All of People Risk 2024 respondents in Thailand say risk and HR functions collaborate to mitigate people risks, but they do not align on several risk priorities.
Thailand is currently dealing with a disengaged workforce as top people risk, largely due to a lack of career advancement and development opportunities. Additionally, it is also grappling with rising healthcare expenses and changing employee expectations, which have put a pressure on organisations’ ability to provide 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
Talent, leadership and workforce practices
- A disengaged workforce is a top people risk in Thailand.
- Organisations face challenges with uncompetitive talent strategies.
- There is a concern on growing gap between rewards for existing employees versus new hires.
Health, well-being and safety
- Mental health deterioration is a significant concern in Thailand.
- Only 39% have effective initiatives to create a psychologically-safe workplace and address work-related causes of mental distress.
- 64% think that a pandemic could occur in the organisation in the next 1-2 years.
Technological change and disruption
- Technological change and disruptions were ranked out of the top 10 priorities for HR managers.
- The inability to appropriately manage artificial intelligence (AI) tools can impact an organisation’s competitiveness.
- Half of the respondents are concerned about over-relying and having complete trust in AI-generated content without proper verification.
Governance, compliance and financial
- Increasing health and benefit costs is a key priority in Thailand.
- Thailand is facing challenges in keeping up with employee benefits’ complexities and costs beyond general inflation.
- More than half are concerned with the need for HR to allocate more time and resources to manage benefits programs.
Environment, sustainability and protection
- Environment, sustainability and protection is viewed as the biggest threat in both the short (1-2 years) and medium term (3-5 years).
- Widening disparity gaps between job bands can impact labour relations and increase employee discontentment.
- 46% feel that the climate-related healthcare benefits are insufficient.
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 Thailand 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.
