What does it take to stay ahead of your competition for the foreseeable future?
Having a plan in place to account for any possible labor risks to your company is a great place to start.
You won’t have to worry about hitting your operational and profitability targets because of high labor costs or a limited supply of talent if you are able to make the right strategic decisions ahead of time.
Similarly, every country may have changes to work environments/conditions and different challenges in terms of the ability to attract and retain the right talent and human capital for your organization.
Labor shortages can also put your entire supply chain network in jeopardy. A lack of workers can cause the quality of your products to drop and even lead to security issues or unsafe working conditions. If you are considering acquiring or moving your business to another country, you need to accurately determine if it has low quality human capital, a different business culture, or strong unions and political influence. Business intelligence combined with an in-depth assessment of regional and country risks are essential to predict and manage labor impacts and to control risk exposures, particularly in areas affected by social unrest.
You also have to be aware of any technological innovations and digital trends that could derail how your organization does business and reduce or even completely eliminate the need for human capital.
Partnering with Infortal can help you protect yourself and your company from such labor and human capital risks. You must understand the underlying social and economic factors that contribute towards labor shortages, qualified labor and more.
So how do you determine if your labor force is qualified and sufficient enough for your needs? Infortal goes beyond the standard economic indicators such as education and employment levels to talk to our own economists, triangulate the latest economic analysis, and highlight bigger, relevant trends such as monetary risk to determine any potential impacts to your labor supply.