More than half (57%) of UK businesses say governance, risk, and compliance are the biggest challenges to their workforce planning in the coming 12 months, according to new research by business analytics and modelling company, Concentra Analytics.
The survey of over 400 HR and finance decision makers in the UK and US found that risk and compliance are far higher up the agenda of UK businesses than in the US (41%), which also face trade difficulties and looming export tariffs. There’s also a pre-occupation in the UK with understanding risk exposure (67%) and the ability to quickly re-organise (59%), while in the US this is less of a concern (52% and 44% respectively).
Rupert Morrison, CEO, Concentra Analytics, commented: “Understanding risk and how an organization should respond to it is unsurprisingly top of mind for British businesses. The uncertainly surrounding Brexit and other compliance issues, such as the gender pay gap and minimum wage, are all cause for concern.”
Morrison continued: “We’ve found that many businesses still don’t have a data-driven view of their workforce that is reliable. As we approach 29 March, it’s a strategic imperative that organizations develop a detailed understanding of their workforce, evaluate different scenarios to mitigate their risk, and plan for the future, known and unknown. Key to this is greater collaboration between HR and Finance teams. Beyond Brexit, planning ahead in an era of persistent disruption will ensure the organization is resilient, adaptable, and positioned to thrive no matter what comes next.”
Cost cutting, which was identified as the UK’s third-ranked challenge (48%), is the leading people issue for US businesses (64%). The second biggest challenge facing UK businesses (52%) is digital transformation, something only 37% of US businesses are concerned about when it comes to their people.