ARLINGTON, Va., April 19, 2017 (GLOBE NEWSWIRE) -- Construction sector executives named geopolitical instability and workforce management issues as the biggest challenges facing their industry, according to new research by leading global advisory, broking and solutions company, Willis Towers Watson (NASDAQ:WLTW). The company surveyed 350 C-suite executives across the globe to look at the most significant megatrends and critical risks facing the construction sector.

Geopolitical issues are the number one threat overall, primarily caused by uncertainty of government support and financing, postponement and delays, changes in strategy, and commitment to project pipelines. Workforce management issues are the second leading threat, triggered by the increasing requirement for digital skills, a global employee network and disparate labor laws making workforce demands even more complex. Combined with aging populations, the need to attract talent is likely to have the most long-term impact on the industry, according to the report.

“Our data show that the biggest challenges to the success of construction companies are heavily influenced by political stability and human resources,” said Paul Becker, global industry leader, Construction practice, Willis Towers Watson. “Risk management strategies must continually be reexamined to meet these challenges and should remain a top boardroom priority for construction companies so they can protect themselves from emerging risks and build a competitive advantage.”

The research also highlighted the extent to which digitalization and new technologies continue to be neglected by industry leaders in spite of the increased security threat from cyberattacks and data privacy breaches.

“The industry is vulnerable not just to the loss of data but also during the design stage, where the increase in the use of technology could lead to catastrophic results,” said Becker. “As technological uses grow, cyberthreat awareness and training should form part of any cybersecurity strategy, focusing on helping employees identify, report and mitigate an attack effectively.”

About the Construction Risk Index

To gain a deeper insight into the risks and challenges facing the global construction industry, Willis Towers Watson asked 350 senior executives in 2016 to rank the greatest threats to their businesses over a 10-year outlook. Participants were surveyed about their attitudes to 50 specific risks from five megatrends, and in-depth interviews were conducted with top executives in order to gain a greater insight into the challenges they face.

About Willis Towers Watson

Willis Towers Watson (NASDAQ:WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 40,000 employees serving more than 140 countries. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance. Together, we unlock potential. Learn more at willistowerswatson.com.

Media contact

Colleen McCarthy +1 917 250 6699 
colleen.mccarthy@willistowerswatson.com

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