“Talent and skills shortages” jumped to the number-two risk facing businesses from 22 in the 2009 index. This was potentially driven by demographics, competition and productivity pressures, Lloyd's says. In North America, 45 percent of respondents rate talent as a high or very high priority over the next year, compared to 42 percent of those surveyed in Europe.

“There has been a change in emphasis in business-risk rankings,” says Richard Ward, Lloyd's chief executive, in the report's forward. “In 2011, businesses are less concerned about the availability of credit and more worried about the loss of customers and orders created by a new age of austerity in the West.

“More surprising is the way that the risk posed by talent and skills shortages has shot up the list to become the second-highest priority for businesses,” he says.

He notes in a statement, “We have gone from a credit crunch to a talent crunch, despite the unemployment picture. CEOs feel they are lacking people with specific skills, but they are also concerned about having leaders and managers who can help them navigate the difficult global business environment.”

Finding and keeping talent was one of only two areas, out of 50 included in the index, where businesses feel insufficiently prepared. “Boosting talent retention” was named as one of the most effective risk management actions taken by management over the last three years, highlighting the need for businesses to retain staff.