In yesterday's Inc. Magazine, an article identified the 5 most difficult jobs to fill in 2012. According to the writer, they are/will be:
1) Software Engineers and Web Developers - Top Tier
2) Creative design and User Experience - especially for mobile devices
3) Product Management - especially for start-ups or early-stage companies
4) Online Marketing by creating a buzz, and
5) Analytics and Business Intelligence Professionals - identifying what should be measured and then building out the capability.
So do you agree as a CEO or Senior Executive? This is the forecast for the US, but different regions may be having other availability gaps. The link to the original article is below.
Tuesday, December 20, 2011
Monday, December 19, 2011
Risks in IT Security and Storage for 2012
In an earlier posting 2012 risks were highlighted and cyber risks were addressed. Global Risks to Consider and Recent Analysis by Lloyd's- Has Your Company Considered These?
However, in an article today, Symantec is more specific about IT risks. They are warning CEOs, Senior Managers and CIOs about risks in IT security and storage for the coming year. Obviously this is their specialty, but also they have a vested interest in sounding the alarm, especially in the area of Advanced Persistent Threats (APTs), increased data loss through smart phone mobile devices, and the need to bulwark disaster recovery planning because of possible natural disasters.
While the article is written from the point of view of the Philippines, it applies globally as well. As this is their specialty, you may read the article below and the link to the original article is at the end.
Study warns of risks in IT world
MANILA, Philippines - Symantec has released its IT Security and Storage outlook for 2012, containing forecasts on key themes such as rising risks of advanced persistent threats (APTs), increase in data loss through smart mobile devices, cloud computing driving changes in organizations, and the critical need to strengthen disaster recovery planning as natural disasters increase.
Symantec is a global leader in providing security, storage and systems management solutions to help organizations protect their business critical information.
The past 12 months in 2011 have seen the emergence of the successor to the Stuxnet, a computer worm that targets industrial control systems that are used to monitor and control large scale industrial facilities. The current year has also seen a surge in mobile threats, a rise in compromised legitimate digital certificates, and a growing demand for cloud services.
“Global trends in 2012 will certainly impact local businesses in the Philippines as we are living and working in a borderless world,” said Luichi Robles, senior country manager for Symantec Philippines. “Looking back at the major cybersecurity and storage trends in 2011 helps us gain perspective and make improvements moving forward. The key themes from 2011 are expected to continue to grow in 2012.”
“Organizations in the Philippines have made good progress in the year 2011 in protecting their business critical information and managing the increasing storage growth. Continuing in such progress and intensifying security initiatives in strategic areas of business will help organizations to be prepared for the increasing risks in the coming year.”
According to Robles, one of the key cybersecurity trends that organizations should note in moving into 2012 is the continual increase of advanced persistent threats (APTs). “The most significant new element in the cybersecurity threat landscape is the emergence of advanced persistent threats, a type of targeted attack which uses a wide variety of techniques. 2011 saw the foundation for the next of such attack being laid into the coming years.”
He explained that APTs target industrial control-related organizations and could attack organizations or partner organizations that do business with their primary targets.
Commenting on another significant trend that businesses in the Philippines need to pay attention to, Robles said the high increase in the number of smart mobile devices will also increase the risks surrounding them, particularly mobile malware and data loss.
“The key concern of businesses in the Philippines on the increasing adoption of smart mobile devices and tablets is that employees are accessing sensitive corporate information with these devices without being detected. Employee with malicious intent could easily steal highly confidential intellectual property.”
According to market research firm, Gartner, sales of smartphones globally will exceed 461 million by the end of the year, surpassing PC shipments in the process. In fact, combined sales of smartphones and tablets will be 44 percent greater than the PC market by the end of this year.
Cloud computing is a key trend in 2012 which is expected to drive changes in organizations. According to 2011 State of Cloud Survey, organizations in Philippines are excited about cloud, with 76 to 87 percent at least discussing all forms of cloud. However, there are significant gaps between what organizations in the Philippines were expecting to achieve and what they actually achieved in cloud deployment. For example, 82 percent expected cloud to improve their IT agility, yet only 51 percent found that it actually did. These gaps are indicative of the immaturity of the market.
