Michael Spataro, the chief customer officer at Legion Technologies, a workforce management innovator, discussed the challenges faced by companies hiring hourly workers in 2023. Inflation weakened consumer spending, causing demand shifts in sectors like retail and hospitality. Many companies had to rethink their strategies, leading to store closures or staff reductions. However, there are signs of brighter days ahead in 2024, with holiday spending increasing by 3-4% and a restored labor force for restaurants after pandemic-related atrophies. Inflation is flattening, potentially boosting consumer confidence.
As 2024 approaches, it is crucial for organizations to prioritize flexibility and agility, especially in sectors with large hourly workforces. Research shows that 64% of hourly workers plan to leave their industries in 2024, highlighting the importance of investing in employee engagement to prevent mass exits. Legion Technologies has identified early trends and strategies to help employers engage with and retain employees, including prioritizing the human touch and leveraging AI to enhance the employee experience.
Technology plays a significant role in improving the hourly employee experience, making processes more efficient and allowing more time for personal interactions. AI can automate tasks like scheduling, enabling employees to focus on customer interactions, training, and strategic thinking. AI-powered software platforms can forecast demand accurately, create optimal schedules, and continuously learn and improve based on employee preferences and compliance rules. Generative AI can provide critical information and automated coaching, enhancing productivity and efficiency in business operations.
Employee well-being has become a key focus for organizations, with labor strikes and unionization efforts increasing in 2023. Companies must invest in their employees’ well-being to drive productivity, sales, and brand reputation. Legion Technologies has observed success with strategies such as schedule flexibility, earned wage access, and rewards and recognition to promote employee satisfaction and engagement. By exceeding the basics and investing in the job experience, organizations can create environments for employees to learn, grow, and thrive with the support of technology.
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