Recruiting In 2023 (Part 2): Changes in The Market

Randstad Enterprises surveyed some 900 C-suite and HR leaders in 18 markets on their talent and career development priorities for the year ahead. The report from this survey included the finding 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.

Talent Acquisition Strategies are Changing

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 report. According to Mike Smith, chief executive of Randstad Enterprise:

“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.”

Moreover, 88 % of leaders, the highest level since before the pandemic, said the goal of their company’s talent strategy is to have a measurable impact on business performance representing a shift in thinking to business value. Seventy-two % of organizational leaders also recognize the importance of workforce agility.

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 survey.

Talent Shortages are Rising

Given ongoing talent shortages, especially for those with high-demand skills, many companies are seeking to re-train existing resources to move into crucial roles. More than three-quarters (76 %) of leaders are increasing their focus on upgrading skills and career engagement, while 56 % plan to increase spending on internal talent mobility platforms.

All of these factors point to another key trend: the need for businesses to differentiate by delivering outstanding talent experience, spanning initial attraction and engagement, hiring, development, internal mobility, career transition, and retirement.

Overall, 86 % say their organizations are more focused on the talent experience and are investing in several areas to improve how they attract and retain talent. Current methods organizations are using include making diversity, equity, and inclusion (DEI) a central part of their talent strategy, conducting internal audits to map the candidate experience, creating talent communities to engage and nurture future talent, or using technology to improve engagement.

“Many leaders are taking a more people-centric approach, focusing on the talent experience to ensure their teams have the support and resources to grow professionally, while evolving their organizations to be well equipped to address any business fluctuations or other obstacles. Their ultimate goal is to be a more agile organization where people are empowered to reach their full potential, in turn delivering a better return for the business due to a greater alignment between workforce strategies and business priorities,” said Smith.

Conclusion

What all this points to is a transformation in recruiting, hiring, and retention across the entire spectrum of US industries. Given the complexity of the change, companies will need to recruit in a whole new way. A relationship with a recruiting firm that understands and represents the changing demands of this new world is likely to produce the best results. An effective recruiting partner will join with the company to identify the right combination of skill and experience to find the top candidates and to convey to them the values and goals of the hiring company.

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