Intelligent CXO Issue 23 - Page 60




Middle Eastern organisations rate succession challenges and the ability to attract and retain top talent amid a tightening labour market as the biggest risks they face in 2023 , according to a new survey from Protiviti and NC State University . The report also reveals that senior decision-makers in the region remain concerned about broader macro risks , such as the softening economy and the state of global supply chains .

The 11th annual survey , titled Executive Perspectives on Top Risks for 2023 and 2032 , was conducted by global consulting firm , Protiviti , and NC State University Poole College of Management ' s Enterprise Risk Management ( ERM ) Initiative . The study surveyed 1,304 board members and C-suite executives from organisations around the globe in various industries , asking them during September and October 2022 to rate 38 macroeconomic , strategic and operational risks for 2023 and a decade ahead ( 2032 ).
The top risks for 2023
Globally , three of the top four risks highlighted by survey respondents for 2023 are related to talent , continuing a trend reported in last year ' s survey . Of the 38 risks included in the survey , the top five risks identified by global business leaders for the coming year are :
1 . Organisational succession challenges and ability to attract and retain top talent
2 . Economic conditions ( including inflationary pressures ) 3 . Increased labour costs 4 . Resistance to change in company culture 5 . Uncertainty surrounding organisational core supply chains
Looking ahead to 2032 , talent attraction and succession planning remain a primary concern , especially the need for tomorrow ' s talent to become fluent in a series of fast-moving emerging technologies such as quantum computing , advanced AI and the Metaverse .
The top tisks through 2032
Survey respondents also rated the expected impact of the 38 risks in 2032 , assessing how the risk landscape might shift over the coming decade . The top five risks identified for 2032 are :
1 . Organisational succession challenges and ability to attract and retain top talent
2 . Adoption of digital technologies requiring reskilling and upskilling employees
3 . Speed of disruptive innovations enabled by advanced technologies 4 . Resistance to change in company culture 5 . Ensuring data privacy and compliance with growing identity protection expectations and regulations
" In the current tight labour market , talent retention has naturally become a top risk that executives are worried about . However , with the added complication of a softening economy , they need to tread carefully ," said Pat Scott , EVP , Global Industry and Client Programs , Protiviti . It ' s important that executives weigh today ' s economic pressures against the possible costs a decade from now and make prudent organisational choices that increase their company ' s resilience next year while laying the foundation for success in the years to come ."
Thinking a decade ahead to 2032 , survey respondents still had talent retention and succession planning top of mind , but this concern reflects longer-term uncertainty over rapidly advancing emerging digital technologies and the privacy and security risks they may bring . x
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