KPMG Report Details the Biggest Hurdles for 2023

KPMG has released Keeping us up at night: The big issues facing business leaders in 2023. The report details things that employers should be wary of this year, as well as the expectations employees have in today’s workforce.

2023 risks to businesses, as listed by KPMG:

  • Talent acquisition, retention and re/up-skilling staff to meet a more digitised future (77 per cent)
  • Digital transformation and optimisation, and extracting organisational value from it (46 per cent)
  • Dealing with cyber risks (40 per cent)
  • Dealing with evolving regulatory processes, reporting changes and impacts (35 per cent)
  • The need for greater agility and flexibility in their organisation to meet opportunities and challenges (35 per cent)

KPMG Australia’s national managing partner, people and inclusion, Dorothy Hisgrove, noted that attraction and retention are top issues because “people now rarely choose to work somewhere just for the salary, rather flexibility, quality of the team, learning opportunities, type of work, societal contribution, values alignment, and experiences are all factors”.

Financial tech company Paytime’s chief executive officer, Steve Furman, offered some solutions to these issues. In a statement on the KPMG report, Mr Furman said organisations should look to offer benefits such as flexible working hours, wellness packages, pay that’s on demand, and corporate discounts.