Business continuity - What are the key risks?

Article by David McEwan, Director - Arrow Partners

Arrow Partners is a small consulting firm founded by David McEwen in 2010. The company focuses on solving long term problems on Board or CEO agendas across many different job functions and market segments.

I was asked recently by a CEO what are the key risks that I see threatening business continuity today.

When asked questions like this I am careful to point out that my response is general in nature and not specific to his company.

My response to him was short, “I see three key risks to business today”;

- Attract & Retain talent
- Cyber Security and
- Supply chain issues

His response was that ‘all three are affecting him at present’.

We focused our time on the first risk ie how to attract and retain talent (and not just fill jobs with anyone) and he was feeling the pinch by being unable to attract and retain talent in his organisation. The alarming statistic released in May 2022 was there were 480,000 job vacancies across Australia with a 14% increase on the three months prior. So this CEO was not alone and attracting and retaining talent is clearly an escalating issue.

In response to ‘what do we do about it?’, I advised that he needs to develop employee retention strategies such as flexible working, pay increases and employee share plans. His talent acquisition teams were feeling the heat; where employees are rethinking their future and being tempted by his competitors with higher salaries making it harder and harder to attract and retain talent.

So, he asked, ‘what do I recommend on how to attract & retain talent’?

My suggestion was to start developing his own talent intelligence by collecting and analysing data to help him retain ground through this immediate shift that is affecting most organisations across Australia.

You can collect this information from existing & departing employees, prospective candidates and competitors hiring practices.

This can also support an overall talent strategy that assists his company to remain one step ahead in an ever-changing world.

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