Great Expectations: New Research Shows the Lingering Effects of the Pandemic Driving Canadian Business Leaders to Prioritize People Strategies

Randstad Sourceright Talent Trends research shows that demand for talent remains high: 1 in 3 Canadian businesses say talent scarcity has negatively affected their organization

MONTREAL, Feb. 28, 2022 /CNW Telbec/ - Randstad Sourceright's 2022 Talent Trends Report, which surveyed more than 900 human capital and C-suite leaders across 18 markets, found that business leaders are turning to a people-focused mindset and improving talent experience to tackle scarcity.

Globally, four in five (84%) business leaders say they are more focused on talent experience than ever before, showing that power has shifted towards employees, amid the "Great Resignation" in many countries. As a result, employers are implementing strategies that put people back at the center of their business growth.

Yet the survey also found that there remains a disconnect for many organizations to completely implement their talent experience strategies. For example, only 40% of Canadian organizations are offering more channels for talent to give feedback on company policies and procedures. And while 82% of employers globally say that focusing on employee well-being is helping them combat talent scarcity, just 67% of employers in Canada say the same.

"Canadian businesses are reevaluating and recalibrating their talent acquisition strategies in 2022. To be successful and ensure they retain and attract talent, Canadian leaders need to understand their employees' expectations and prioritize their needs, which will help shape their business strategy," said Veronica Frisch, executive vice president and head of Randstad Sourceright in Canada.

When it comes to Diversity, Equity and Inclusion (DEI), data shows that intentions are there, but companies may not be doing enough to protect their goals. While 88% of Canadian leaders confirm DEI is embedded in their talent strategies and integral to everything they do, but when it comes to practice vs. theory, just 54% say their hiring practices supported their diversity goals in 2021. This suggests that organizations may have put their initiatives on the back burner as they managed operational emergencies and increased hiring demand last year.

"Canadian businesses will need to better understand how workplace diversity, equity and inclusion are fundamental elements of their talent strategy. The reality is, by sustaining the momentum behind their DEI efforts, they will expand their talent pools and gain greater access to highly-qualified professionals." added Frisch.

As two-thirds of Canadian business leaders plan to hire extensively this year, they are also thinking outside the box to fill roles. Out of those surveyed, 50% believe reskilling and upskilling are effective ways to combat their scarcity challenges. When asked which levers were most effective in combating talent scarcity, top answers for employers in Canada included: building talent pools for future needs, providing flexible working situations, increasing pay and offering sign-on bonuses, seeking talent outside of their typical geographies, and engaging more contingent talent.

Chief Human Resources Officers (CHRO) and broader business leaders are also experiencing cost pressures, as 56% of Canadian respondents said that their talent acquisition strategy is more about value creation than about achieving savings, which is a six-year low and a 20-point drop compared to the 2021 findings.

This comes as talent scarcity is showing impact on the bottom line and productivity all around the world. Globally, a quarter of Talent Trends survey respondents said they experienced a reduction in profitability as a direct result of talent scarcity, and 25% had to reduce the level of service delivered to their customers.

Randstad Sourceright 2022 Talent Trends Key Findings for Canadian Businesses

• 30% of human capital leaders say talent scarcity is a major pain point. This was the top-cited response, followed by talent retiring or voluntarily choosing to leave the workplace (30%) and increased competition for top talent (16%).
• 66% of companies plan to hire extensively over the next 12 months.
• 80% believe that putting personal well-being first is important to job applicants when it comes to culture. 62% are also investing in workplace culture, employee feedback and engagement systems to better gauge employee sentiments and understand their needs.
• 50% of human capital and C-suite leaders expect their permanent workforce to work remotely at least part of the time, and 65% have asked employees to come back on site for at least a few days a week.
• 56% of Canadian respondents said that their talent acquisition strategy is more about value creation than about achieving savings, which is a six-year low, and a 20-point drop compared to the 2021 findings.

About the Randstad Sourceright Talent Trends Report
Our 2022 Talent Trends research includes the views of more than 900 human capital and C-suite leaders in 18 markets around the world.

About Randstad Sourceright 
Randstad Sourceright is a global talent solutions leader, driving the talent acquisition and human capital management strategies for the world's most successful employers. Randstad Sourceright empowers these companies by leveraging a Human Forward strategy that balances the use of innovative technologies with expert insights, supporting both organizations and people in realizing their true potential. As an operating company of Randstad N.V. – the world's leading global provider of HR services with revenue of € 20.7 billion – Randstad Sourceright's subject matter experts and thought leaders around the world continuously build and evolve our solutions across recruitment process outsourcing (RPO), managed services programs (MSP) and total talent solutions. Learn more at randstadsourceright.ca.

SOURCE Randstad Sourceright

For more information or to book an interview with Veronica Frisch, please contact: For French Canada & Quebec - Patricia Archambault; 514 710-1044 or [email protected]; For Ontario & Western Canada - Karen Nussbaum; 416 301-3192 or [email protected]