The world economy is "on the verge of recovery", having experienced its first decline since the end of the Second World War, according to the International Monetary Fund.
"The advanced economies, hit particularly hard by financial crises and the collapse in world trade, are showing signs of stabilisation, driven mainly by an unprecedented public policy response," the IMF said in its latest World Economic Outlook report.
Read more: http://www.independent.co.uk/news/business/news/recession-is-nearly-over-but-recovery-is-fragile-says-imf-1796339.html
Source: The Independent
Author: Sean O'Grady, Economics Editor
www.ukba.co.uk
Showing posts with label economy. Show all posts
Showing posts with label economy. Show all posts
Friday, 23 October 2009
Sunday, 18 October 2009
Contraction of UK economy revised
The Office for National Statistics (ONS) has revised the figure for the rate of contraction in the UK economy in the second quarter of the year downwards.
The ONS originally reported that Gross domestic product (GDP) declined 0.8% in the second quarter of the year, but this has been reduced to 0.6%.
"There is some good news in the mass of UK data released today, but generally the figures highlight the fragility of the economic recovery," said Vicky Redwood, an economist at Capital Economics.
www.ukba.co.uk
The ONS originally reported that Gross domestic product (GDP) declined 0.8% in the second quarter of the year, but this has been reduced to 0.6%.
"There is some good news in the mass of UK data released today, but generally the figures highlight the fragility of the economic recovery," said Vicky Redwood, an economist at Capital Economics.
www.ukba.co.uk
Saturday, 17 October 2009
Small firms adapting to downturn
Over 70% of small businesses in the UK have developed creative solutions to strengthen their company during the recession, according to research commissioned by the Department for Business, Innovation and Skills.
The study shows that 77% of small companies have adapted their business to cope with the downturn with 26% adjusting working hours, 33% investing in additional staff training and rewards and 65% exploring new product areas.
Just under 50% of respondents that made changes to their business did so to take a pro-active approach to the challenging economic climate and 37% said it was so they were ready to capitalise on the economic upturn when it occurs.
"In the face of a global downturn small businesses have developed and applied practical changes to get the best out of their people and enhance their business," said Lord Young, Minister for Employment Relations.
www.ukba.co.uk
The study shows that 77% of small companies have adapted their business to cope with the downturn with 26% adjusting working hours, 33% investing in additional staff training and rewards and 65% exploring new product areas.
Just under 50% of respondents that made changes to their business did so to take a pro-active approach to the challenging economic climate and 37% said it was so they were ready to capitalise on the economic upturn when it occurs.
"In the face of a global downturn small businesses have developed and applied practical changes to get the best out of their people and enhance their business," said Lord Young, Minister for Employment Relations.
www.ukba.co.uk
Tuesday, 13 October 2009
America's economy is picking up, says Federal Reserve
The US Federal Reserve issued its most upbeat assessment of the American economy in 18 months last night, saying activity was picking up after the most severe recession since the 1930s.
The central bank kept official interest rates at rock-bottom levels, but signalled that its programme of quantitative easing will start to taper off, now that credit markets are returning to normal.
Read more: http://www.independent.co.uk/news/business/news/americas-economy-is-picking-up-says-federal-reserve-1792262.html
www.ukba.co.uk
The central bank kept official interest rates at rock-bottom levels, but signalled that its programme of quantitative easing will start to taper off, now that credit markets are returning to normal.
Read more: http://www.independent.co.uk/news/business/news/americas-economy-is-picking-up-says-federal-reserve-1792262.html
www.ukba.co.uk
Saturday, 26 September 2009
Car sales to drive UK out of recession - Manufacturing output growth is the best since January last year
A sharp rebound in the British motor industry may have ended five successive quarters of contraction and pulled Britain out of recession sooner than expected – though only to reach a state of "stagnation".
The Office for National Statistics reported yesterday that manufacturing output rose by 0.8 per cent in July, following a 0.6 per cent recovery the previous month. Output of motor vehicles led the charge, rising by 10.4 per cent in July.
