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ÐÇ¿Õ´«Ã½ Risk Barometer respondents rank talent shortageÌýas a top five risk concern in Australia, Bulgaria, Canada,ÌýCroatia, Germany, Hungary, Ireland, Netherlands,ÌýSwitzerland, as well as in the UK.

Clearly, attracting and retaining skilled workers remainsÌýchallenging – a Manpower Group survey [1] noted thatÌý75% of companies globally had reported talent shortagesÌýand difficulty hiring over the past year, the second highestÌýtotal in the past decade. Employers in the healthcare andÌýlife sciences industry reported the most difficulty, while ITÌýand data skills were seen as the most challenging to findÌýregardless of industry and geography.

Meanwhile, a recent European Commission report [2] acknowledged that labor shortages not only exist inÌývarious sectors and occupations across all skills levels butÌýcould grow further, driven by the creation of new jobs andÌýthe need to replace workers who retire. The working ageÌýpopulation is projected to decline from 265 million in 2022Ìýto 258 million by 2030.

Company working conditions also rank highly on theÌýenvironmental, social, and governance (ESG) risk list,Ìýaccording to the ÐÇ¿Õ´«Ã½ Risk Barometer. Issues such asÌýstaff engagement rank as the third top ESG risk trend ofÌýmost concern to companies (35% of responses), behind onlyÌýcyber security resilience and increasing regulatory andÌýdisclosure requirements.

These risks can be minimized by prioritizing health andÌýsafety, fair wages, open communication, and regulatoryÌýcompliance. Companies should also adopt regularÌýemployee feedback surveys and take them seriously,Ìýespecially if they are from marginalized society members.