In addition, moving to the cloud requires organizations to take a new approach to IT. “As organizations in the Philippines look into cloud technologies, they will need to consider how they use IT and existing resources – servers, storage and people. Cloud computing is more about the people and processes. Organizations must change how they purchase IT, how they consume IT, and how they organized IT to provide cloud services,” added Robles.
In 2012, disaster recovery plan in organizations is expected to be tested even more by natural disasters. “We expect to continue seeing the unpredictable environmental changes test organizations’ disaster recovery plans in 2012. Organizations will need to be disaster proof and start looking at business services more holistically and automate recovery process to recover faster and reduce their reliance on personnel. The question is have they learned their lesson from this year or have to experience it for themselves in 2012.”
Study warns of risks in IT world
However, in an article today, Symantec is more specific about IT risks. They are warning CEOs, Senior Managers and CIOs about risks in IT security and storage for the coming year. Obviously this is their specialty, but also they have a vested interest in sounding the alarm, especially in the area of Advanced Persistent Threats (APTs), increased data loss through smart phone mobile devices, and the need to bulwark disaster recovery planning because of possible natural disasters.
While the article is written from the point of view of the Philippines, it applies globally as well. As this is their specialty, you may read the article below and the link to the original article is at the end.
Study warns of risks in IT world
MANILA, Philippines - Symantec has released its IT Security and Storage outlook for 2012, containing forecasts on key themes such as rising risks of advanced persistent threats (APTs), increase in data loss through smart mobile devices, cloud computing driving changes in organizations, and the critical need to strengthen disaster recovery planning as natural disasters increase.
Symantec is a global leader in providing security, storage and systems management solutions to help organizations protect their business critical information.
The past 12 months in 2011 have seen the emergence of the successor to the Stuxnet, a computer worm that targets industrial control systems that are used to monitor and control large scale industrial facilities. The current year has also seen a surge in mobile threats, a rise in compromised legitimate digital certificates, and a growing demand for cloud services.
“Global trends in 2012 will certainly impact local businesses in the Philippines as we are living and working in a borderless world,” said Luichi Robles, senior country manager for Symantec Philippines. “Looking back at the major cybersecurity and storage trends in 2011 helps us gain perspective and make improvements moving forward. The key themes from 2011 are expected to continue to grow in 2012.”
“Organizations in the Philippines have made good progress in the year 2011 in protecting their business critical information and managing the increasing storage growth. Continuing in such progress and intensifying security initiatives in strategic areas of business will help organizations to be prepared for the increasing risks in the coming year.”
According to Robles, one of the key cybersecurity trends that organizations should note in moving into 2012 is the continual increase of advanced persistent threats (APTs). “The most significant new element in the cybersecurity threat landscape is the emergence of advanced persistent threats, a type of targeted attack which uses a wide variety of techniques. 2011 saw the foundation for the next of such attack being laid into the coming years.”
He explained that APTs target industrial control-related organizations and could attack organizations or partner organizations that do business with their primary targets.
Commenting on another significant trend that businesses in the Philippines need to pay attention to, Robles said the high increase in the number of smart mobile devices will also increase the risks surrounding them, particularly mobile malware and data loss.
“The key concern of businesses in the Philippines on the increasing adoption of smart mobile devices and tablets is that employees are accessing sensitive corporate information with these devices without being detected. Employee with malicious intent could easily steal highly confidential intellectual property.”
According to market research firm, Gartner, sales of smartphones globally will exceed 461 million by the end of the year, surpassing PC shipments in the process. In fact, combined sales of smartphones and tablets will be 44 percent greater than the PC market by the end of this year.
