98% of People Risk 2024 respondents reported collaboration between risk and HR managers, but they do not align on several risk priorities.
Philippines is facing an increasing health and benefit costs as its top risk, fuelled by inflation, straining organisations’ ability to offer competitive compensation and benefits.
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.
Key findings
Click to learn more about the five pillars of risks:
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- Talent, leadership and workforce practices
- Health, well-being and safety
- Technological change and disruptions
- Governance, compliance and financial
- Environment, sustainability and protection
Governance, compliance and financial
- Driven primarily by inflation in the Philippines, increasing health and benefit costs has become a leading risk.
Health, well-being and safety
- Healthcare system deterioration and unsafe working conditions rank high in Philippines, even though it is not amongst top 10 globally / in Asia. It is recommended for employers to play an active role by investing in the health and productivity of their workforce, in collaboration with medical partners/vendors and/or insurers.
Talent, leadership and workforce practices
- While this risk emanates from various factors like rapid economic growth outpacing labor supply, the Philippines’ workforce landscape is primarily vulnerable to inflation and skills mismatch.
Technological change and disruption
- As the top overall risk in 2022, cyber security and data privacy continues to be of concern in Philippines for HR professionals and risk managers. Implementation of new technology without transforming how employees work is an area of concern.
Environment, sustainability and protection
- Minimising benefit disparities is a top sustainability and protection concern. Regarding environment-related risks, with Philippines prone to climate-related hazards, employers need to take into consideration climate issues as part of their benefits agenda.
Explore the top 3 risks by region and industry
We captured the top trends across 8 regions and 12 industries so you can explore where they align and how they differ. Download the report to gain a deeper understanding of the 25 people risks, their implications, and actions for your organisation and workforce.
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 Philippines 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.
