- While labor and skill shortages continue to challenge employers, 51% of employers plan to increase their investments in on-site benefits and innovative technologies this year to improve productivity and retain top talent, a report by Randstad Sourceright shows. Beating the competition for talent in 2018 begins in the workplace, said Randstad Sourceright's CEO in announcing the findings from the 2018 Talent Trends Report.
- Other plans to address the skills gap included increased use of independent contractors (25%) and added training or upskilling (11%).
- Additional highlights from the report show that 68% of C-suite and HR leaders think technology has simplified the hiring process, 70% of employers expect their business to grow in 2018, and 11% plan to adopt automation and robotics to a greater extent during the next 12 months.
Wages and benefits rose 2.6% in 2017, according to the U.S. Bureau of Labor Statistics, the result of a tightening labor force and record unemployment. Moody's Analytics chief economist, Mark Zandi, predicts that unemployment could drop to 3.5% a year from now. Employers are feeling the pressure, and their response may well be to raise wages and expand benefits offerings.
Employers also are coping by expanding their search for talent. Some have shifted their focus to candidates' potential, instead of their skills or credentials. Others are looking to untapped labor pools. And still more — half, according to a CareerBuilder study — plan to hire contingent workers.