Over one thousand business CEO’s from around the globe put their two cents worth in on a recent survey. The results of the survey were released at the Risk and Insurance Management Society (RIMS) convention that was held in Vancouver. Corporate experts from 58 countries weighed in on their top business concerns for this year.
The survey, given by Aon Risk Solutions proved that economics is mutually dependent on various risk factors; whether it’s in the U.S. or another country on the other side of the globe. Most business professionals will probably be surprised to see that other industries are worried about the same things.
The top concern of everyone surveyed was having another economic slowdown. Even though most of the businesses surveyed planned on adding to the workforce this year; concern over the slow recovery and loss of income ranked the economy as the number one risk with everyone.
Other things that were a mutual concern among managers were the possibilities of rigid governmental changes, the increase in competition and possible injury to brand reputation. Of course business interruption topped everyone’s list. The recent disaster in Japan and severe storms across the southern part of the U.S. reminded companies of the many risks a business faces day to day.
For the first time in survey history, businesses stated concern over not being able to meet the needs of their customers. Modernizing and advancing business techniques also ranked as a top concern among those surveyed. One area that surprised most people was that most of the businesses were concerned about finding (and keeping) quality employees.
With the high number of people who are still unemployed it’s really a shock that this is a top concern of business leaders. Even though this is a top concern, most of the managers admitted they didn’t have a plan ready if this occurred. Others stated they were using recruiting services to help them hire top quality employees.
Commodity prices, system or product failure, and cash flow all came in as concerns that earned them the last spots in the top ten lists.