As optimism about the economy increases and the War for Talent intensifies, employers areboosting their investments to attract and keep the best people, according to RandstadSourceright's “2018 TalentTrends Report.”

The HR solutions provider surveyed more than 800 C-suite andhuman capital leaders in 17 countries, and found that 51 percent ofemployers plan to increase their investments in onsite benefits and innovative technologiesthis year to improve productivity and retain top talent. Why? Amajority (70 percent) are optimistic about the business outlook for 2018 – but that alsoincreases their concerns about talent scarcity.

“Beating the competition for talent in 2018 begins in theworkplace,” says Randstad Sourceright’s CEO Rebecca Henderson.“Record low unemployment levels and a growing skills gap aredriving employers to focus on improving their overall workplaceexperience so they can retain top employees and attract potentialtalent.”

Over the next 12 months, three-quarters of respondents say theyalso plan to enhance their company’s comprehensive hiring processesby investing in innovative HR technologies and data analyticsplatforms. More than 76 percent expect talent analytics platformsto play a critical role in sourcing, attracting, engaging andretaining talent this year.

However, technology alone is not enough: it must be coupled withexpert insights to deploy a hiring strategy “that is personalizedand engaging for each potential candidate,” according to thereport.

Randstad Sourceright also found that only 11 percent of therespondents are planning to provide training or reskilling toexisting employees within the next twelve months – something moreemployers should consider, the firm writes.

“With talent acquisition challenges becoming increasinglycomplex, reskilling current workers can be part of a comprehensivestrategy for companies to acquire critical resources while boostingemployee retention,” the authors write.

The survey also found that one out of four companies plan toshift more permanent positions to temporary or freelance talent toaddress the rising talent shortage. A majority (76 percent) saythat the right person for any role could be an employee, contractoror contingent worker -- and could come from anywhere in theworld.

“At the end of the day, companies faced with a tight labormarket must pursue a multi-pronged hiring strategy thatincentivizes top performing employees, while attractinghard-to-find talent,” Henderson says. “By implementing anintegrated talent approach, companies can improve their workforceagility, retain top employees and increase their employer valueproposition to better manage talent and drive overall businessgrowth.”