Quiet quitting and the Great Resignation are still a thing, catapulting the failure to attract or retain top talent to the No. 4 position in a new Aon survey of the most pressing business challenges, it’s highest showing ever. It reinforces the need for an attractive benefits package—including a 401(k)—to combat the issue.
What’s more, despite warnings and headlines, climate, and artificial intelligence (AI) are notably missing from the global top 10 ranking, coming in at No. 17 and No. 40 respectively. Immediate climate driven risks include property damage, impact of severe weather, natural catastrophes, and the consequences for business of climate-related regulatory changes and compliance obligations.
According to Aon, as conflicts, geopolitical change, and macroeconomic conditions continue to make an impact, corporate leaders also ranked the risk of supply chain and distribution failure at its highest level in 14 years (No. 6).
Cyber-attacks and data breaches remain the top risk in this year's survey.
"The world is more volatile, reflecting a series of profound transitions across trade, technology, weather and workforce issues that have awoken business leaders to the increasingly interconnected nature of risk and people challenges," Aon CEO Greg Case said in a statement. "Through the use of advanced analytics and more integrated Risk Capital and Human Capital capabilities, we're helping clients quantify, manage and match capital to the risks they recognize today as we innovate on their behalf to serve their future needs."
Overall, the top ten global risks according to the 2023 Global Risk Management Survey are:
- Cyber Attacks/Data Breach
- Business Interruption
- Economic Slowdown/Slow Recovery
- Failure to Attract or Retain Top Talent
- Regulatory/Legislative Changes
- Supply Chain or Distribution Failure
- Commodity Price Risk/Scarcity of Materials
- Damage to Reputation/Brand
- Failure to Innovate/Meet Customer Needs
- Increasing Competition
Notably only two of the top five current risks are insurable and half of the overall top ten are presently uninsurable.