Cloud computing is a key trend in 2012 which is expected to drive changes in organizations. According to 2011 State of Cloud Survey, organizations in Philippines are excited about cloud, with 76 to 87 percent at least discussing all forms of cloud. However, there are significant gaps between what organizations in the Philippines were expecting to achieve and what they actually achieved in cloud deployment. For example, 82 percent expected cloud to improve their IT agility, yet only 51 percent found that it actually did. These gaps are indicative of the immaturity of the market.
In addition, moving to the cloud requires organizations to take a new approach to IT. “As organizations in the Philippines look into cloud technologies, they will need to consider how they use IT and existing resources – servers, storage and people. Cloud computing is more about the people and processes. Organizations must change how they purchase IT, how they consume IT, and how they organized IT to provide cloud services,” added Robles.
In 2012, disaster recovery plan in organizations is expected to be tested even more by natural disasters. “We expect to continue seeing the unpredictable environmental changes test organizations’ disaster recovery plans in 2012. Organizations will need to be disaster proof and start looking at business services more holistically and automate recovery process to recover faster and reduce their reliance on personnel. The question is have they learned their lesson from this year or have to experience it for themselves in 2012.”
Study warns of risks in IT world
Friday, December 16, 2011
Evaluating Our Lives, Both in Retrospect and Now...What About the Future?
In an earlier posting the question was posed: Life's Lessons or What Have We Learned So Far?
Whether as a CEO, Senior Manager or entry level individual, we need to consider these issues.
The only way we grow as a person and in our contribution to society, is by evaluating what we have done in the past, what we are doing in the present and what we plan to do in the future. Especially, reflecting on what we want to be doing and contributing now and in the future is a critical life valuing process. Otherwise we wake up one day and life for the most part has passed us by.
Like in business, we need a plan, a life plan. This can be highly detailed or a "fly-over" view, but its is a critical process to be done periodically. Just like the pilots of aircraft, while the plane may be off-course 90+ % of the time, they ultimate land the winged monster. Likewise, by planning what we want to accomplish in life we may be off course most of the time, but if we have visualized and plotted the course, then we arrive close to where we want to.
Life coaches can help in this endeavor, or you can tackle it yourself. A proprietary methodology has been developed which I use with those that I help. It is not rocket science, but it is valuable as it forces a person to look at not only desires, wishes and ruminations, but also possible world events and economics that could positively and negatively affect these paths.
Recently, the article below became available and hence I am sharing it here. For some it might be morbid, but in reality, isn't the final breath we take, a bit late to change course or our plans?
I post it here with the link at the bottom of the article. Hopefully, you will find it helpful in evaluating one's life and purpose.
By Bronnie Ware
For many years I worked in palliative care. My patients were those who had gone home to die. Some incredibly special times were shared. I was with them for the last three to twelve weeks of their lives.
People grow a lot when they are faced with their own mortality. I learned never to underestimate someone’s capacity for growth. Some changes were phenomenal. Each experienced a variety of emotions, as expected, denial, fear, anger, remorse, more denial and eventually acceptance. Every single patient found their peace before they departed though, every one of them.
When questioned about any regrets they had or anything they would do differently, common themes surfaced again and again. Here are the most common five:
1. I wish I’d had the courage to live a life true to myself, not the life others expected of me
This was the most common regret of all. When people realize that their life is almost over and look back clearly on it, it is easy to see how many dreams have gone unfulfilled. Most people have had not honored even a half of their dreams and had to die knowing that it was due to choices they had made, or not made.
It is very important to try and honor at least some of your dreams along the way.
From the moment that you lose your health, it is too late. Health brings a freedom very few realize, until they no longer have it.
2. I wish I didn’t work so hard
This came from every male patient that I nursed. They missed their children’s youth and their partner’s companionship.
Women also spoke of this regret. But as most were from an older generation, many of the female patients had not been breadwinners. All of the men I nursed deeply regretted spending so much of their lives on the treadmill of a work existence.
By simplifying your lifestyle and making conscious choices along the way, it is possible to not need the income that you think you do. And by creating more space in your life, you become happier and more open to new opportunities, ones more suited to your new lifestyle.
