People Risk 2024 report
Explore the 25 top people risks as ranked by over 4,575 HR and Risk professionals.
HR and Risk professionals across 26 markets shared the most significant people risks impacting employee health and well-being.
The People Risk report is your guide for a proactive, predictive, and disciplined approach to people risk management. It outlines key workforce threats facing employers worldwide organised under five pillars of risk, the impact they can have on your organisation, and practical approaches to addressing critical risks today and tomorrow.
Use this report to identify, prioritise, and manage the most critical people risks across your organisation:
- Discover the most significant people risks facing businesses globally
- Learn strategies to proactively manage your people risk
- Understand how to identify and overcome barriers to mitigate people risk
- Determine innovative and collaborative actions you can take to effectively manage risks and plan ahead
Are you ready to explore the top people risks and strategies to mitigate them?
People Risk 2024 report
When HR and Risk professionals collaborate and think innovatively, your people and your business can thrive. Invest in your people, protect your business.
Click to learn more about each of the five pillars of risk
- The cybersecurity workforce gap has reached a record high, with 4 million professionals needed to adequately safeguard digital assets.
- 1 in 2 executives believe AI will fundamentally change their business model but mismanagement of AI is only ranked 18th as a People Risk by Risk/HR.
Technology is forging new jobs, delivery channels and products, but it is also introducing new risks and deepening existing ones.
Managing these risks means creating a culture that is committed to protecting the organisation from cyber threats, data breaches and intellectual property theft, as well as one that is genuinely addressing AI and other disruptive technologies both as an opportunity and a threat.
- 70% of companies report not having an effective employee value proposition in place today.
- 1 in 3 HR/Risk professionals are concerned about senior leadership’s lack of expertise in crisis management.
Organisations can only remain competitive if they can recruit and develop the right skills, talent and leadership. However, equally as important is ensuring employees’ needs are met in order to promote thriving and productivity.
Leadership needs to be able to recognise employee needs, inspire engagement and loyalty and take action on supporting their people through critical moments in their lives and in moments of company crises. These actions engender trust and are critical in supporting a culture of risk management.
- 1 in 2 Risk/HR professionals are concerned about productivity losses associated with employees spending time and energy on sourcing, navigating and/or travelling for health care.
- 46% of employees said they would give up a 10% pay increase for more well-being benefits, an increase from 32% in 2022.
Employee health and safety is a staple of any people risk agenda, but organisations must broaden the scope of how they define well-being at work.
As suicide, conflict and burnout trend in the wrong direction, psychological health and emotional well-being now demand equal recognition with physical safety in terms of risk mitigation.
Employers have a unique opportunity to advance health support for their employees and fill gaps within traditional systems of healthcare.
- Increasing health and benefit costs is the highest-ranking people risk, driven by its high likelihood.
- Changing legislation and heightened scrutiny has jumped from the 12th to 5th most highly ranked risk due to an explosion in regulation impacting rewards to investments to use of AI.
As inflationary pressures on benefit costs persist, organisations must plan for changes to their benefit programmes now. Managing underlying risks and keeping focus on ensuring employees remain well can help to manage claims costs.
As it relates to people risks more broadly, increasing stakeholder scrutiny, litigation and legislative activity across different regions means that identifying and getting ahead of emerging governance gaps is crucial.
- 38% of HR/Risk professionals are concerned about lack of benefits to cover climate-related health conditions.
- The impact of the rising cost of living is costing, with 6 employee work hours per month lost to money worries. Ensuring that people can live decently is critical with only 35% of executives reporting a living wage for all workers.
Environmental risks have traditionally been interpreted as related to property, but the potentially catastrophic impact of extreme weather events and natural disasters on the health and well-being of employees and their families is an imminent threat.
Issues such as the cost-of-living crisis have compounded hardships for many employees over this decade. Widening disparities between executive and worker rewards as well as values are now having an impact on workplace dynamics as well as labour relations.
