MUMBAI: The International SOS Risk Outlook Report 2024 has predicted that the global perma-crisis will continue to take its toll in 2024, with extreme weather events and global instability deepening. This situation is giving rise to concerning levels of employee burnout, with 80% of surveyed global senior risk professionals predicting that burnout will have a significant impact on businesses in the next year. However, only 41% of them feel that their organizations are equipped to deal with it.
The report also provides a detailed view of some of the major risks that organizations must address in 2024, including the climate crisis, the power of AI, the evolution of employees’ expectations, and worldwide unrest. The second-highest security concern identified by respondents in this year’s survey revolves around geopolitical tensions, with civil and social unrest, coupled with political instability, ranking as the next largest worries for organizations.
AI has inspiring potential to create a new industrial revolution. However, for now, it further complicates the vital task of sorting reliable information from misinformation and deliberate disinformation for businesses. More than two out of five respondents to the Risk Outlook research said they were worried about the effect of medical misinformation and disinformation on their workforces. This rises to three in five when asked about inaccurate political information.
Three-quarters of surveyed organizations report increased employee expectations for Duty of Care. A similar number are now also shouldering duties previously seen as government responsibilities, including two-thirds who acknowledge extending responsibilities to support workers’ families in times of need. This underlines how the era of offering only basic occupational health services for work-related conditions is over. While still essential, occupational health provisions must be enhanced with diverse support and interventions to safeguard and nurture employees globally.
Udit Mehta, Executive Vice President and Director of Operations for International SOS, comments “2024 will likely be a year that redefines a crises conundrum, with multiple risks driven by instability causing a considerable impact and consistent insecurity that organizations need to address. This coupled with the crisis management functions being continually challenged for a fourth year running since the outbreak of the COVID-19 pandemic implies organizations would need to re-assess not just the resourcing of this critical function but also its placement in management structures.”
It is now imperative that all current and future organizational climate action planning includes employee health and well-being as a key driver of sustainable business operations. The International SOS Group of Companies is in the business of saving lives, and protecting your global workforce from health and security threats. Wherever you are, they deliver customized health, security risk management, and well-being. solutions to fuel your growth and productivity.