As we shut the door on the first half of the year and plan for the remainder of 2024 and look to head into 2025, our team members take some time to reflect (1) what they’ve seen as important highlights from the first six months of 2024, and (2) what they will be keeping their eye on through the rest of the year.
Reach out to any of our team members to discuss further. We’d also love to get your insights as to where we’ve been thus far and hear about the trends you will be carefully watching through the rest of the year!
Christopher Lee, Managing Partner
Most businesses have experienced stagnant growth in the first half of the year. Business owners are hopeful that inflation will continue to slow and there will be a rate cut in Q4, stimulating growth in the back half of the year into FY25.
Meanwhile, the next two quarters are a great time for leadership to focus on the day-to-day delivery of their products and services, and executing the FY24 strategic initiatives and talent development.
Bill Morrow, Managing Partner
We’re seeing mixed results this year in the mid-market arena. Our clients who are dialed into their customers and check in regularly are doing well for the most part. They regularly conduct voice-of-customer interviews and adjust to their ever-changing needs.
Others who have stayed the course and haven’t adjusted are finding this business climate to be unlike others they’ve navigated before. The belief that “the business will return like it used to be…” is NOT proving to be true in this cycle.
Jason Fisher, Managing Partner
With continued economic conditions, political uncertainty, and lightning-fast technological changes, companies of all sizes are reinvesting in strategic planning activities. However, the days of 5-year strategic plans are diminishing, and we are seeing more 1- to 2-year plans being developed. Change Management is still one of the hardest things for organizations to do, often leading to leaders accepting the status quo.
Trends in the back half of the year will be uber-dependent on November’s outcomes, and I believe there will be some hesitancy until businesses know what type of political environment they will be working in over the next four years.
Ajay Joshi, Rev Ops Partner
It’s been a busy year with my clients doubling down on revenue growth this year. This has been especially true for companies that are Private Equity backed. I have seen an uptick in investments in demand generation and targeted marketing compared to prior years. We recently helped a software client redefine their ICP (ideal customer profile) to develop a more focused go-to-market approach.
For the next part of the year, it will be all about executing to operations plans and showing results to investors.
Laura Schlessinger, Talent Acquisition Partner
From the first half of the year, I see that flexible work and remote work arrangements are here to stay! Employers that are open to flexing the traditional 9am-5pm workday will continue to have a competitive advantage in the recruiting world. Tip: Showcase “flexibility schedules” in recruitment marketing.
Also, compensation is still important to employees. Being at the 50th percentile or above when looking at national or regional compensation ranges is essential. Hint: it is a given that your culture is great. When an employee joins your organization, the compensation plan is the only sure thing they have. They have only heard through the interview process about the culture of a company, but have not experienced it yet.
The hook to recruit the best candidates and lay the foundation for an amazing employee experience is a solid compensation plan. Tip: Conduct a competition survey at least once a year to understand where the market (regarding compensation and benefits) is and adjust accordingly. (Your recruiter will thank you!)
Shubho Chatterjee, Digital Transformation & Supply Chain Partner
My observations from the first part of the year include:
– Hesitancy for businesses to commit to CAPEX with the uncertainty of the financial environment primarily due to stubborn inflation holding, high interest rates, and a non-committal fed position on rate cuts later during the year
– Slowdown in consumer spending portending slower business growth for goods and services
– Gradual weakening in hiring and an uptick in unemployment
– While many large and public companies performed well as evidenced by financial reports, SMBs seemed to struggle
– The Gen AI gravy train continued unabated
I am keeping my eye on these expected trends for the 2nd part of the year:
– The rate cuts and the timing, or the holding posture, by the Fed will determine the movement of the economy and market in general
– If the first rate cut occurs in September or earlier, effects may be observed in the last quarter ’24 or 1st quarter ’25
– The labor market will continue in downdraft unless some forward expectations kick in from 1 & 2 above
– Consumer spending will continue to tighten
– While the top 5 large language models will keep prevailing, we might see the start of functional LLMs (large language models) penetrating the market
Laurel Cavalluzzo, Marketing Partner
Getting the right message in front of a target audience continues to be a challenge with the increased noise and clutter we all find in our personal and business lives. The need for marketing to have an authentic voice and value-driven communications cannot be overstated – with a call-to-action that will move the target audience to take action. We must always remember that the audience always asks, often subconsciously, WIIFM? (what’s in it for me)
Moving through the rest of the year, I’ll be watching to see how short-format content, video, and AI continue to play into the world of marketing. The world of communications continues to change rapidly!
Peri Nikolas, Digital Marketing Associate
One of the most significant trends I’ve observed in the digital marketing landscape this year is the increasing integration of AI in Google Ads. AI technologies are revolutionizing the way we approach ad targeting, bidding strategies, and campaign optimization. I invite you to read my recent blog: “AI’s Impact On Google Ads: A 2024 Business Guide”.
Laurie Beasley, Human Resources Director
One trend I noticed from the first part of the year is related to work location. Many businesses realized during the pandemic that there are cost savings and potential increased productivity by offering hybrid or remote work, and this model has become a differentiating factor and benefits for many candidates. The challenge becomes monitoring the productivity and applying metrics based on this as the team member is not in the office where their work productivity is visible. In addition, employees can take advantage of the perceived and real flexibility that comes with this model.
I believe as we move forward in this hybrid and remote working world, we will need to tighten up offer letters to add specific language around expectations of work performance and remind employees, specifically those who are exempt, that there is still an expectation not to engage in any other employment, consulting, or any other business activity (whether full-time, part-time, or occasional) that conflicts with their full-time responsibilities, as this could be considered wage theft.
Ann Doerries, Finance Operations Director
I recently attended a conference in Fort Worth. Highlights included initiatives around sustainability, reverse logistics, branding strategy, and more – all trends that I will continue to watch through the year.
Kelley Nelson, Digital Marketing Director
One of the most significant trends I’ve noticed from the first half of this year is the rapid acceleration of AI and automation in various industries. Businesses are increasingly leveraging AI tools to enhance efficiency, improve customer experiences, and drive innovation. Additionally, there’s been a marked shift towards sustainability, with companies prioritizing eco-friendly practices and products to meet consumer demand and regulatory requirements.
Looking ahead to the second half of the year, I’m observing the evolution of remote and hybrid work models. As companies adapt to post-pandemic norms, strategies to balance productivity, employee well-being, and organizational culture will be crucial. Additionally, I’m keeping an eye on the continued rise of data privacy regulations and how businesses will navigate compliance while maintaining user trust.
Erin Dalton, Marketing Director
In the world of social media, short-form video and user-generated content remain the best types of content to drive engagement. To resonate with your audience, it is more important to create/share content that is authentic than content that is highly produced. Some companies may also benefit by collaborating with nano- and micro-influencers who have niche audiences that are active and engaged to build brand trust and extend your reach.
Nilay Patel, Marketing Associate
I see trends focused on soft skills and human interaction. As machines do more technical work with the help of AI, skills like understanding emotions, talking clearly, and planning smartly are becoming more important. I’m excited to see what companies are working on improving these skills to manage tasks that need a human touch effectively.
