Head Hunting Concerns Business Owners

AUCKLAND, December 17, 2004

Head Hunting Concerns Business Owners

In the daily battle for a bigger slice of the consumer market, the one thing that has privately owned businesses most worried these days is that their competitors might gain the edge by snatching their employees.

Results from a new risk survey by Marsh Limited (Risk and Insurance Specialists) have highlighted that smaller businesses worry more about their staff being head-hunted by their market rivals than any other risk they face. This result suggests that in a small country like New Zealand, business success can be propelled or diminished by one company losing the experience and knowledge of key personnel.

While our smaller businesses are most concerned about their employees being poached, publicly owned companies rate their biggest worry in today’s business environment as the risk of non-compliance with legislation.

In October Marsh Limited surveyed the opinions of over 500 New Zealand companies on their attitudes and approaches to risk management. Answers from the more than 150 respondents have given us the first insights into how we compare with overseas companies.

The results show that we have an across-the-board readiness for all types of risk – operational, hazard, strategic and financial, and that New Zealand businesses are more prepared to face a range of business risks than their European counterparts.

Key facts & figures: In Europe, one in four senior executives survey risk on an ad hoc basis only By contrast New Zealand executives are regularly reviewing risk – 78% at least yearly, 58% quarterly (only one in ten would review on an ad hoc basis) 29% of New Zealand companies report to shareholders on risk management practices 10% of companies have a specifically dedicated Risk Manager Publicly owned companies are most concerned about the risk of non-compliance with legislation Privately owned companies are most concerned about losing staff to their key competitors

ENDS

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