People Risk 2024 report
People risks are financial risks. This report, with data and insights from over 4,575 HR and risk professionals, including more than 1,000 in Asia, can help you manage the top people and business-related risks.
99% of People Risk respondents in Asia say HR and risk functions collaborate to mitigate people risks, but they do not align on several risk priorities.
Rising healthcare benefit costs and increasing insurance prices in Asia have strained organisations' ability to offer competitive compensation and benefits. Organisations are also facing challenges in acquiring specialised skills for innovation and securing lower-wage workers for operational tasks, leading to an increased risk of labour shortages.
In the People Risk 2024 Report, we identified 25 key risks as well as blind spots from survey respondents and grouped them into five pillars to enable risk and HR managers to mitigate people risks effectively across their organisations.
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Key findings
- Talent and workforce issues are among four of Asia's top 10 people risks.
- Organisations face challenges in securing skilled employees.
- There are growing disparities between rewards for existing employees and new hires.
- Mental health deterioration is becoming a more significant concern in Asia.
- Factors that impact employees’ well-being include living wage, career growth, and healthcare costs.
- Chronic illness risk is not given sufficient attention amid increasing healthcare costs.
- Three of the top 10 people risks in Asia are tech-related.
- The inability to appropriately manage artificial intelligence (AI) tools can impact an organisation’s competitiveness.
- ‘Technological change and disruption’ was identified as the biggest threat to organisations in the short term (1–2 years).
- Increasing health and benefit costs is the most pressing concern globally.
- 41% are concerned that healthcare expenses are rising beyond general inflation.
- More than 60% of respondents do not have an articulated strategy to manage benefit costs.
- Managing employees’ expectations around salary increases amid high inflation is a top concern in Asia.
- More than 40% of respondents are concerned with the lack of benefits to cover climate-related health conditions.
- ‘Environment, sustainability and protection’ was identified as the biggest threat to organisations in the medium term (3-5 years).
Explore the top 3 risks by region and industry
People are an organisation’s most important strength, but if not managed properly, can bring significant risks to a business.
Use the People Risk 2024 Asia Snapshot to prioritise and mitigate the most critical people risks across your business:
- Identify risks with the greatest impact on your workforce.
- Discover risk blind spots.
- Get strategies to mitigate risks identified in the five pillars.
- Learn from case studies to proactively manage risks.