This year, 77% of business leaders are prioritizing total value creation over cost savings, up from 45% just one year ago, according to the Randstad Enterprise 2023 Talent Trends research, which surveyed more than 900 C-suite and HR leaders in 18 markets globally.
So, what’s causing the substantial shift in focus from cost savings to value creation? Research points to growing talent scarcity. In fact, 42% of business leaders — the highest percentage in the report’s 8-year history — cite talent shortages as their biggest pain point.
Moving forward, how do organizations maintain their competitive edge as skills gaps grow and a recession looms? Skilling and career development is the answer for 76% of respondents, while more than half plan to increase investments in internal mobility platforms.
What’s more, 74% of human capital leaders are making diversity, equity and inclusion (DEI) central to their talent strategies, 71% are creating talent communities to nurture talent and 69% are conducting internal audits to map out the candidate experience.