The end of the "destocking" by car dealers and the impact of the scrappage subsidy were said to be the main drivers of the industrial resurgence. The figures are the best since January last year.
Read more: http://www.independent.co.uk/news/business/news/car-sales-to-drive-uk-out-of-recession-1783892.html
www.ukba.co.uk
The Office for National Statistics reported yesterday that manufacturing output rose by 0.8 per cent in July, following a 0.6 per cent recovery the previous month. Output of motor vehicles led the charge, rising by 10.4 per cent in July.
The end of the "destocking" by car dealers and the impact of the scrappage subsidy were said to be the main drivers of the industrial resurgence. The figures are the best since January last year.
Read more: http://www.independent.co.uk/news/business/news/car-sales-to-drive-uk-out-of-recession-1783892.html
www.ukba.co.uk
Saturday, 19 September 2009
Recovery has started but economy still faces huge risks
The British Chambers of Commerce (BCC) has today published its September 2009 Economic Forecast. Despite a further downward revision in GDP expectations for this year, the BCC is more upbeat about economic growth in 2010, and has reduced its forecast for peak unemployment.
The main features of the BCC forecast are:
The UK will see a large GDP decline of 4.3% in 2009, followed by positive growth of 1.1% in 2010 and 1.9% in 2011. In June we predicted a 3.8% GDP fall for 2009 and a small 0.6% increase in 2010.
The current recession - recording peak to trough declines of 5.5% - is much worse than the recession of the early 1990s. However, it is less severe than the early 1980s recession, when GDP recorded cumulative falls of 6.0%.
Further big increases in unemployment are expected, but at a reduced pace. Unemployment is likely to rise from 2.43 million to a peak of just over 3 million, or 9.6% of the workforce, in mid-2010. In June we predicted unemployment would hit 3.2 million.
Public sector borrowing is forecast to total some 12.5% of GDP in 2009-10 and 2010-11. Public sector debt is set to rise to dangerous levels in the next few years, in excess of 80% of GDP.
The BCC believes that the MPC will use the full £175bn allocated to the Quantitative Easing (QE) programme. Another increase in the size of the programme, to at least £200 billion, will probably be needed to ensure that the economy does not falter.
Read more: http://www.britishchambers.org.uk/zones/policy/press-releases_1/recovery-has-started-but-economy-still-faces-huge-risks.html
www.ukba.co.uk
The main features of the BCC forecast are:
The UK will see a large GDP decline of 4.3% in 2009, followed by positive growth of 1.1% in 2010 and 1.9% in 2011. In June we predicted a 3.8% GDP fall for 2009 and a small 0.6% increase in 2010.
The current recession - recording peak to trough declines of 5.5% - is much worse than the recession of the early 1990s. However, it is less severe than the early 1980s recession, when GDP recorded cumulative falls of 6.0%.
Further big increases in unemployment are expected, but at a reduced pace. Unemployment is likely to rise from 2.43 million to a peak of just over 3 million, or 9.6% of the workforce, in mid-2010. In June we predicted unemployment would hit 3.2 million.
Public sector borrowing is forecast to total some 12.5% of GDP in 2009-10 and 2010-11. Public sector debt is set to rise to dangerous levels in the next few years, in excess of 80% of GDP.
The BCC believes that the MPC will use the full £175bn allocated to the Quantitative Easing (QE) programme. Another increase in the size of the programme, to at least £200 billion, will probably be needed to ensure that the economy does not falter.
Read more: http://www.britishchambers.org.uk/zones/policy/press-releases_1/recovery-has-started-but-economy-still-faces-huge-risks.html
www.ukba.co.uk
Wednesday, 9 September 2009
UK Bosses Tip Cleantech, Technology and Media to be the Three Highest Growth Sectors by 2020
Cleantech and renewables are expected to become two of the most important sectors of the economy according to a survey of UK business leaders, commissioned by the department for Business Innovation and Skills.
The new survey questioned business leaders from across eight sectors and found that nearly half (43 per cent) of those questioned believe that cleantech will grow at the fastest pace by 2020, followed by science and technology (20 per cent) and media and entertainment (15 per cent).
