Unlocking opportunities to manage workforce risk

Prepare for 2024 by aligning workforce risk strategies with employee needs

To help employers prepare for 2024, we compared the data and insights from more than 2,500 HR and risk managers and 17,000 employees. We found plenty of evidence that employers are missing the mark when it comes to effectively managing people risks.

To manage and address people risks effectively, HR and risk managers need to work closely together, and risk management strategies must be aligned with employees’ needs to ensure a resilient business.

We identified four key areas where businesses must focus their attention:

Talent attraction and retention
Crisis Management
Mental Health
Climate change

Are you ready to address key workforce risks and strategies as you prepare for 2024?

Our new research guide Unlocking opportunities to manage workforce risk outlines actionable insights for employers to address key risks and build a resilient workforce and business.

Our perspective:

We identified four key risk areas where businesses need to focus their attention.

Talent attraction and retention

When we spoke to business leaders, heads of HR and risk managers about what keeps them up at night, the war for talent was a consistent theme. But did you know that 43% of organisations think their employee value propositions (EVPs) need improvement or don’t know how effective their EVPs are? This is a significant wakeup call.

Crisis management

When we asked workers about their states of mind, their concerns included economic conditions, health crises and pandemics, and violent crime. And 67% said their employers would support them in an emergency or time of need. Are you prepared to effectively support workers in their moments that matter?

Mental health

Following the pandemic, more people are exhibiting signs of depression and anxiety — 47% of employees said they are stressed in their everyday lives. Potential burnout factors include work pressures, poor leadership, and a toxic work culture. It’s important that leaders, HR teams and risk managers highlight and address practices within their organisations that can lead to poor mental health.

Climate change

The environment is critically important to employees, and 66% said they want employers to support environmental sustainability through internal and external statements and actions. Organisations are feeling pressure from customers, investors, employees, and regulators to ensure that profit doesn’t come at the expense of society or the planet, along with pressure to give back to communities.

To manage and address people risks effectively, HR teams and risk managers need to work closely together. Risk management strategies must be aligned with employees’ needs to ensure a resilient business.