3. I wish I’d had the courage to express my feelings
Many people suppressed their feelings in order to keep peace with others. Many developed illnesses relating to the bitterness and resentment they carried as a result.
As a result, they settled for a mediocre existence and never became who they were truly capable of becoming.
We cannot control the reactions of others. However, although people may initially react when you change the way you are by speaking honestly, in the end it raises the relationship to a whole new and healthier level. Either that or it releases the unhealthy relationship from your life. Either way, you win.
4. I wish I had stayed in touch with my friends
Often they would not truly realize the full benefits of old friends until their dying weeks and it was not always possible to track them down. Many had become so caught up in their own lives that they had let golden friendships slip by over the years. There were many deep regrets about not giving friendships the time and effort that they deserved. Everyone misses their friends when they are dying.
It is common for anyone in a busy lifestyle to let friendships slip. But when you are faced with your approaching death, the physical details of life fall away. People do want to get their financial affairs in order if possible. But it is not money or status that holds the true importance for them. They want to get things in order more for the benefit of those they love. Usually though, they are too ill and weary to ever manage this task. It is all comes down to love and relationships in the end. That is all that remains in the final weeks, love and relationships.
5. I wish that I had let myself be happier
This is a surprisingly common one.
Many did not realize until the end that happiness is a choice.
They had stayed stuck in old patterns and habits. The so-called ‘comfort’ of familiarity overflowed into their emotions, as well as their physical lives. Fear of change had them pretending to others, and to their selves, that they were content. When deep within, they longed to laugh properly and have silliness in their life again.
When you are on your deathbed, what others think of you is a long way from your mind. How wonderful to be able to let go and smile again, long before you are dying.
Life is a choice. It is YOUR life. Choose consciously, choose wisely, choose honestly. Choose happiness.
Original source – http://www.inspirationandchai.com/Regrets-of-the-Dying.html
Whether as a CEO, Senior Manager or entry level individual, we need to consider these issues.
The only way we grow as a person and in our contribution to society, is by evaluating what we have done in the past, what we are doing in the present and what we plan to do in the future. Especially, reflecting on what we want to be doing and contributing now and in the future is a critical life valuing process. Otherwise we wake up one day and life for the most part has passed us by.
Like in business, we need a plan, a life plan. This can be highly detailed or a "fly-over" view, but its is a critical process to be done periodically. Just like the pilots of aircraft, while the plane may be off-course 90+ % of the time, they ultimate land the winged monster. Likewise, by planning what we want to accomplish in life we may be off course most of the time, but if we have visualized and plotted the course, then we arrive close to where we want to.
Life coaches can help in this endeavor, or you can tackle it yourself. A proprietary methodology has been developed which I use with those that I help. It is not rocket science, but it is valuable as it forces a person to look at not only desires, wishes and ruminations, but also possible world events and economics that could positively and negatively affect these paths.
Recently, the article below became available and hence I am sharing it here. For some it might be morbid, but in reality, isn't the final breath we take, a bit late to change course or our plans?
I post it here with the link at the bottom of the article. Hopefully, you will find it helpful in evaluating one's life and purpose.
Top Five Regrets of the Dying
Top Five Regrets of the DyingBy Bronnie Ware
For many years I worked in palliative care. My patients were those who had gone home to die. Some incredibly special times were shared. I was with them for the last three to twelve weeks of their lives.
People grow a lot when they are faced with their own mortality. I learned never to underestimate someone’s capacity for growth. Some changes were phenomenal. Each experienced a variety of emotions, as expected, denial, fear, anger, remorse, more denial and eventually acceptance. Every single patient found their peace before they departed though, every one of them.
When questioned about any regrets they had or anything they would do differently, common themes surfaced again and again. Here are the most common five:
1. I wish I’d had the courage to live a life true to myself, not the life others expected of me
This was the most common regret of all. When people realize that their life is almost over and look back clearly on it, it is easy to see how many dreams have gone unfulfilled. Most people have had not honored even a half of their dreams and had to die knowing that it was due to choices they had made, or not made.
