Randstad Enterprise today launched its 2023 Talent Trends Report, which surveyed over 900 C-suite and HR leaders in 18 markets on their talent and career development priorities for the year ahead. Now in its 8th year, this year’s report finds that despite an uncertain economic environment, business leaders are focused on driving long-term value and business impact by increasing talent engagement, satisfaction, productivity, and retention, following the hiring frenzy of the last two years.
Focus returns to value creation vs. cost savings
This year, nearly twice as many talent leaders (77%) say their talent acquisition strategies are more about total value creation for the company than achieving cost savings – compared to 45% of respondents in the 2022 edition of the Talent Trends Report.
“With the tumult of the pandemic behind us, employers are returning to focus on the opportunity to transform how they retain their people and attract new talent through a more people-focused, mission-driven work experience,” said Mike Smith, Chief Executive of Randstad Enterprise.
Moreover, 80% of leaders say the goal of their company’s talent strategy is to have a measurable impact on business performance, the highest level since before the pandemic, representing a shift in thinking to business value. This year, 77% of organizational leaders also recognize the importance of workforce agility, an increase of 11 points over 2022.
Growing concerns over the increasing talent shortage
Acquiring the right talent is still challenging. Nearly half of all respondents (42%) say talent scarcity remains one of their biggest pain points or is having a negative impact on their business – the highest number in the history of the Talent Trends Report.
Given ongoing talent shortages, especially for those with high-demand skills, many companies seek to re-train existing resources to move into those crucial roles. More than three-quarters (76%) of leaders are increasing their focus…
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