The survey highlights how the current economic climate presents new opportunities for new areas of the economy to thrive.
Combined with a growing awareness to find solutions for some of society’s greatest challenges – from tackling climate change to supporting an ageing population – investing now in innovative, high-growth areas will be essential for bolstering the UK economy once recovery kicks in.
Read more: Department for Innovation and Business Skills
www.ukba.co.uk
The new survey questioned business leaders from across eight sectors and found that nearly half (43 per cent) of those questioned believe that cleantech will grow at the fastest pace by 2020, followed by science and technology (20 per cent) and media and entertainment (15 per cent).
The survey highlights how the current economic climate presents new opportunities for new areas of the economy to thrive.
Combined with a growing awareness to find solutions for some of society’s greatest challenges – from tackling climate change to supporting an ageing population – investing now in innovative, high-growth areas will be essential for bolstering the UK economy once recovery kicks in.
Read more: Department for Innovation and Business Skills
www.ukba.co.uk
Monday, 7 September 2009
UK recovery threatened by lack of credit, says EEF
Britain's economic recovery is still being threatened by the lack of credit on offer from banks, a leading manufacturers' organisation reports today, warning that many businesses are actually finding it harder to secure affordable finance than a few months ago.
A survey conducted by the EEF said 47 per cent of firms had seen the cost of finance increase over the past two months, from 44 per cent in the second quarter and 37 per cent in the first. Only 7 per cent of manufacturers said the cost of finance was now falling.
Manufacturers also found the cost of new borrowing was still rising, with banks charging both higher fees and more expensive interest rates.
A third of companies added that the supply of credit had shrunk in recent weeks, though this was an improvement from the second quarter when 42 per cent of businesses warned lines of credit were dwindling. However, small firms, in particular, are being hit by the credit shortage, the EEF said.
Steve Radley, the EEF's director of policy, said that despite action from policymakers, the manufacturing sector's hopes of recovery were being hampered by their credit difficulties. "Despite historically low levels of interest rates and significant intervention by the Government and the Bank of England, credit conditions remain very tight for most manufacturers," he said.
"Given the severe damage done to banks' balance sheets by the recession, this is likely to remain the case for some time and will dampen the recovery as meeting new orders puts increasing pressure on manufacturers' cashflow."
The EEF's warning reflects increasing concern that the inability of banks to lend more to business might prevent the UK from exiting recession or, at the very least, act as a cap on the strength of the recovery.
Source: David Prosser, Business Editor, The Independent
www.ukba.co.uk
A survey conducted by the EEF said 47 per cent of firms had seen the cost of finance increase over the past two months, from 44 per cent in the second quarter and 37 per cent in the first. Only 7 per cent of manufacturers said the cost of finance was now falling.
Manufacturers also found the cost of new borrowing was still rising, with banks charging both higher fees and more expensive interest rates.
A third of companies added that the supply of credit had shrunk in recent weeks, though this was an improvement from the second quarter when 42 per cent of businesses warned lines of credit were dwindling. However, small firms, in particular, are being hit by the credit shortage, the EEF said.
Steve Radley, the EEF's director of policy, said that despite action from policymakers, the manufacturing sector's hopes of recovery were being hampered by their credit difficulties. "Despite historically low levels of interest rates and significant intervention by the Government and the Bank of England, credit conditions remain very tight for most manufacturers," he said.
"Given the severe damage done to banks' balance sheets by the recession, this is likely to remain the case for some time and will dampen the recovery as meeting new orders puts increasing pressure on manufacturers' cashflow."
The EEF's warning reflects increasing concern that the inability of banks to lend more to business might prevent the UK from exiting recession or, at the very least, act as a cap on the strength of the recovery.
Source: David Prosser, Business Editor, The Independent
www.ukba.co.uk
Tuesday, 1 September 2009
UK businesses confident over future
Over 70% of businesses describe their attitude towards the UK economy as either hopeful or excited, according to new research from Barclays Bank.
