Source: Randstad Sourceright website. Global figures.
Randstad Sourceright, a global staffing agency, has released its 2016 Talent Trends Report, a guide highlighting 30 significant trends influencing talent, employees, and businesses this year.
The report incorporates insights from almost 400 HR, talent, and business leaders representing over 60 countries. Randstad Sourceright identified the lack of essential skills and its subsequent impact on businesses, leadership, and succession planning as the most significant talent management challenge today. Additional consequences of talent shortages include increased talent acquisition expenses, heightened frustration among hiring managers, and dissatisfaction among leaders due to stalled business plans.
“The Asia Pacific market is entering a very unpredictable 2016 with numerous obstacles and prospects. As the talent pool tightens across the region, talent acquisition leaders face a constantly shifting work environment. They require data, effective tactics, and a defined action plan to ensure their companies remain adaptable during uncertain times," stated Doug Edmonds, Managing Director of Randstad Sourceright Asia Pacific. “Our 2016 Talent Trends Report examines how leaders are adapting to these shifts and preparing for future changes.”
Source: Randstad Sourceright website. Global figures.
Singapore, in particular, maintains its position as one of Asia’s most competitive talent markets. The study revealed some noteworthy findings from Singapore-based HR professionals:
- 41% stated they require leaders the most (resourceful, multi-talented professionals capable of spearheading organizational change, growth, and innovation) over the next five years
- Nearly 70% (68%) indicated that talent scarcity adversely affected their businesses in 2015
- 80% (78%) intend to enhance their hiring managers’ skills to provide an improved candidate experience
According to Singaporean HR leaders, the areas requiring greater investment to support their business objectives are:
- Increased market knowledge (61%)
- Investments in business and HR analytics (59%)
- Investments in specialized recruitment and sourcing processes for specific skill sets (54%)
The report’s survey findings offer a comprehensive overview of global organizations’ talent deployment methods, challenges encountered, and solutions employed to maintain progress. Key findings include:
- 85% of respondents feel that an integrated talent management strategy encompassing both permanent and contingent talent will improve resources available for business expansion.
Source: Randstad Sourceright website. Global figures.
The use of talent and workforce analytics is steadily increasing, with 73% in Singapore leveraging this data to develop more streamlined workforce strategies.
When questioned about the most significant trends influencing the future of work in the next five to ten years, the most common answers were the need for more flexible work arrangements to attract mobile talent, the capacity to evaluate internal and external employee data for talent acquisition and retention, and the difficulty of keeping up with technological advancements.
Interested?
Download a free copy of the Randstad Sourceright 2016 Talent Trends Report. Infographics can be found on the same page.