Master Risk Management
Emerging Risks

Navigating Leadership Challenges in 2023: Insights from the Frontline

As we wrap up our final face-to-face session for 2023, focused on enhancing board capability in the financial services sector, we’ve uncovered three key challenges that are resonating across various organizations. Let’s delve into these pressing issues that business leaders are currently grappling with.

Challenge 1: Respect at Work Legislation

One of the prominent challenges on the leadership landscape is the implementation of respect at work legislation. While organizations are eager to embrace it, many find themselves struggling to translate this commitment into tangible actions, especially concerning the positive duty attached to the new legislation. The same holds true for the pursuit of psychological safety in the workplace, with a genuine desire to embrace it but difficulties in executing practical measures.

Challenge 2: Psychological Safety and Psychosocial Hazards

The thermometer test within organizations reveals a common admission – not enough has been done around promoting respect at work and preventing psychosocial hazards. Business leaders, as well as members of the risk management community, are acknowledging a gap in addressing these crucial aspects, underscoring the need for a more proactive approach.

Challenge 3: Unanticipated Hurdle – Whistleblower Concerns

Surprisingly, an unexpected challenge has emerged on the leadership horizon – concerns surrounding whistleblowers. As legislation intersects with organizational practices, there is a growing worry that individuals speaking out may encounter psychological or psychosocial hazards. This unanticipated issue is proving to be a consistent challenge for many organizations, highlighting the need for a thoughtful and comprehensive approach to whistleblower protection.

In conclusion, these three challenges—respect at work legislation, psychological safety, and whistleblower concerns—are currently at the forefront of organizational leadership concerns. As we reflect on these insights, we invite you to share your experiences. Do these challenges resonate with your organization? What other hurdles are you facing in the ever-evolving landscape of leadership in 2023 and beyond.