The Connecting Business survey found that 57% of respondents characterised their outlook towards the economy as ‘hopeful' and 17% described their attitude as ‘excited.'
15% of respondents believe that their firm will move back into sustained growth in the next six months, with 28% thinking this will occur in six to twelve months.
"Confidence is key to recovery and the results of this survey demonstrate a real and growing confidence in UK businesses," said Ian Stuart, Managing Director of Barclays Commercial Bank.
"The past 18 months have provided an extremely testing environment for many organisations; however, after evolving to meet the challenges of this new commercial landscape we are now seeing the beginnings of a renewed drive for growth."
www.ukba.co.uk
The Connecting Business survey found that 57% of respondents characterised their outlook towards the economy as ‘hopeful' and 17% described their attitude as ‘excited.'
15% of respondents believe that their firm will move back into sustained growth in the next six months, with 28% thinking this will occur in six to twelve months.
"Confidence is key to recovery and the results of this survey demonstrate a real and growing confidence in UK businesses," said Ian Stuart, Managing Director of Barclays Commercial Bank.
"The past 18 months have provided an extremely testing environment for many organisations; however, after evolving to meet the challenges of this new commercial landscape we are now seeing the beginnings of a renewed drive for growth."
www.ukba.co.uk
Thursday, 20 August 2009
UK job losses declining
The rate of decline in the UK job market is slowing, according to research conduced by the Chartered Institute of Personnel and Development (CIPD).
In the second quarter of this year the balance of firms cutting jobs over those recruiting in the private sector shrunk from the previous three months' figure of -30% to -2%. This means that recruitment has almost caught up with job losses in the UK private sector.
"When it comes to the immediate jobs outlook, the best that can be said is that things are getting worse more slowly," said Mr Philpott, chief economist at the CIPD.
www.ukba.co.uk
In the second quarter of this year the balance of firms cutting jobs over those recruiting in the private sector shrunk from the previous three months' figure of -30% to -2%. This means that recruitment has almost caught up with job losses in the UK private sector.
"When it comes to the immediate jobs outlook, the best that can be said is that things are getting worse more slowly," said Mr Philpott, chief economist at the CIPD.
www.ukba.co.uk
Sunday, 26 July 2009
One in three small businesses unaffected by recession
Six months after the Office for National Statistics (ONS) officially announced that the UK is in recession, a new report from Intuit, reveals how small businesses have been performing over the past 12 months.
The results of the research show that one in four small businesses felt no noticeable effect, and 35% had felt a negligible impact from the recession hitting the UK economy.
On the flip-side, one in twenty small businesses have been impacted so severely that their viability is in question.
Recession survival down to initiative and practical actions
Three quarters of small businesses put surviving the recession down to the strength of their own determination and initiative. Only 23% of respondents felt it had been easy to access external help and advice during the recession.
To survive the recession small business owners have used their initiative and adopted some sound business tactics. The most common initiative, used by 45% of respondents, has been to reduce overheads and tightly manage outgoings.
It may be a surprise to learn that the second most popular step, which nearly a third of small business owners took, was to introduce new products or services. This approach flies in the face of the common opinion that businesses should focus on their core operations during a downturn.
www.ukba.co.uk
The results of the research show that one in four small businesses felt no noticeable effect, and 35% had felt a negligible impact from the recession hitting the UK economy.
On the flip-side, one in twenty small businesses have been impacted so severely that their viability is in question.
Recession survival down to initiative and practical actions
Three quarters of small businesses put surviving the recession down to the strength of their own determination and initiative. Only 23% of respondents felt it had been easy to access external help and advice during the recession.
To survive the recession small business owners have used their initiative and adopted some sound business tactics. The most common initiative, used by 45% of respondents, has been to reduce overheads and tightly manage outgoings.
