Despite pandemic-driven uncertainty, C-suite and human capital leaders remain optimistic about the future and growth of their businesses this year, according to Randstad Sourceright’s 2022 Business Health Index and Talent Trends research.
Randstad Sourceright’s Business Health Index found that overall global business sentiment rose by 30 points based on weighted index scores for 18 markets worldwide. Positive outlooks increased significantly in key markets, such as China, India, Germany, Mexico, and Canada, while optimism held steady in the United States, which ranked 10th in the Business Health Index, ahead of China, the U.K., Japan and Mexico.
According to the 2022 Talent Trends research, 73% of leaders say they hired extensively in 2021 in the U.S., compared to the global average of just 51%. And the same number (73%) plan to hire extensively in 2022, compared to 53% globally.
Randstad Sourceright’s 2022 Total Talent Readiness Index also revealed a continued upward trend. It shows companies across most markets are increasingly ready to move toward total talent acquisition. This holistic approach to talent acquisition considers both permanent and contingent talent to get work done and has proved to be a valuable strategy for businesses as they adapt to ongoing skills shortages. Globally, 58% of human capital and C-suite leaders say they are increasing their budgets for their total talent acquisition strategy this year, up from 47% last year.
“2022 will be the year for organizations to recharge their talent strategies. As business leaders expect the momentum of growth to continue this year, prioritizing talent attraction, development and retention investments will be absolutely critical,” said Mike Smith, global CEO of Randstad Sourceright. “The near-universal readiness to adopt total talent models is an encouraging trend, but won’t suffice on its own. Refreshing the talent experience, developing workforce diversity, as well as renewing skills and mobilizing internal talent to anticipate highly in-demand expertise will all be essential.”
The Business Health Index scores 18 markets based on four key measures to formulate a single outlook score for each market. Measures include reported business growth against expectations, levels of hiring, the political environment’s perceived impact on business and future growth stance.
Belgium was the biggest mover in the 2022 Business Health Index, jumping nearly 100 points from 10th place in 2021 to the top spot this year. Business optimism also increased in China, which moved up from 16th place last year to 12th. The Netherlands, Germany, France, Mexico and the U.K. also saw large gains in economic optimism heading into 2022. Conversely, while the country’s outlook score did not drop dramatically, Japan moved from 2nd place on last year’s index to 9th this year.
Randstad Sourceright’s 2022 Talent Trends research is based on survey data from more than 900 C-suite and human capital leaders in 18 markets. It provides an in-depth look at the top 10 HR trends for human capital leaders to follow this year to develop their talent management strategies. Findings will be made available during an educational global webinar on February 17, 2022, at 10 a.m. EDT. Register to attend here.
