In this inaugural survey, which delved into the people risks of New Zealand organisations, acquiring and keeping talent was found to be the biggest challenge by HR leaders – with 55% saying that talent attraction was their biggest risk, with talent retention being the fourth largest risk.
Key person risks, or heavy reliance on one or more key people within the organisation, were also high on the agenda – coming in as the second largest risk.
Succession planning is of course a key element in helping to mitigate key person risk however with 50% of entities not having plans in place to deal with succession planning either – businesses are very exposed in this area.
The People Risk Survey Report also asked respondents how much of a priority they thought people risks were within the organisations they worked for. 58% said that they did not believe that people risks were a priority - with 28% pointing to a lack of leadership buy in as being one of the key reasons.
Employee benefits, which is an important part of any people risk strategy, is another area that entities need to focus on.
Only 54% of the survey respondents review their employee benefits programme each year while 27% didn’t even know when it was reviewed. The survey also found that some of NZ’s benefits fall quite short – especially when compared to other countries. For example, 46% of those surveyed offered life and total & permanent disablement style benefits – compared to Australian organisations at 81% and the UK at 92%.
The inaugural People Risk Survey, which was designed to gauge HR leaders views on a wide range of people risks, was completed by 229 members of HRINZ across NZ.
Download the report for more insights and a full analysis of the results.