Protiviti’s annual “Executive Perspectives on Top Risks” study, which surveyed more than 1,100 board member and c-suite executives from organizations around the globe about the top risks for 2024 and over the next decade, found that economic conditions, including inflationary pressures, represent the most significant risk for manufacturing and distribution organizations.
This risk is followed closely by the challenge of attracting, developing and retaining top talent, which is also the top concern for 2034, as skills shortages continue to fuel low unemployment rates throughout the industry. Cyber threats have also emerged as a top concern in both the near and long term as a growing number of bad actors see manufacturing environments as opportunities to execute ransomware attacks in industrial environments that tend to be older and lack readily available protections.
Key Takeaways:
- The survey, conducted in partnership with NC State University, asked business leaders to rate 36 macroeconomic, strategic and operational risks.
- Top risks noted for the manufacturing industry in 2024 include economic conditions, including inflationary pressures, the ability to attract, develop and retain top talent, manage shifts in labor expectations and address succession challenges, cyber threats, uncertainty surround core supply chain ecosystem and heightened regulatory changes and scrutiny.
