HONG KONG and MACAU, May 26, 2014 /PRNewswire/ -- Companies in Macau are most concerned about employee attraction and retention as the war for talent in the world's biggest gaming territory moves into the employee health and benefits arena, according to a recent risk management survey conducted by Marsh.
A survey of corporate risk managers and company executives conducted by Marsh at a recent risk management forum hosted in Macau revealed that companies continue to struggle with workforce-related risk issues, with 71% naming employee attraction and retention as the top risk issue facing their organization. This was followed by customer default or non-payment (29%), professional liability (29%), cyber-attacks (25%), natural catastrophes (25%), environmental or pollution liability (21%), and political risk (21%).
When asked what actions their company will undertake to improve risk management and the performance of their insurance program, the results were evenly spread. One-third said they would increase their risk management budget, one-third said they would purchase insurance in new areas, and the remaining one-third said they would expand the use of their existing captive insurer.
Lei Yu, Director of Marsh Macau, said: "The issue of employee-related risks is amplified in a territory like Macau, which is an economy based on hospitality and gaming. Companies must offer competitive benefit programs to attract and retain talent, while also invest into workplace safety and health programs to reduce absenteeism and increase productivity."
"Macau's rapid rise as the world's largest gaming destination has forced companies to adopt a more sophisticated approach to risk management and insurance. In many respects, the approach to risk management has developed more quickly in Macau than in other emerging Asian markets due to its intense economic growth."
Click here( http://asia.marsh.com/Portals/59/Documents/Macau%20Risk%20Mgt%20Survey%20Results.pdf ) to download a graphic of the survey results.
Marsh( http://www.marsh.com ) is a global leader in insurance broking and risk management. We help clients succeed by defining, designing, and delivering innovative industry-specific solutions that help them effectively manage risk. We have approximately 27,000 colleagues working together to serve clients in more than 100 countries. Marsh is a wholly owned subsidiary of Marsh & McLennan Companies( http://www.mmc.com ) (NYSE: MMC), a global professional services firm offering clients advice and solutions in the areas of risk, strategy, and human capital. With more than 54,000 employees worldwide and approximately USD$12 billion in annual revenue, Marsh & McLennan Companies is also the parent company of Guy Carpenter( http://www.guycarpenter.com ), a global leader in providing risk and reinsurance intermediary services; Mercer( http://www.mercer.com ), a global leader in talent, health, retirement, and investment consulting; and Oliver Wyman( http://www.oliverwyman.com ), a global leader in management consulting. Follow Marsh on Twitter @MarshGlobal.