. And it’s not surprising, given the release of hundreds of AI tools in the last year, most notably ChatGPT.

A recent Gartner report shows that 81% of HR leaders have already explored or implemented solutions to improve efficiency within their organisations, and there is increasing hype around how AI can support productivity. Next year, even more new uses will emerge – such as faster content generation, simplified reporting and decision assistance. A Benefex report gives more details about the opportunities and pitfalls of AI in employee benefits.

2. How can we achieve our wellbeing goals?

Although wellbeing is the lens through which employers assess employee experience, developing and executing a wellbeing strategy that delivers meaningful and measurable impact is another thing – especially as expectations grow.

Organisations are held back by a lack of data and insight, struggling with low engagement, and finding their current solutions aren’t catering to employees’ diverse needs.

3. How can we do more with less?

Although most employers are increasing their investment in the employee experience, employee expectations are outpacing the scope of reward budgets.

So doing more with less is a theme that continues to crop up as HR and reward leaders look to get more from their programmes and budgets — and save time and resources with the help of technology.

From cutting the administration burden, to optimising benefits spending, you need to be creative with your resources and stretch budgets further.

4. What can we do to make benefits more sustainable?

Companies’ ESG credentials are becoming increasingly important to attract, motivate and keep the best people. When choosing an employer, 55% of candidates are looking for high ethical standards, and 45% want to see a commitment to sustainability, according to the Benefex 2023 Evolution Report.

With employees looking for organisations that align with their values, reward directors are in a unique position to highlight their company’s ESG initiatives, through employee benefits. And more customers are prioritising ESG, DEI, and putting values and purpose at the heart of their reward strategy.

5. Is our benefits scheme successful?

The link between benefits provision and employee attraction, engagement and productivity is clear. Reward leaders are moving beyond the annual benefits enrolment stats as the defining KPIs; elevating employee benefits out of the once-a-year selection window and turning them into an everyday resource for employees and an everyday part of the EVP for employers.

However, the challenge for reward and benefits leaders is to navigate the data challenges they’re facing and understand if their benefits programme is having the intended impact.

Delivering on expectations in 2024

To help you continue to grow, innovate, and stretch your reward budget further, Benefex has put together a guide that explores the five questions above – and how you might want to reply. Get your copy here.