We take a deeper dive into the 2023 UK Business Risk Report to explore the insights provided by Midlands business leaders like you.
Their five biggest concerns
- Employee health and wellbeing (31%)
- Financial uncertainty (30%)
- Supply chain reliance and disruption (25%)
- Health and safety of the public and employees (23%)
- Talent retention / attraction / succession planning (22%)
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UK Business Risk Report: Midlands business leaders
What steps are they taking alleviate these concerns?
|Midlands leaders have reviewed the following in the last 12 months:||Midlands leaders plan to review the following in the next 12 months:|
|Health and safety policy and procedures (54%)||Employee health and benefits offering (37%)|
|Employee health and benefits offering (51%)||Health and safety policy and procedures (33%)|
|Cyber security controls (49%)||Workplace culture and leadership (30%)|
|Insurance coverage (48%)||Supplier contracts and relationships (27%)|
|Supplier contracts and relationships (45%)||Cyber security controls (25%)|
How confident are Midlands business leaders?
Expect the following to increase in the next 12 months:
- Productivity (52%)
- Turnover (49%)
- Profitability (47%)
Expect the following to decrease in the next 12 months:
- Staffing levels (23%)
- Profitability (16%)
- Late payments (16%)
Environmental, social and governance (ESG) confidence
- 56% understand it
- 51% incorporate it in their strategy
- 47% review related credentials of suppliers
“This survey report, and discussions I have had with lots of business leaders across our region over recent months, suggest businesses have a strong desire for options.
Options to counter inflation and interest rate pressures. Options to help attract colleagues back very regularly, physically in to a collaborative work environment; most days of the working week and to help shape a vibrant, interesting, engaging, positive culture.
Businesses are trying to encourage next generation new joiners, career development and staff retention beyond just pay. Businesses are looking for strategic relationships with value add rather than transactional vendors – something that will put them in good stead for achieving carbon neutrality.
Leaders have told me they want to work with people who understand their industry, how to help them be more resilient to risk and be in tune with the capital journey to support their ambitions for the future. There are many ways Marsh can help with these challenges and opportunities. We at Marsh are keen to support.”
Andrew Wilton, Regional Director