When it comes to business continuity planning, UK businesses are much better prepared for technology and environmental risks than they are for the risk of losing talent.
This is the key finding of the new report, ‘What if …? Exploring attitudes towards risk’, based on interviews with UK senior managers. This is despite the growing need to attract and retain the best talent and the relatively high probability of talent leaving or becoming unavailable for work.
The findings of the report, commissioned by Vodafone, also found that although one in five employees are reported to be actively considering a job move in the next twelve months, only 29 per cent of UK managers say employee defection to another firm is a significant concern.
This compares to 59 per cent who cite IT systems failure and 36 per cent who list damage to facilities through fire or flood as key concerns.
While respondents accept that talent risks such as employee defection or illness are more probable than environmental risks, for example, only 10 per cent of those surveyed say they have robust plans in place to respond to talent loss. In comparison, 37 per cent say they that they have such plans in place for the loss of key facilities through fire, flood or similar events.
“This research shows that businesses should place a greater emphasis on identifying and managing talent risk as part of a business continuity management strategy. This is not only best practice but it will contribute to business excellence – essential in such a tough economic climate.” added Kelly.
Overall, UK businesses have become a lot more aware of risk and response in
recent years, and there is greater recognition of the need for business
Four fifths of SMEs have these kinds of plans at the ready. However, smaller businesses are less prepared, with only two-fifths of organisations with up to 10 employees having continuity plans.