Climate change and the availability of natural resources could profoundly alter the availability, location, and conditions of work as well as the workforce. However, findings from the Deloitte 2023 Global Human Capital Trends survey shows this level of prioritization on human risks is lacking across several dimensions: Given the criticality of these human risks, they require the same attention and investments as traditional measures of risks. As such, we refer to these as human risks because they affect humans’ professional and personal lives in palpable ways, in addition to the impact they have on your organization’s short-term performance, long-term viability, and reputation and brand. Others are affected and driven to some degree by humans. Yet all risks have a significant human element. C-suites and boards have only occasionally expanded their focus to include their reputational implications and, more rarely, their human effects. Typically, their primary focus, if they have a focus at all, has been on the financial and operational impact of these risks. These risks include operational concerns such as worker turnover, poor efficiency, difficulty acquiring and retaining talent, and compliance with regulations. When it comes to human-related risks, organizations and their most senior leaders focus on a narrow set of workforce risks-the potential risks that human workers pose to the business. Seeing these disruptive risks through a human lens paves the way for greater resiliency, enables superior business results, and creates a more effective and informed set of solutions for mitigating-and thriving in the face of-these disruptions. It is imperative they understand that the impact of these disruptive risks on humans (both inside and adjacent to organizations) is substantial, as is the linkage between the human impact and that of the organization at large. As C-suites and boards of directors grapple with contingencies for a growing list of disruptive external risks-including environmental, social, technological, political, and economic issues-they should consider expanding their focus beyond the operational and financial effects of those risks, to include the human implications.
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