Professional Services

Industry Overview

Professional Services

Navigating Emerging Risks and Workforce Challenges to Find Growth

No matter your area of expertise—whether you are an accountant, architect, engineer, real estate agent or strategy consultant—all elements of the professional services industry face increasingly complex brand, growth, operational, reputational and workforce risks.

For example, professional services firms are particularly vulnerable to cyber attacks due to the large volumes of sensitive client data they hold, under growing pressure to address a wide range of legal and regulatory requirements plus environmental, social and governance (ESG) issues, and must explore new ways to attract and retain an increasingly mobile workforce in a post-pandemic world, all while navigating rapid digital advances and new geopolitical tensions.

At Aon, our teams have deep experience across all segments of the professional services industry, and we partner with clients to identify and implement sophisticated risk mitigation strategies, drive growth through novel applications of data and analytics, and create sustainable people strategies that improve employee engagement, health and wellbeing.

Top 5 Future Risks

Looking ahead to 2024, predicted risks for the professional services industry include:

  • 01

    Cyber Attacks / Data Breach

    Cyber attacks are, and will remain, a top risk across all geographies and industry sectors. All leaders need a cyber game plan.

  • 02

    Economic Slowdown / Slow Recovery

    Despite a fast economic rebound from the initial depths of the pandemic, uncertainty, fueled by inflation, rising interest rates and bank closures, still reigns.

  • 03

    Failure to Attract or Retain Top Talent

    Workforce expectations are shifting at an unprecedented rate, forcing organizations to rethink employee value propositions and total rewards programs.

  • 04

    Business Interruption

    Previously, clients planned for isolated events. We now know business interruption can be systemic across an entire organization.

  • 05

    Damage to Reputation / Brand

    For public institutions and consumer-focused and expert-led brands, reputational risk should always be top of mind.

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Human resources leaders are at the center of activating ESG initiatives in the workplace. This has a critical impact on protecting a firm's greatest asset - its people.

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