Managing risks for workforce and business resilience, examines the greatest people threats facing employers today. It will help organizations understand which people risks will have the most severe impacts and the barriers that are preventing firms from mitigating them.
Designed to serve as a checklist to help organizations identify and prioritize the threats that are most pertinent to them and take the appropriate action.
25 People Risks
Key findings and implications for Canada
It’s not surprising to see talent attraction, retention and engagement so highly ranked in Canada, but interesting to see that workforce exhaustion and deteriorating mental health were also identified as key areas of concern. Increasingly in conversations with employers, tackling these two risks has become important in attracting new talent.
If organizations are really serious about doing more to manage employee well-being and show they care, then by addressing mental health and workforce exhaustion they can also make a positive impact on talent attraction and retention.
Likelihood and impact of people risks.
Top 10 people risks in Canada, HR versus risk manager
The survey revealed blind spots around critical risks, notably:
- Legal and compliance
- Work-related illness or injury
- Non-communicable health conditions
Top risks identified by HR and risk managers in Canada for each category
Health and safety
The 5th highest threat amongst all people risks is workforce exhaustion and yet it was concerning that when asked “To what extent is your organization currently addressing this risk?”, it was rated in the 18th place.
Governance and financial
Ranked as one of the top 3 risks globally and in Canada. Increasingly sophisticated and frequent cybercrimes have pushed cybersecurity up the C-suite agenda.
Talent attraction, retention and engagement
Ranked as one of the top 5 risks globally and #2 risk in Canada. Having the right talent is crucial for firms that want to be agile and innovative to drive business change and results.
Environmental and social
Labor and employee relations
42% respondents deemed labor and employee relations to have a catastrophic or high impact on the business if it were to occur.
Top barriers to effectively managing these risks
The top 3 barriers for each risk:
Despite the increased focus on people-related risks:
- lack of skilled resources to understand and address the risks
- lack of senior leadership engagement
- legal, labor and tax implications involved in the treatment of the associated risk
were the primary difficulties raised.
People are an organization’s most important strength, but can bring significant risk to a business if not properly managed. It is important that HR and risk management work together, and access specialist expertise, to protect, equip, and motivate this critical asset.