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Top business leaders across the world are most worried about losing customers and finding talented workers as they try to survive in current uncertain economic conditions, Lloyd's of London said in survey results released Tuesday.
"Two years ago when the credit crunch was at its peak, businesses told us they were primarily concerned about the cost and supply of credit," Lloyd's Chief Executive Richard Ward said.
Ward said this year's Lloyd's Risk Index shows that the worries of businesses "are even more fundamental, with many wondering just what's happened to their customers, and where they can find the skilled staff they so desperately need. The survey is a snapshot of two years of economic uncertainty."
The index is based on a survey in August of 500 business executives who were approached by the Economist Intelligence Unit, with respondents almost equally spread between Europe, North America and Asia Pacific.
The survey also shows that focusing on business and economic risks has gone up as a key priority by executives, who now have to contend with slowing growth and the looming prospect of a global double-dip recession.
Among the other top risks being felt by executives this year are reputational risk, currency fluctuations and changing legislation.
Despite a series of devastating natural catastrophes across the world this year, these executives placed natural-hazard risks only in the bottom 10 of 50 risks.
"On the one hand, it's reassuring to see growing awareness and understanding of the fast moving, unpredictable risks facing global businesses. But business leaders must plan for and take action to address not only likely scenarios, but those rare and hard to predict events that form part of this complex, modern risk landscape," Ward said.
-By Vladimir Guevarra, Dow Jones Newswires. Tel. +44 (0) 2078429486, [email protected]