'The near-continuous pace of crises makes it even more challenging for organisations to navigate,' says expert
Burn-out will significantly impact businesses in the coming year, according to 80% of surveyed global senior risk professionals.
However, only 41% of respondents feel their organizations are equipped to deal with this mental health challenge, found the latest International SOS Risk Outlook Report for 2024.
“Organisations will have many risks to address in 2024, as instability continues to be a key theme of the global security environment. The near-continuous pace of crises makes it even more challenging for organisations to navigate,” said Sally Llewellyn, Global Security Director at International SOS.
“Crisis management teams have been running consistently since Covid, creating a real risk of burn-out in this critical function.
International SOS outlined the top five risks anticipated for business in 2024.
Running on empty: Organizations face a tangible risk of employee burn-out, given ongoing stressors and disruptions, with stress-related absences on the rise. Surveyed respondents express concerns about the perceived risk level for the next 12 months, recording the highest ever at 65%. The report notes a surge in crisis management fatigue beyond pre-pandemic levels.
Climate crisis: One in four organizations reports operational impacts from events attributed to climate change. Extreme weather events rank as the second-largest category of alerts, emphasizing the vulnerability of organizations. About half of the respondents acknowledge not factoring climate change into their health and security plans, highlighting potential risks to businesses.
Global instability deepens: Geopolitical tensions, including the crisis in Israel and Gaza and the conflict in Ukraine, contribute to global instability. Three out of four respondents believe their organizations will face significant impacts due to civil and social unrest, political instability, and ongoing geopolitical tensions.
AI – risks and opportunities: While AI has the potential to revolutionize industries, it complicates the task of discerning reliable information from misinformation and disinformation. Over two-fifths of respondents express concerns about the impact of medical misinformation an disinformation on their workforces, highlighting the challenges associated with AI.
The new employment contract: Organizations report increased employee expectations for duty of care, with many shouldering responsibilities previously considered government duties. This shift emphasizes the end of offering only basic occupational health services and the need for organizations to adapt to evolving expectations in the employment contract.
As organizations navigate these risks, proactive risk management, collaboration, and adaptability are crucial for ensuring resilience in the face of uncertainties, according to International SOS.
