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The Top Risks for Businesses in 2024

December 11, 2023 from HRD Canada


A recent survey found that 80% of top risk experts worldwide believe that burnout will have a big influence on enterprises in the coming year. A sobering reality is revealed by the most recent International SOS Risk Outlook Report for 2024: although mental health issues are a major concern, just 41% of respondents believe their companies are sufficiently prepared to handle them.


The complexity of the risk picture is emphasized by Sally Llewellyn, Global Security Director at International SOS who said that “organizations will have many risks to address in 2024, as instability continues to be a key theme of the global security environment. The near-continuous pace of crises makes it even more challenging for organizations to navigate.’’.


Top 5 Dangers in 2024 according to International SOS:


  1. Burnout among employees


The report emphasizes the risk of employee burnout, given the growth in absences due to stress. Concerns regarding the anticipated risk level for the upcoming year are expressed by an astounding 65% of poll participants, the highest percentage ever recorded. Since crisis management teams have been in constant operation since the start of the Covid epidemic, they are particularly vulnerable to burnout.


  1. The Climate Emergency


Events linked to climate change have an operational impact on one in four firms, according to research. The second-largest category of notifications is extreme weather occurrences, highlighting how vulnerable enterprises are. Nearly 50% of the participants acknowledge that they have not included climate change in their security and health strategies, indicating possible hazards for companies.


  1. A Deepening of Global Instability


Global instability is a result of geopolitical tensions around the world, such as the conflict in Ukraine and the crises in Israel and Gaza. According to three out of four respondents, political instability, persistent geopolitical tensions, and social and civil upheaval will have a major influence on their organizations.


  1. AI: Opportunities and Risks


Although artificial intelligence (AI) has the potential to transform many industries, it also makes it more difficult to separate fact from fiction. The difficulties posed by AI are shown by the fact that more than two-fifths of respondents voiced concerns about the effects of medical misinformation and disinformation on their workforces.


  1. The New Contract for Employment


Employers say that workers now have higher expectations about their duty of care, indicating a move away from just offering the most basic occupational health services. Many firms now take on tasks that were formerly thought of as government obligations, highlighting the necessity of adjusting employment contracts to reflect changing expectations.






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