COVID-19 places personal well-being and talent management among top business risks
The pandemic has accelerated new ways of working and the well-being of staff and talent management has taken on more weight. This is reflected in the latest report “Risk in Focus 2021: Hot Topics for Internal Auditors”, carried out by the Institute of Internal Auditors of Spain with its counterparts from 11 European countries.
35% of those interviewed for the preparation of the report consider “talent management” among the top five risks for 2021. COVID-19 has also highlighted the digital divide between companies, forcing companies to refine their recruitment policies , talent management and retention. This risk, which has increased by eight points from the previous edition, climbs to 37% when asked about the main challenges they foresee for 2024.
Companies will have to face challenges such as: being able to preserve culture and create a sense of unity and belonging from a distance; provide training and professional development; or refine their remote recruitment and talent management policies, which means identifying in advance and precisely the skills they will need in the future to continue to innovate and grow.
Employee well-being, a priority
COVID 19 has made companies even more aware of the importance of the well-being of their employees to ensuring the stability of the business. In addition to the precautionary measures aimed at protecting the health of workers against the virus (such as masks, hydroalcoholic gel or the safety distance), other issues, until then not very visible, have been put on the table, such as psychological impact the months of lockdown and social distancing may have caused on your employees.
“Health and safety” will continue to be in the spotlight as long as telecommuting and presence is combined with limited office capacity; 17% of respondents cite this risk as one of the top five business challenges for 2021.
Diversity and values
As the report shows, COVID-19 did nothing more than highlight existing risks, besides highlighting diversity as a priority.
In this way, any negative problem related to the hiring policy, work culture, ethics, racism or the pay gap can constitute a reputational risk for the company which must be taken into account. .
The 15 main risks included in “Risk in Focus 2021: hot topics for internal auditors” are: