Survey of 350 C-suite executives highlights the most critical risks
Geopolitical instability and people risks are the biggest challenges facing the construction sector, according to new research by Willis Towers Watson.
Willis Towers Watson surveyed 350 C-suite executives across the globe to look at the most significant megatrends and critical risks facing the sector. Geopolitical issues were the number one threat overall, primarily caused by uncertainty of government support and financing, postponement and delays, changes in strategy, and commitment to project pipelines.
The second major concern was around workforce management issues. The increasing requirement for digital skills, a global employee network and disparate labour laws, means workforce demands are becoming ever more complex. Combined with ageing populations, the need to attract talent is likely to have the longest term impact on the industry, according to the report.
John Roberts, UK construction industry leader at Willis Towers Watson, said: “Our data shows that the biggest challenges to the success of construction companies are heavily influenced by political stability and human resources. Risk management strategies will need to be continually re-examined to meet these challenges and must remain a top boardroom priority for construction companies to protect themselves from emerging risks and to build competitive advantage.”