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People Risk Report 2022

Out now, 2022’s research showing the greatest likelihood and impact of 25 workforce-related threats facing employers across Continental Europe according to human resource (HR) professionals and risk managers.

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09/10/2022 · 6

Do you know which people risks provide the greatest threat to your business and how to mitigate them?

We continue to move from one crisis to another with organisations 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.

The five pillars of people risk that are having the greatest impact on businesses across the globe

Our research, focused on Continental Europe, examined 25 key threats grouped into five pillars of people risks that are having the greatest impact on business.

Health and safety

  • Pandemics and other communicable health conditions.
  • Employee health & well-being.
  • Mental health.
  • Workforce exhaustion.
  • Work-related illness or injury.

Governance and financial

  • Administration and fiduciary.
  • Increasing cost of health, risk protection, and wellbeing benefits.
  • Benefit, policy, and reward decision making and accountability.
  • Legal, compliance, and financial practices.
  • Pension financial exposure.

Accelerated digitisation

  • Cybersecurity and data privacy.
  • Impacts of automation and artificial intelligence.
  • HR technology obsolescence. 
  • Misalignment of HR and business strategy.
  • Skills obsolescence.

Talent practices

  • Changing the nature of work.
  • Talent attraction, retention, and engagement.
  • Succession and key person risk.
  • Conduct and culture.
  • Travel and mobility.

Environmental and social

  • Catastrophic personal life events.
  • Environment.
  • Working conditions and labour relations.
  • Diversity, equity, and inclusion.
  • Leadership issues.

Click to learn more about each of the five pillars

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The pandemic pushed the health and safety of employees and society as a whole to the fore. As a result, 85 % HR and risk professionals rate health and safety people risks as a “serious threat to the business”. 

Administering employee benefits, retirement plans, and compensation is becoming increasingly complex. Regulation ranging from new compensation disclosure requirements, ongoing anxiety over equipping individuals to make the right financial decisions, and evolving employment and benefits legislation contribute to making this the second highest rated people risk. 

Accelerated digitisation is pushing digital risks, including cybersecurity and data privacy ahead of all other risks. Almost three quarters (73%) of organisations in Continental Europe are currently addressing cyber security and data privacy risk, compared to 76% of companies globally. The way sensitive employee data is used in benefit plans continues to be an area of data exposure. The accelerated pace of digital transformation is changing the relationship between people and machines, when it comes to addressing HR technology obsolescence, more than two-thirds (67%) of businesses are addressing this risk.

The changing nature of work is now the fifth biggest people risk. Around one third, 37%, of respondents are satisfied with their organisation’s policies and support systems to enable remote, hybrid, or other flexible ways of working. 

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. Organisations 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.

Nearly two thirds, 64%, of respondents are currently addressing risk associated with DEI and environment risks but only one in three has clear policies in place to reduce the organisations carbon footprint and negative impact on climate change. 

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 in 2022?

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.

All the top risks identified by HR/risk managers globally can be mitigated by employee benefits, support programmes, and how they are delivered.

Read our report to learn where to start.

Download the Continental Europe report

About the report

Continental Europe People Risk Report 2022 draws on the knowledge of 626 HR and risk professionals from 6 countries across Europe, spanning industries including finance, communications, media, technology, manufacturing, automotive, and retail. 

626

respondents

316

HR professionals

310

risk professionals

For more insights on how to manage people risk, download the full report “People Risk: Resetting priorities to manage risks for workforce and business resilience”. 

Download the Global report