Today marks the launch of the highly anticipated People Matters SHRPA Research 2024, a pivotal report offering a deep dive into the evolving HR landscape and how businesses in Australia and New Zealand and other geographies (India, SoutheastAsia & ME) are prioritising talent to fuel growth. This comprehensive report, inspired by Sherpas who navigate challenging terrains, serves as a crucial guide for HR leaders, business executives and HR tech partners navigating the complexities of today’s dynamic environment.

Navigating the HR landscape: SHRPA research 2024

As businesses face an increasingly uncertain and rapidly changing ecosystem, the People Matters SHRPA Research 2024 emerges as a beacon of insight. This report draws quantitative findings from two in-depth surveys—the People Matters HR & Business Leaders Survey 2024 and the People Matters Service Provider Leaders Survey 2024—and incorporates perspectives from progressive HR, business, and technology leaders. The result is a nuanced analysis of the evolving state of the HR industry and strategic shifts expected in the next 12-18 months across various industries.

One of the most striking revelations from the SHRPA Research 2024 is the emphasis on talent as a critical driver of business growth. With Australia and New Zealand positioning themselves as key players in the global economy, HR leaders and CXOs are increasingly focusing on harnessing talent to unlock new levels of success. The report highlights that a blend of skills, agility, and a digital mindset is essential for talent to help organisations scale effectively.

Key Insights from the Report

Impact of  talent shifts on business growth: The SHRPA Research 2024 identifies several key talent trends shaping the future of work. The findings indicate a strong focus on addressing rising skill gaps, evolving employee expectations, and managing talent mobility and shortages. These factors are fundamentally challenging traditional HR practices and driving a shift towards more strategic talent management approaches for business success.

Change readiness vs. execution: The report uncovers a significant gap between HR’s readiness to embrace change and its ability to execute these changes effectively. While 77% of leaders express readiness to adapt to evolving work environments, the ability to implement and deliver on these changes remains a challenge for 64% of them. The research points to a critical need for HR to enhance its execution capabilities to match its change readiness.

Tech maturity and HR performance: The study reveals a correlation between an organisation’s HR tech maturity and HR teams’ effectiveness in managing change. Companies with advanced HR technology systems, such as integrated analytics and AI, are better positioned to navigate the complexities of talent management. In contrast, organisations with basic automation or outdated systems face significant challenges in achieving optimal performance.

Investments in HR tech: As the role of HR technology becomes increasingly central to driving business success, the report highlights a growing investment in HR tech solutions. HR tech partners are optimistic about future growth, with 38% of leaders expecting market growth between 25% and 50% in the next 12-18 months. This optimism underscores the critical role of technology in enabling effective talent management and organisational growth.

Misalignment in tech evaluation and utilisation: The SHRPA Research 2024 also addresses the misalignment between HR leaders and tech partners regarding technology evaluation priorities and utilisation challenges. Along with other top criteria, HR leaders prioritise cost optimisation while HR tech partners prioritise analytics and reporting. Key utilisation challenges where perception mismatch is found include system configurability, compliance, and integration. Addressing these misalignments is crucial for maximising the value derived from sustainable HR tech investments.

Bridging the gaps for success in 2025

The SHRPA Research 2024 provides a roadmap for addressing the emerging gaps in the HR industry with clear imperatives for CHROs. To thrive in a rapidly evolving business environment, organisations must focus on several key areas:

• Enhancing change execution: HR leaders must improve their ability to execute change effectively, bridging the gap between readiness and implementation. This involves leveraging advanced HR technologies and aligning talent management strategies with organisational goals.
• Investing in tech solutions: Organisations should prioritise investments in scalable and responsible HR tech solutions. Embracing innovations such as AI and analytics can drive better decision-making and improve overall HR performance.
• Aligning HR upskilling and tech strategies: HR must focus on improving their functional effectiveness and tech skills to leverage advanced HR technology solutions to its full potential. 

Looking ahead

The People Matters SHRPA Research 2024 offers valuable insights for HR professionals and business leaders in Australia and New Zealand, highlighting the critical role of talent and technology in driving future growth. As the landscape continues to evolve, staying informed and agile will be key to navigating the challenges and seizing the opportunities that lie ahead.

This report serves as a crucial tool for understanding the current state of the HR industry and planning for future success. By addressing the identified gaps and focusing on strategic investments, organisations can better position themselves for sustained growth and success in the coming years.

DOWNLOAD the SHRPA 2024 report now for more insights. 

About People Matters SHRPA Research 2024

The People Matters SHRPA Research 2024 is a comprehensive report that examines the state of the HR industry, offering insights into the latest trends, challenges, and opportunities. Drawing from extensive surveys and expert interviews, the report provides a detailed analysis of talent management practices and technology utilisation across Australia and New Zealand.