It may be a surprise to learn that the second most popular step, which nearly a third of small business owners took, was to introduce new products or services. This approach flies in the face of the common opinion that businesses should focus on their core operations during a downturn.
www.ukba.co.uk
Tuesday, 7 July 2009
Government predictions are for the UK economy to shrink by 3.5% in 2009 and recover slowly in 2010 registering an increase of 1.25%
The economic destabilisation caused by the credit crunch has had a devastating effect upon the global economy, with particularly severe consequences for export-orientated economies as consumer demand fell due to the limitation of credit, unemployment increased and the financial sector tipped the real economy into recession.
Though the trend of these events could be forecast, the scale has taken many by surprise.
Government predictions are for the UK economy to shrink by 3.5% in 2009 and recover slowly in 2010 registering an increase of 1.25%, before resuming above trend growth in 2011 with a 3.5% increase in activity.
Other forecasters are more cautious. The British Chamber of Commerce predict -3.8% in 2009 and +0.6% in 2010, whilst the CBI suggest growth rates of -3.0% in 2009 and +0.7% in 2010. These estimates
are close to the consensus of a panel of economists, whose predictions are -3.7 and +0.7 accordingly.
Therefore, the broad view seems to be that the economy will begin to recover in Spring 2010 and produce a modest net rate of growth by the end of that year.
Author: Phil Whyman, Professor of Economics at the University of Central Lancashire
Read more: http://www.fpb.org/hottips/440/Mid_year_economic_forecast.htm
Source: Forum for Private Business - www.fpb.org
www.ukba.co.uk
Though the trend of these events could be forecast, the scale has taken many by surprise.
Government predictions are for the UK economy to shrink by 3.5% in 2009 and recover slowly in 2010 registering an increase of 1.25%, before resuming above trend growth in 2011 with a 3.5% increase in activity.
Other forecasters are more cautious. The British Chamber of Commerce predict -3.8% in 2009 and +0.6% in 2010, whilst the CBI suggest growth rates of -3.0% in 2009 and +0.7% in 2010. These estimates
are close to the consensus of a panel of economists, whose predictions are -3.7 and +0.7 accordingly.
Therefore, the broad view seems to be that the economy will begin to recover in Spring 2010 and produce a modest net rate of growth by the end of that year.
Author: Phil Whyman, Professor of Economics at the University of Central Lancashire
Read more: http://www.fpb.org/hottips/440/Mid_year_economic_forecast.htm
Source: Forum for Private Business - www.fpb.org
www.ukba.co.uk
Friday, 26 June 2009
The number of new foreign investments in British companies increased by 11% last year, despite the onset of the global economic downturn
Businesses from 53 different countries - the largest variety ever in a single year - invested in UK firms in 2008, maintaining the UK's position as Europe's number one investment destination.
With office rates decreasing, the pound falling against the dollar and a wider talent pool than ever before immediately available due to job losses, foreign companies have seen the recession as a great time to invest in the UK.
"At a time when companies across the world are tightening their belts and focusing their investment in the sectors and countries where it will bring the most benefit, these results are testament to the fundamental strengths of the UK’s economy,” said Business Secretary Lord Mandelson.
Source: UKTI
www.ukba.co.uk
With office rates decreasing, the pound falling against the dollar and a wider talent pool than ever before immediately available due to job losses, foreign companies have seen the recession as a great time to invest in the UK.
"At a time when companies across the world are tightening their belts and focusing their investment in the sectors and countries where it will bring the most benefit, these results are testament to the fundamental strengths of the UK’s economy,” said Business Secretary Lord Mandelson.
Source: UKTI
www.ukba.co.uk
Thursday, 2 April 2009
The UK economy is losing over £11bn every year due to major disruptions that effective business continuity management could prevent, according to BCI.
The BCI (Business Continuity Institute) researched key findings across 17 causes of major disruptions to calculate the cost impact to the UK economy. The figure shows that organisations are still not looking seriously at Business Continuity Management to provide a framework for managing the impact of potential disruptions to their businesses.