It is very important to try and honor at least some of your dreams along the way.
From the moment that you lose your health, it is too late. Health brings a freedom very few realize, until they no longer have it.
2. I wish I didn’t work so hard
This came from every male patient that I nursed. They missed their children’s youth and their partner’s companionship.
Women also spoke of this regret. But as most were from an older generation, many of the female patients had not been breadwinners. All of the men I nursed deeply regretted spending so much of their lives on the treadmill of a work existence.
By simplifying your lifestyle and making conscious choices along the way, it is possible to not need the income that you think you do. And by creating more space in your life, you become happier and more open to new opportunities, ones more suited to your new lifestyle.
3. I wish I’d had the courage to express my feelings
Many people suppressed their feelings in order to keep peace with others. Many developed illnesses relating to the bitterness and resentment they carried as a result.
As a result, they settled for a mediocre existence and never became who they were truly capable of becoming.
We cannot control the reactions of others. However, although people may initially react when you change the way you are by speaking honestly, in the end it raises the relationship to a whole new and healthier level. Either that or it releases the unhealthy relationship from your life. Either way, you win.
4. I wish I had stayed in touch with my friends
Often they would not truly realize the full benefits of old friends until their dying weeks and it was not always possible to track them down. Many had become so caught up in their own lives that they had let golden friendships slip by over the years. There were many deep regrets about not giving friendships the time and effort that they deserved. Everyone misses their friends when they are dying.
It is common for anyone in a busy lifestyle to let friendships slip. But when you are faced with your approaching death, the physical details of life fall away. People do want to get their financial affairs in order if possible. But it is not money or status that holds the true importance for them. They want to get things in order more for the benefit of those they love. Usually though, they are too ill and weary to ever manage this task. It is all comes down to love and relationships in the end. That is all that remains in the final weeks, love and relationships.
5. I wish that I had let myself be happier
This is a surprisingly common one.
Many did not realize until the end that happiness is a choice.
They had stayed stuck in old patterns and habits. The so-called ‘comfort’ of familiarity overflowed into their emotions, as well as their physical lives. Fear of change had them pretending to others, and to their selves, that they were content. When deep within, they longed to laugh properly and have silliness in their life again.
When you are on your deathbed, what others think of you is a long way from your mind. How wonderful to be able to let go and smile again, long before you are dying.
Life is a choice. It is YOUR life. Choose consciously, choose wisely, choose honestly. Choose happiness.
Original source – http://www.inspirationandchai.com/Regrets-of-the-Dying.html
Thursday, December 15, 2011
CEO Survey Says that in the Next 3-5 Years, Talent Shortages, Limited Skilled Candidates are Major Impediments to Growth in Asia Pacific
In a recent Summit held for CEO's, specifically concerning Asia Pacific Economies (APEC), the results from 320 Industry Leaders who participated in the PwC survey, were revealing and in many ways consistent with earlier postings.
"Talent Shortages" was ranked 2nd in barriers to growth, however it is THE one area that can be tackled by corporations compared to the number 1 barrier(s) identified. The number 1 barriers to growth were: "Corruption" and "Inconsistent Regulations across the Region"(these barriers are beyond the ability of a corporation to effectively address).
The 2 major identified challenges to having the right talent in place are: "Competitors recruiting our best people" AND "Limited supply of skilled candidates." These were followed by: "Difficulty in deploying experienced talent globally" AND "Difficulty recruiting and retaining employees under the age of 30." "High Staff Turnover" in Fast Growing Economies will also be a major challenge that will need to be addressed.
In Mature Economies in Asia, a very major issue is: "Retirement of a significant portion
of the workforce." While not addressed in this survey, this also applies to North America (US and Canada) and Europe, with our aging and low growth populations.
So from this survey, it seems apparent that hiring those with good "job fit" to reduce turnover and increase retention, while also providing training to upgrade Leadership/Management skills in preparation for growth, will be critical. Long these lines, succession planning and strategic planning need to be exercised, expertly.
