In order to understand the impact of current energy prices and energy security on businesses, ABB Electric commissioned 3Gem Research & Insights to conduct a survey of 2,300 business leaders around the world to produce the ABB Energy Insights Report. The survey shows that businesses around the world are raising concerns about energy prices and energy security, which could set off a series of environmental, social and economic knock-on effects. Ninety-two percent of the companies surveyed believe energy issues are posing a threat to their profitability and competitiveness. In addition, rising energy costs and energy security issues also have a greater impact on the labor force, leading to a reduction in the investment of human resources. Business leaders also worry that energy will delay their companies’ decarbonisation.
Reduce investment in human resources

Of the top five business areas where investment has fallen due to rising energy costs and energy security concerns, there are three human-resources-related impacts. To mitigate the impact of rising energy costs, the companies surveyed said they would reduce investment in human resources in 2022, and that this would continue for the next three to five years. With energy costs rising, 42 per cent said they would hire fewer workers, 38 per cent would reduce salaries, overtime and bonuses, and 37 per cent would spend less on training and employee development programmes.

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