99% of People Risk respondents in Asia say risk and HR 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.
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
- 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.
Health, well-being and safety
- 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.
Technological change and disruption
- 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).
Governance, compliance and financial
- 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.
Environment, sustainability and protection
- 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
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 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.