So how is your company positioned in addressing these issues? Have you planned for them and are contingencies developed?
A link to the entire study is: The 21st century workforce. Re-envisioned. Key findings from the APEC CEO Survey
"Talent Shortages" was ranked 2nd in barriers to growth, however it is THE one area that can be tackled by corporations compared to the number 1 barrier(s) identified. The number 1 barriers to growth were: "Corruption" and "Inconsistent Regulations across the Region"(these barriers are beyond the ability of a corporation to effectively address).
The 2 major identified challenges to having the right talent in place are: "Competitors recruiting our best people" AND "Limited supply of skilled candidates." These were followed by: "Difficulty in deploying experienced talent globally" AND "Difficulty recruiting and retaining employees under the age of 30." "High Staff Turnover" in Fast Growing Economies will also be a major challenge that will need to be addressed.
In Mature Economies in Asia, a very major issue is: "Retirement of a significant portion
of the workforce." While not addressed in this survey, this also applies to North America (US and Canada) and Europe, with our aging and low growth populations.
So from this survey, it seems apparent that hiring those with good "job fit" to reduce turnover and increase retention, while also providing training to upgrade Leadership/Management skills in preparation for growth, will be critical. Long these lines, succession planning and strategic planning need to be exercised, expertly.
So how is your company positioned in addressing these issues? Have you planned for them and are contingencies developed?
A link to the entire study is: The 21st century workforce. Re-envisioned. Key findings from the APEC CEO Survey
Monday, December 12, 2011
Talent and Skills Shortages Number One Risk in Asia Pacific and 4 Other Risks
In the earlier post about Corporate Risks ( Global Risks to Consider and Recent Analysis by Lloyd's- Has Your Company Considered These? ) that need to be considered. It was identified that Lloyd's had ranked these Global Risks, but they also identified Regional Risks. The image below came from the report that they assembled for 2011. It is very interesting that Talent and Skills is the Number One Risk for Asia Pacific, given the unemployment rate and educational levels in the region and the flood of youth coming up.
So, CEOs and Senior Managers need to seriously consider this, not only if they are planning to expand in the region, but also if new entries (start-ups) are being planned. It will require expert Succession Planning and Strategic Planning efforts to address this risk issue and the others identified, as well as Coaching, Mentoring, Training and Team Development for key corporate members to help fill this gap.
The BPO industry in the Philippines, identified several years ago, that while the industry could do a good job of hiring and filling entry level positions, when they promoted effective call agents, for example, these people did not have the managerial skills to handle a "Front-Line Manager" position. In many instances they were promoted to their level of "incompetence." So the bottle-neck to growth was not having identified and trained potential new managers soon enough to handle the high influx of new candidates for entry level positions.
Consequently, they changed their processes in Pre-Hire to identify 5-10% of the people considered for the entry level position(s), who had the right IQ and EQ to fit into their organizations, and who had good "job fit" with the Benchmarks/Job Pattern /Performance Modeling for not only the entry level position (significantly reducing turnover), but also for the Front-Line Manager position. They would "mark/follow" these people by observation and possible early training to assume the higher level position. This experience was possibly the early warning signs that Lloyd's seems to be now reflecting in their study, now.
For the Asia Pacific Region, Lloyd's identified the following 5 areas of major risks to be considered or addressed:
1) Talent and Skills shortages
2) Currency fluctuations
3) Inflation
4) Loss of Customers/Cancelled Orders
5) Company Reputation Risk
As also highlighted in the area: CEO, Senior Manager, Leadership, Strategic Planning and Charisma , it is essential that CEOs, Senior Managers, and Corporate HR Managers identify at least 3-5% potential Leaders within each level of the organization (bench strength) in order to help address sustainability for the corporation. Without bench strength, just like for a sports team, while the top players are available and not injured, the team does well; but without the organizational depth and strength, it can result in high fluctuations in corporate performance over time.
