We continue to move from one crisis to another with organizations reacting to unfolding events.
Instead, they must learn the lessons of the pandemic, strengthen risk management foundations by being more deliberate, comprehensive and innovative in anticipating emerging and longstanding risks.
Critical to this is building on the trust established between risk and human resource functions so they work together to protect employees and mitigate people risks linked to health and safety, ESG and the future of work.
Find out how managing people risk across five key pillars can build business and human resilience.
Possibility begins with people
Every day we see that the health and resilience of your people drives the health and resilience of your business.
People risk is what connects the worlds of HR and Risk together.
Expand each section to learn more about the five pillars of people risk.
Accelerated digitization is pushing digital risks, including cybersecurity and data privacy ahead of all risks. More than nine out of ten cybersecurity issues can be traced to human error.
The way sensitive employee data is used in benefit plans continues to be an area of data exposure as more people join new companies as part of “the great resignation”. At the same time, the accelerated pace of digital transformation is changing the relationship between people and machines. Automation and AI advances are anticipated to require half the workforce to reskill by 2025 and 75m jobs to be lost.
The war for talent, especially digital skills, means organizations across different industries are competing for the same high performers. Consequently, 43% of employers say their employee value proposition now needs improving.
There is an urgent need to recruit the new skills required to drive transformation, as well as retain and motivate existing talent. The changing nature of work, from the rise of hybrid working to globalization, is now the fourth-biggest people risk overall.
Environmental and social risks now make up a fifth of the top ten people risks but are perceived to matter more to employees than the c-suite.
Organizations are feeling pressure from customers, investors, employees and regulators to ensure profit does not come at the expense of society or the planet. Employees also want to work for socially responsible employers with good ESG credentials. However, only 3 in 4 organizations agree that they have enough budget to manage environmental and social risks today.
Explore key risks identified by HR and risk managers by geography and industry
What are the key risks and priorities for HR and risk professionals?
HR and risk managers are aligned on some of the top risks while ranking them differently.
Explore five people risks, how to mitigate them, and the differences across geographies and industries.
About the report