Risk Insider Newsletter - Edition #10

Widespread labour shortages are hampering many companies’ ability to capitalise on an economy that is expanding as we recover from this devastating pandemic. “Companies will not experience a return to the way things were in the labour markets before the pandemic” quoting Aaron McEwan VP of Research & Advisory at Gartner’s HR Practice from a recent presentation to RSM Partners group.

The retirement of baby boomers, lingering challenges associated with the pandemic and a “you only live once” philosophy among many younger workers are driving a structural shift in the labour market away from the conditions that prevailed since the 1980s. Now employers are wooing workers with improved pay, flexible work arrangements, state-of-the-art technology and better employee treatment. These changes are just the beginning of what is a significant shift in the Australian workforce. Companies across industries are finding themselves on the challenging end of the labour issue, as they try to ascertain how to navigate the shocks unleashed by the pandemic.

Another phenomenon that is really changing the way we do business is “data” which has become the most important asset many companies have. Organisations that have access to reliable data have more success solving complex problems within the business, maintaining regulatory compliance and confidently driving overall decision-making. But do you really trust your data? To be truly useful, data must be accurate, available and usable. Companies of all sizes and in all industries operate multiple systems that collect data. Unfortunately, there are often few controls around that information, and the data is only as good as the processes behind it. That’s where data and reporting governance comes in.

The data and reporting governance process does not have to be scary. Many envision large-scale overhauls of existing databases and the information infrastructure, but that isn’t necessary. Instead, with some relatively non-invasive process adjustments, you can produce more quality data that yields more effective business insights.