Preparing for 2024: Top Predictions From the Managing Partners of Stanton Chase Atlanta and Nashville

No one knows precisely what will happen in a day or two, let alone a year from now. However, expertise and experience can go a long way in forecasting what is to come.

Here are some predictions from the Managing Partners of Stanton Chase’s Atlanta and Nashville branches. Several members of our team have weighed in with some of the biggest global trends and economic shifts they expect to see play out in 2024.

On to the predictions!

Daniel Casteel Predicts More Retirees and a Unified U.S. Economy

The C-suite is in the midst of a seismic transition as the older generation finally passes the baton to younger leaders. We can expect C-suite transitions to accelerate in 2024 as more leaders retire.

The U.S. economy will also receive a much-needed shot in the arm thanks to reshoring. The return of business activity to our native soil will create a more unified and revitalized economy in the months ahead.

Ken Nimitz Foresees Bluer Skies (With Plenty of Caveats) and a Surprise Election Ahead

The U.S. is going to have a good year in 2024—but it won’t all be sunshine and roses. While we’ll avoid a true recession, I expect inflation to continue to stay high enough to hamper economic growth and dampen GDP expectations.

The Fed will also (finally) ease interest rates. However, this won’t be until the second half of the year. It also won’t be enough to significantly improve the real estate market before 2025. Still, I do see the U.S. dollar remaining strong overall as the E.U., China, and other major global economies continue to struggle relative to America.

Abroad, I expect conflict and war to continue in southeastern Europe and the Middle East for most of the year. This will negatively impact the global economy. 

As a final, splashy prediction, I think the U.S. presidential election this November will be won not by Biden, nor by Trump, but by a new candidate. Who that is, though, remains to be seen.

Norm Miles Anticipates Plenty of Tech Headlines Along With Important Upskilling and Widening Wealth Gaps

Artificial intelligence was the primary news story of 2023, and it will maintain that importance heading into 2024. AI will continue to reshape industries and business operations. 

Augmented reality (AR) and virtual reality (VR) technologies are also becoming more capable and cost-effective. In 2024, AV and VR will enable businesses to create immersive experiences for customers and employees alike and will be critical tools to create innovation at scale. All of this tech evolution means successful IT and business leaders will need to continue to be strategic and purposeful in their approach to how people and technology intersect.

As innovation in technology evolves, upskilling will also be important. There will be needs and openings across multiple industries that have not had a workforce formally trained to assume new tech roles. We will see much more education and retraining on the job—both with new and seasoned employees at all levels of the org chart.

The wealth and property ownership gaps between generations will also continue to drive global and social change in 2024. The median wealth of Millennials (those born in the early eighties to late nineties) is less than half that of Baby Boomers (born mid-fifties to mid-sixties) at the same age. This growing disparity will impact how individuals will live, move, socialize, invest, and seek employment options. As leadership partners this will be critical in how we create our perspectives, strategies, and practices to meet the social seismic changes.

Rebecca Buchanan Sees More Technology, Lower Inflation, and a Redefinition of Leadership

I believe 2024 will be a year when we finally see consumer spending and confidence increase. This will coincide with inflation slowing down and the economy stabilizing a bit.

Technology will also remain in the spotlight. In fact, I predict that more technology-integrated jobs will begin to crop up this year. These will have unique job titles and feature hybrid responsibilities as employers aim to attract a new wave of talent entering the workforce.

On the executive front, I believe we will continue to see a redefinition of leadership and communication for the C-suite. The growing multi-generational and diverse aspects of work culture will feed into this, as will the concept of remote or on-site work.

Regarding that last item, I also expect to see Human Resource executives rethinking their total rewards strategies. The highly inflated real estate market will enhance the importance of relocation value propositions as leaders weigh the costs of moving with stubbornly elevated interest rates.

Takeaways Heading Into 2024

From the economy to technology, inflation to elections, there are plenty of things that are likely to shape 2024. The one factor that is certain this year is that more change is coming, and it will impact the C-suite as much as any other area of business.

The one factor that is certain this year is that more change is coming, and it will impact the C-suite as much as any other area of business.

As these changes unfold, remember that the team at Stanton Chase is standing by as your executive search and leadership advisory partner. We can help you fill leadership gaps and build a C-suite with the skills and vision to carry your company through whatever ups and downs lie ahead.

About the Authors

Daniel Casteel is the Global Functional Leader for CEO Search and Succession and Managing Partner of Stanton Chase Nashville.  

Ken Nimitz is the Global Vice Chair of Finance for Stanton Chase and a Managing Partner at Stanton Chase Nashville and Atlanta.

Norm Miles is a Managing Partner at Stanton Chase Atlanta.

Rebecca Buchanan is a Managing Partner at Stanton Chase Nashville.