41061 Unite AR22 HI-RES WEB-READY - Flipbook - Page 89
STRATEGIC REPORT
GOVERNANCE
FINANCIAL STATEMENTS
OTHER INFORMATION
PRINCIPAL RISK
PEOPLE
11
Risk description:
• Loss of talent and capability, especially our high performing people or our people with specialist/
industry knowledge and people with specialist/industry knowledge & contacts.
• Lack of strategic leadership capability to deliver a challenging business strategy in the next five years.
Objective
Retain a high
performing workforce
with suitable
succession plans
Events that may
trigger the risk
• Lack of leadership
development
• Lack of managed succession
planning and opportunity for
career advancement
• Ad-hoc/uncoordinated
training plans
• Lack of or poor performance
management
• An insufficient pool of diverse
and capable people
• Cost-of-living crisis driving
wage inflation
Potential impact
• Inability to deliver challenging
business strategy in next five
years
• High attrition rates, increasing
costs
• Reputational impact of
not meeting diversity and
inclusion targets
• Loss of capability and
knowledge from the business
impacting on service levels
• Increased recruitment and
wage costs
How we monitor
and negotiate
• Highly skilled and experienced HR
lead team
• Academy launched; training coordination and central tracking to
ensure consistency
• Performance framework in
development
• New learning and development
programme established and rolled
out with seven cohorts following
one of four levels of leadership
pathways
• External partners in place
to support high volumes of
recruitment and candidates
• Culture Matters engagement
forum launched
• Talent review process for
succession planning for key roles
The Strategic Report on pages 1–87 was approved on 28 February 2023 by the Board and is signed on its behalf by:
Richard Smith
Chief Executive Officer
87
