Despite economic uncertainty, business leaders are focused on driving long-term value and business impact and improving talent engagement, productivity and retention, following the “hiring frenzy” of the last two years, according to the Randstad Enterprise 2023 Talent Trends research.
With insights from more than 900 C-suite and HR leaders in 18 markets globally, the research shows 77% of respondents are prioritizing total value creation over cost savings, up from only 45% in 2022. What’s more, 80% of leaders say the goal of their talent strategies is to have a measurable business performance impact, the highest level since before the pandemic.
While leaders prioritize value, talent scarcity presents challenges as one of the biggest pain points for 42% of respondents, the highest number in the Talent Trends Report’s 8-year history. To overcome talent shortages, particularly for high-demand skills, 76% of leaders are increasing their focus on skilling and career engagement, while 56% plan to increase spending on internal talent mobility platforms.
So how do you maximize long-term value and overcome talent scarcity today and in the future? It’s all about the talent experience. Most (81%) of organizations are investing more in diversity, equity and inclusion (DEI), technology enhancements, talent engagement and internal audits. According to industry expert Josh Bersin, “Every company should have the talent experience at the forefront of their talent strategy.”