Empowering SMEs: A simplified approach to risk management 

Two colleagues working on a tablet
Two colleagues working on a tablet   julief514

Small and medium enterprises (SMEs) are the backbone of the UK economy, making up 99.9% of private sector businesses and employing 16.7 million people1.

But with limited resources and time, these business owners often face an uphill battle as they balance the demands of their day-to-day operations while safeguarding their company and employees from risk.

The heart of your business: Your people

At the core of any successful business is its people. They drive innovation, growth and success. However, managing a team also brings unique challenges that can impact the wellbeing and productivity of your business.

For example, the 2022 People Risk Report from Mercer found 87% of organisations believed health and safety concerns, including illnesses and workplace accidents, posed the biggest threat to their business. Financial challenges, like managing employee benefits and retirement plans, also pose significant challenges, with 59% of businesses lacking effective governance in this area.

An updated version of the People Risk Report will be published during June 2024, offering fresh insights into the five pillars of risk: Health & Safety, Governance & Financial, Accelerated Digitisation, Talent Practices and Environmental & Social.

The unique challenges of running a business

Business owners often wear many hats, from making strategic decisions to handling day-to-day operations. This juggling act can make it tough to find the time and resources to manage challenges effectively, meaning important issues might not get the attention they need. In today’s fast-faced business environment, regulatory changes are constant. Without the right expertise and time to keep up, businesses may inadvertently fail to comply with certain obligations and face the associated penalties.

While the risk landscape is vast, not every risk applies to every business. As a business owner, you might wonder: “What risks am I facing, and what can I do about them?” The answer to this question varies each time.

Introducing People & Risk Connect

Recognising that every business has its own set of challenges, Marsh McLennan has created People & Risk Connect

This platform consolidates information about specific risks and the solutions to them, making it easier for businesses to access the support they need. Instead of dealing with multiple suppliers, business owners can now find the most relevant information and solutions for their needs, all under one umbrella. 

By answering three short questions about your industry, company size and role, you can receive insights into the challenges your organisation may face and ways to address them.

For instance, a project manager in the construction industry may learn how to manage supply chain issues and inflation. Meanwhile, the owner of a small retail company may receive guidance on handling inventory and cybersecurity measures to protect customer data. Our solutions cover a range of industries, job titles and company sizes, meaning there’s unlikely to be an industry we don’t understand or a problem we haven’t helped solve before.

People and Risk Connect

Better benefits. Reduced risk. Expert advice. It’s all here. Find the right HR, benefits and risk solutions for your business all in one place.

Personalised support just for you

In addition to collating the most relevant information for you on a single platform, People & Risk Connect offers direct access to industry experts for more personalised support. You won’t need to navigate through call centres; instead, you can quickly connect with the expertise you need.  Users can also request more details about any of the insights they discover and one of our experts will get in touch at a time that suits your schedule. 

Ultimately, solutions such as People & Risk Connect empower you to focus on what you do best: growing your business. By offering a one-stop solution for managing people and challenges, Marsh McLennan aims to lighten the load for business owners, allowing you to concentrate on your core business, whatever that may be. The health of the UK economy depends on the success of SMEs, and it is for that reason that we are committed to helping you thrive.


Footnote

1. https://www.gov.uk/government/statistics/business-population-estimates-2023/business-population-estimates-for-the-uk-and-regions-2023-statistical-release

Author
Craig Haines

- Commercial Sales Operations Leader at Mercer Marsh Benefits

Luc Agostini

- Sales & Engagement Leader at Marsh Advisory

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