The Hidden Talent Shortage Impacting P&Ls
Why companies are needlessly bleeding money in fines, penalties, and reputation damage – and how they can safeguard against it.
Scarcity of skilled labor is no longer confined to specific sectors but has infiltrated every industry
Supply chain disruptions
Operational inefficiencies
Loss of licenses and imposition of fines
Damage to
reputation
These shortages have led to:
The scarcity is especially acute in compliance talent
%
Rise in demand for compliance specialists since before the pandemic
%
Growth in compliance analysts
%
Increase in compliance officers
$278 billion worth of restrictive trade measures have been introduced by WTO countries from October '21 - October '22.
Why is this
happening?
%
of CEOs consider talent acquisition a top investment priority
+
of businesses reported sales losses due to talent shortages
%
of those businesses experienced significant impacts
The result
$
Worth of fines issued by the U.S. government to companies unknowingly doing business with restricted parties (double that of the previous year).
%
Increase in customs penalties
(since 2018).
Lack of compliance support has resulted in significant consequences, including:
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‘Power-up’ with automation
The ‘do more with less’ approach doesn’t work
This workplace philosophy puts additional pressure on organizations’ existing resources, causing:
Compliance departments are forced to rely on inexperienced staff with limited institutional knowledge and inadequate data management skills.
High turnover
Workers who attempt to gain knowledge/improve their data hygiene result in fatigue and disengagement.
42%: The percentage of workers experiencing burnout.
Burnout
Workers who feel overwhelmed or unable to carry out their responsibilities within a reasonable timeframe have resorted to unannounced disengagement.
32%: The percentage of full- and part-time workers in the U.S. engaged in their jobs (down 4% from 2020).
Quiet quitting
The business often ends up violating regulatory agencies due to non-compliance, resulting in:
Risks, one too many
Tarnished reputation
Financial instability
Data hygiene
Customs and compliance teams have a leg up with automation tools, enhancing:
Data management
Identifying risks
Uncovering cost reduction opportunities
This helps customs and compliance teams focus on:
Anticipating and preventing potential issues
Promoting strategic decision-making
A trusted trade partner
Working with an experienced partner and advisor helps businesses unlock the true potential of automation, transforming compliance talent acquisition processes.
At Livingston, we assist our clients in securing their business’ future by refining the way they approach compliance.
The outbreak of war in Ukraine has led to widespread implementation of sanctions.
Intensified competition for Governance, Risk, and Compliance (GRC) talent has created an extremely limited supply pool.
Regulatory pressures began soaring since the pandemic.
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3
3
3
5
4
0
5
12
24
24
38
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58
67
0
2
5
7
9
11
13
16
19
0
9
22
39
43
51
66
72
80
%
0
8
12
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33
49
67
82
96
0
2
4
6
8
10
12
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15
0
3
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27
0
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39
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million
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42
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Deloitte’s CEO Report, February 2023
National Federation of Independent Business survey
Aston Carter report
Asana – Anatomy of Work report
Gallup – Employee Engagement Research
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