The question remains: How Well Positioned Is Your Company for the Upcoming Forecasted Risks within the Region - Presently and for the ensuing 5-10 years? The future and investments are yours to make to position the company for growth and profitability! To ignore these risks could be at the peril of the corporation and organization.
Risks - Then and now: what has changed?
So, CEOs and Senior Managers need to seriously consider this, not only if they are planning to expand in the region, but also if new entries (start-ups) are being planned. It will require expert Succession Planning and Strategic Planning efforts to address this risk issue and the others identified, as well as Coaching, Mentoring, Training and Team Development for key corporate members to help fill this gap.
The BPO industry in the Philippines, identified several years ago, that while the industry could do a good job of hiring and filling entry level positions, when they promoted effective call agents, for example, these people did not have the managerial skills to handle a "Front-Line Manager" position. In many instances they were promoted to their level of "incompetence." So the bottle-neck to growth was not having identified and trained potential new managers soon enough to handle the high influx of new candidates for entry level positions.
Consequently, they changed their processes in Pre-Hire to identify 5-10% of the people considered for the entry level position(s), who had the right IQ and EQ to fit into their organizations, and who had good "job fit" with the Benchmarks/Job Pattern /Performance Modeling for not only the entry level position (significantly reducing turnover), but also for the Front-Line Manager position. They would "mark/follow" these people by observation and possible early training to assume the higher level position. This experience was possibly the early warning signs that Lloyd's seems to be now reflecting in their study, now.
For the Asia Pacific Region, Lloyd's identified the following 5 areas of major risks to be considered or addressed:
1) Talent and Skills shortages
2) Currency fluctuations
3) Inflation
4) Loss of Customers/Cancelled Orders
5) Company Reputation Risk
As also highlighted in the area: CEO, Senior Manager, Leadership, Strategic Planning and Charisma , it is essential that CEOs, Senior Managers, and Corporate HR Managers identify at least 3-5% potential Leaders within each level of the organization (bench strength) in order to help address sustainability for the corporation. Without bench strength, just like for a sports team, while the top players are available and not injured, the team does well; but without the organizational depth and strength, it can result in high fluctuations in corporate performance over time.
The question remains: How Well Positioned Is Your Company for the Upcoming Forecasted Risks within the Region - Presently and for the ensuing 5-10 years? The future and investments are yours to make to position the company for growth and profitability! To ignore these risks could be at the peril of the corporation and organization.
Risks - Then and now: what has changed?
Friday, December 9, 2011
Global Risks to Consider and Recent Analysis by Lloyd's- Has Your Company Considered These?
Evaluating risk is critical for any company and industry, and it is a necessary component in any Strategic and Business Plan. Of course, if CEOs and Senior Managers are looking at acquisitions and investments, there are additional kinds of risks that need to be identified, evaluated, determined, and compared to the internal hurdle rate required/desired by the company. Some of these risks are:
Country (political and financial)
Industry
Company
Competitor
Geographical (likelihood of hurricanes, typhoons, tsunamis and earthquakes)
GeoPolitical
Terrorist
Utility Interruption
Cyber
Environmental
Global
Lloyd's recently identified various risks in 2011, which have changed significantly from 2009. In 2009 the top risks were: the cost of credit, currency fluctuation (which has moved down to number 4) and insolvency.
In 2011, on a global basis, they have now ranked the areas as:
1) Loss of Customers (because of economic contractions and dwindling number of companies),
2) Talent and Skills Shortages,
3) Company’s Reputational Risk,
4) Currency Fluctuations
5) Changing Legislation
Talent, in particular, is a surprising find given the high unemployment rates around the World. As a result, the link to the entire study is below, as well as including the specific portion on Talent and Skills Shortages which is include below.
To not consider many of these risks, if not all of them, could lead to a major folly. Has your company evaluated and considered these on a regular basis? If not, why not? If nothing else, it leads to thoughtful ruminations, but hopefully much more than that!
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