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Economy Tops List of Business Leaders’ Fears

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The economy is still weighing heavily on the minds of business leaders worldwide. Despite easing of the downturn, Aon Risk Solution’s 2011 Global Risk Management Survey showed economic concerns topped the list of greatest threats businesses are facing.

The Global Risk Management Survey questioned close to 1,000 business leaders in 58 countries in hopes of identifying emerging trends in workplace risk assessments. Respondents identified the economy, regulatory changes, business stoppage and systems failure as some top risks.

Interestingly, while the 2011 survey reflected the continued concern over economic conditions, it also seemed to recognize a positive change. Closely following economic worries are concerns over retaining talent. At the height of the recession, business leaders had no fear of a mass exodus. Now that the economy is recovering, employees are looking for their next opportunity, and business leaders are fearful their top talent will be taking flight to find better horizons.

“Throughout the economic recession, many organizations pulled in their oars – tabling research and development projects, decreasing spending on information technology and freezing hiring,” said Constantin Beier, global head of Aon Analytics and chief commercial officer of Aon’s Center for Innovation and Analytics. “Today, business leaders are realizing this strategy won’t work in the long term. Organizations must begin reinvesting in fundamental areas such as these if they are to survive and thrive.”

If concerns can be used proactively, the survey would suggest a company wishing to maintain its position in the marketplace would be wise to invest in talent, innovation and technological advances to better meet the needs of its workforce and customer base.

 

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