Randstad: Businesses Aim to Improve the Workplace Experience to Overcome Growing Talent Shortage
Thursday, February 1st, 2018
Businesses are bolstering efforts to improve the workplace experience, fueled in part by record low unemployment and a spike in business confidence, according to a report released today by Randstad Sourceright.
Based on a global survey of more than 800 C-suite and human capital leaders, the 2018 Talent Trends Report found that 51 percent of employers plan to increase their investments in on-site benefits and innovative technologies this year to improve productivity and retain top talent. This comes as 70 percent of companies report an optimistic business outlook for 2018, while concerns for talent scarcity continue to remain top of mind, according to the report.
"Beating the competition for talent in 2018 begins in the workplace," said Rebecca Henderson, CEO of Randstad Sourceright. "Record low unemployment levels and a growing skills gap are driving employers to focus on improving their overall workplace experience so they can retain top employees and attract potential talent."
Over the next 12 months, three-quarters of respondents said they also plan to enhance their company's comprehensive hiring processes by investing in innovative HR technologies and data analytics platforms. In fact, more than 76 percent said they expect talent analytics platforms to play a critical role in sourcing, attracting, engaging and retaining talent this year. Still, employers stressed that technology must be coupled with expert insights to deploy a hiring strategy that is personalized and engaging for each potential candidate.
Surprisingly, a limited number of companies are investing in on-site training programs to prepare their current workforce for in-demand jobs of the future, according to Randstad Sourceright. Only 11 percent of the human capital leaders surveyed said they plan to provide training or reskilling to existing employees within the next twelve months. With talent acquisition challenges becoming increasingly complex, the report emphasizes that reskilling current workers can be part of a comprehensive strategy for companies to acquire critical resources while boosting employee retention.
Additionally, 1 out of 4 companies plan to shift more permanent positions to temporary or freelance talent to address the rising talent shortage, with 76 percent reporting that the right person for any role may be an employee, contractor or contingent worker and could come from anywhere in the world.
"At the end of the day, companies faced with a tight labor market must pursue a multi-pronged hiring strategy that incentivizes top performing employees, while attracting hard-to-find talent," added Henderson. "By implementing an integrated talent approach, companies can improve their workforce agility, retain top employees and increase their employer value proposition to better manage talent and drive overall business growth."
More findings, including the 2018 Business Health Index, are available in Randstad Sourceright's 2018 Talent Trends Report.
2018 Talent Trends Report Key Findings
HR technology: Sixty-eight (68) percent of C-suite and human capital leaders believe technology has made recruiting simpler and more effective, while 70 percent say it has helped to make smarter hiring decisions.
Business optimism: Seventy (70) percent of employers anticipate their business will grow during the year ahead, up from 64 percent in 2017.
Candidate experience: Ninety-two (92) percent of employers believe a positive job candidate experience is critical to attracting and engaging talent. Three-quarters (75 percent) say they plan to improve their candidate experience in the next year.
Automation adoption: Eleven (11) percent of companies plan to adopt automation and robotics to a greater extent over the next 12 months.