'Failure to attract/retain top talent' among top 10
The chief executive officer of Aon NZ has called out what appeared to be a lack of concern among business leaders toward climate risk given its "monumental" impact for organisations.
Aon's Global Risk Management Survey revealed that the top risks for business leaders in the Asia Pacific are:
- Cyber Attacks/Data Breaches
- Economic Slowdown/Slow Recovery
- Business Interruption
- Failure to Attract/Retain Top Talent
- Rapidly Changing Market Trends
- Supply Chain/Distribution Failure
- Regulatory/Legislative Changes
- Increasing Competition
- Failure to Innovate/Meet Customer Needs
- Commodity Price Risk/Scarcity of Materials
Aon NZ Melissa Cantell underscored that there is a "compelling need for a shift in mindsets around being better prepared" given the top risks being cyber-attacks, economic recovery, and business interruptions.
Climate risk missing among business risks
However, Cantell also took note of how climate is absent from the top risks considered by APAC leaders.
"What is surprising are the risks that are unaccounted for in leaders' assessments of the challenges they must address, such as climate risk," Cantell said in a statement. "Climate is not an emerging risk, but an urgent one, with increasingly monumental implications for businesses of all sizes."
Steps taken by organisations to address climate change aren't only making an impact towards the environment, but also on recruitment and retention efforts - a top concern among APAC employers.
In New Zealand, employees are putting their employers under the microscope over the steps they take to protect the planet.
"Environmental responsibility can drive employee attraction and retention as well as innovation," Shannon Barlow, managing director at Frog Recruitment, previously said.
This comes as the impact of climate change has become more prevalent across the world, prompting discussions on earlier work shifts and prohibitions on midday work hours.
Last year, the United Nations said employees are collapsing from scorching heat as the world enters an era of "global boiling."
