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Protect People and Assets Today — and Prepare Them for Tomorrow with Proper Risk Management
The COVID-19 pandemic and global economic crisis have driven widespread disruption and challenges for businesses across industries. The future of business now looks very different than it did just months ago, and much uncertainty remains. To survive in this new era, business and HR leaders must take steps to not only protect their people and assets today, but prepare them for tomorrow.
Drive Productivity and Performance
Mitigate Corporate Risk
Maximize Value and Innovation
Optimize Your Talent Strategy
Revisiting Business Strategy
Drive Productivity and Performance by Supporting Employee Wellbeing
Your people may be facing increased health issues, financial hardships or uncertainties, and even stress and anxiety — increasing the risk of absenteeism, illness, reduced productivity, and poor performance. To minimize this risk, business and HR leaders should address employee wellbeing with a holistic approach.
Mitigate Corporate Risk to Your Assets and Brand
The current crisis has also increased the vulnerability to your organization’s cyber security and brand reputation. Corporate risk management has never been more critical.
Inconsistent cyber security training with outsourcing and administration partners increases cyber security risk. Over a third of senior executives also say that cyber risks have increased as the majority of their employees work from home.
Retirement plan sponsors are responsible for protecting plan assets and information, even if they choose to outsource plan administration.
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Physical Wellbeing
Determine the vulnerabilities and protections in place, such as governance and operations, to assess gaps in data protection.
Revisit your mitigation portfolio. Consider how third-party advisers and cyber risk transfer can help address increased exposure.
Optimize Your Talent Strategy for the Long Term
The strength of your talent strategy will affect your organization for years to come. Take the following steps to optimize your strategy and ensure you’ve got the right people in the right roles.
Assess Current Talent
Plan the Future Workforce
Maximize Enterprise Value and Innovation
Current disruption will accelerate the pace of innovation and competition, increasing your need to drive enterprise value and strategic technological investments.
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Explore Our Research and Insights
In addition to the threat of the coronavirus itself, the pandemic has complicated employees’ ability to seek regular and preventive healthcare, and may have reduced their physical activity.
Revisit your benefits strategy and plan design to meet these new needs, maximize spend, and maintain compliance.
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Protect Financial Wellbeing
Improve
Emotional Wellbeing
Strengthen Cyber Security
Protect Brand Reputation
Strengthen Cyber Security
Protect Brand Reputation
Analyze historical patterns within your organization and industry to see where vulnerabilities might lie and what responses have worked well in the past.
Identify a strategic team to ensure faster decision-making and clear responsibilities. Create drills and training to help them practice their response.
Ensure robust, adaptable, and well-advised communication strategies and policies to maintain trust with all stakeholders, customers, and employees, and guard against public criticism.
Information, guidelines, and public opinion are changing rapidly — one wrong move could create significant damage to your company’s image.
Examine your HR operations and people strategies to identify any opportunities to maximize organizational spend. Consider future talent needs and whether relying more heavily on employment agencies will help, especially while full-time hiring may be on hold.
Analyze HR Costs
Analyze HR Costs
of firms see relying on skilled employees sourced through employment agencies as a way to balance costs.
of firms see relying on unskilled employees sourced through employment agencies as a way to balance costs.
26%
39%
Plan the Future Workforce
Use your assessments to identify pivotal talent and make necessary adjustments to optimize the efficiency, effectiveness, and innovation of your workforce.
of HR leaders can pinpoint the roles most critical to their organization’s ability to navigate disruption.
73%
Assess Current Talent
Ensure your employees are adequately equipped and deployed to meet business needs with agility by using assessments that capture insight into cognitive diversity, skills, capabilities, and propensity to learn and handle change.
of HR leaders say collaboration and agility are among the top attributes they look for in new hires.
Protect Intangible Assets at Risk of Increased Litigation
Harness Strategic Opportunities for AI
Support Physical Wellbeing
Equip your people with well-being resources and digital tools that employees and their families can use from home.
Protect Financial Wellbeing
The economic downturn has caused financial difficulties and concerns for many people, which can cause distraction, stress, and disengagement.
Maintain current compensation and retirement plans to mitigate stress, and consider allowing increased access to loans or withdrawals
Communicate how plans may change due to the economic crisis, reassure concerns, and caution against sudden changes to contributions.
Identify immediate needs and opportunities to incentivize and reward performance, whether through special pay for high-risk roles, stipends, healthcare, sick leave, or child care.
Improve Emotional Wellbeing
Employees may also be feeling overworked, lonely, tired, and disengaged, impacting your organization’s ability to perform and adapt in this challenging time.
Provide mental health resources such as an Employee Assistance Program (EAP) or digital well-being solution.
Support new ways of working and encourage employees to prioritize mental health.
Refine your communication strategy to keep employees informed, reassured, and supported as they navigate these changes.
Protect Intangible Assets at Risk of Increased Litigation
Valuable information assets such as trade secrets and unpublished patent applications pose substantial risks to organizations. Even though there is greater potential loss, just 16% of the value of information assets are insured versus 60% of tangible assets, according to Ponemon Institute research.
Organizations should re-evaluate their risk and coverages to align with the increased value and risk associated with information assets.
Harness Strategic Opportunities for AI
Aon’s 2019 Workforce of the Future Survey reports that 58% of businesses have not taken steps to plan for AI, while 16% of businesses have begun testing how it can be incorporated. Shifting your AI strategy into high gear could be a major competitive advantage as you reshape your business for the new normal.
Consider how AI might help you maximize recruiting efforts, increase efficiency of products and processes, as well as equip your people to collaborate creatively in a world where in-person meetings may be less common.
>50%
Support
Physical Wellbeing
Protect Financial Wellbeing
Improve
Emotional Wellbeing
Explore Our Research and Insights
Explore Our Research and Insights
Tighten security controls and ensure employees are using authorized remote access solutions and devices.
Tighten security controls and ensure employees are using authorized remote access solutions and devices.
From 2005 to 2015, the number of patent lawsuits filed annually in the U.S. more than doubled.
More than one-third of respondents in the Ponemon Institute research say their current policy doesn’t cover intellectual property (IP) events at all.
From 2005 to 2015, the number of patent lawsuits filed annually in the U.S. more than doubled.
More than one-third of respondents in the Ponemon Institute research say their current policy doesn’t cover intellectual property (IP) events at all.
Decision Making in Volatile Times | Protect People and Assets | Protect the Balance Sheet
Maintain or Increase Revenue | Cost Management | Revisit Business Strategy
Protect People and Assets
Protect the Balance Sheet
Maintain or Increase Revenue
Cost Management
Revisit
Business Strategy
Decision Making in Volatile Times
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