Many businesses struggle with a lack of critical talent, according to the 2016 Talent Trends report released today by Randstad Sourceright.

The report found 72% of HR directors, talent and business leaders surveyed worldwide reported talent scarcity has negatively affected their business, and 45% said it has threatened leadership continuity and succession. Therefore, 82% of business leaders had made talent acquisition a priority, according the report.

Other repercussions of skills shortages include increased spending on talent acquisition, growing frustration among hiring managers and disappointed leaders who want to know why business plans aren't moving forward.

The 2016 Talent Trends report provides market insights and subject matter expertise to improve workforce planning, attract and retain top talent and stay ahead of the competition.

“Each year sees the emergence of new challenges in talent management, opportunities to improve existing processes and promising techniques and technologies that will disrupt the status quo,” said Rebecca Henderson, chairman, global leadership team of Randstad Sourceright and group president, Talent Solutions, Randstad US. “As the workforce management and technology landscape continues to evolve at a rapid pace, HR and talent leaders must understand how they can leverage new tools and capitalize on the power of talent analytics to adapt their strategies and account for these changing trends.”

Key findings of the survey results include:

• Overall, 85% of respondents believe an integrated talent management approach — in which workforce planning encompasses all types of talent, permanent and contingent alike — will enhance the resources their businesses need to drive growth.
• The use of talent and workforce analytics continues to increase, with 73% using this data to create more efficient workforce planning, 63% for more accurate mapping and addressing of skills gaps and 56% to clearly identify high-potential employees for development.
• When asked about the biggest trends impacting the future of work in the next five to 10 years, the top responses were the need to create greater flexible working options to attract mobile talent with 85%, the ability to analyze internal and external employee data to source and retain talent with 78% and the challenge of keeping pace with evolving technology to enhance workforce productivity and performance with 74%.

The report offered five tips to align talent practices with local markets:

1. Develop local insights
2. Follow regulatory developments
3. Get input from suppliers
4. Consult with your service providers
5. Survey existing talent

The report is based on the survey responses of almost 400 HR directors, talent and business leaders worldwide.

Randstad Sourceright’s operations include MSP, recruitment process outsourcing, career transition services, blended workforce solutions and payrolling and independent contractor compliance.