"In the current economic downturn, customers and suppliers will inevitably go out of business and it is vital that an organisation understands its dependency on critical suppliers. The lack of availability to essential products can have a serious impact on business," said Lyndon Bird, Technical Director of the BCI.
www.ukba.co.uk
"In the current economic downturn, customers and suppliers will inevitably go out of business and it is vital that an organisation understands its dependency on critical suppliers. The lack of availability to essential products can have a serious impact on business," said Lyndon Bird, Technical Director of the BCI.
www.ukba.co.uk
Tuesday, 10 March 2009
UK firms adapt to recession
Short and medium term business confidence has risen simultaneously for the first time in 13 months........
This is according to the latest Business Trends report by accountants and business advisers BDO Stoy Hayward LLP. The modest rise of BDO’s Output and Optimism indices suggests businesses have accepted the realities of the recession and are adapting their plans to manage against the downturn.
Despite this, the labour market picture remains bleak with BDO’s Employment Index dropping from 94.2 in January to 91.7 in February, suggesting a further 320,000 people will be added to the unemployment register over the next three months. However the increases in both the Output and Optimism Index, which predict economic growth, is a tentative sign that the recession has been factored into confidence and business planning and is in stark contrast to the collapse of these indicators since October.
The result also indicates that businesses are taking swift and decisive action to tackle the challenges of the recession, including halting production or implementing new employment strategies to keep costs down. This tactic is further illustrated in the report which reveals that while there has been a reduction in full time employment figures, part time employment actually rose by 33,000 in October – December 2008.
Peter Hemington, Partner at BDO Stoy Hayward, says: “Optimism remains low and businesses expect the economy to continue to contract, but companies are now adapting their business models for an uncertain future. It’s still too early to say if business confidence has hit rock bottom and we’ve already seen a number of false dawns, but this month’s modest increases are encouraging. We must watch carefully to see if this is the start of an upward trend.”
The report’s Optimism Index, which measures business confidence two quarters ahead, rose to 90.5 in February from 89.9 in January. Similarly, the Output Index that measures order book strength and short run turnover expectations in the next quarter edged up to 88.3 in February from 88.1 in January 2009 - a 29 year low.
Source: BDO
This is according to the latest Business Trends report by accountants and business advisers BDO Stoy Hayward LLP. The modest rise of BDO’s Output and Optimism indices suggests businesses have accepted the realities of the recession and are adapting their plans to manage against the downturn.
Despite this, the labour market picture remains bleak with BDO’s Employment Index dropping from 94.2 in January to 91.7 in February, suggesting a further 320,000 people will be added to the unemployment register over the next three months. However the increases in both the Output and Optimism Index, which predict economic growth, is a tentative sign that the recession has been factored into confidence and business planning and is in stark contrast to the collapse of these indicators since October.
The result also indicates that businesses are taking swift and decisive action to tackle the challenges of the recession, including halting production or implementing new employment strategies to keep costs down. This tactic is further illustrated in the report which reveals that while there has been a reduction in full time employment figures, part time employment actually rose by 33,000 in October – December 2008.
Peter Hemington, Partner at BDO Stoy Hayward, says: “Optimism remains low and businesses expect the economy to continue to contract, but companies are now adapting their business models for an uncertain future. It’s still too early to say if business confidence has hit rock bottom and we’ve already seen a number of false dawns, but this month’s modest increases are encouraging. We must watch carefully to see if this is the start of an upward trend.”
The report’s Optimism Index, which measures business confidence two quarters ahead, rose to 90.5 in February from 89.9 in January. Similarly, the Output Index that measures order book strength and short run turnover expectations in the next quarter edged up to 88.3 in February from 88.1 in January 2009 - a 29 year low.
Source: BDO
Saturday, 7 March 2009
Must your business diversify to survive?
As every small business owner will know, the current economic climate is extremely challenging. The UK is in its first recession since the early 1990's, and there is every indication that the situation will remain difficult for at least the rest of the year.
If your business is struggling then you must ask yourself whether you are doing everything possible to survive. What have you done to diversify your business? Are you and your staff putting in longer hours? Have you diversified your business in terms of staff roles, cross-training and what services and products you are offering your customers?
The economic downturn has changed the way that businesses need to operate. This is not the time to carry on operating the same way that your firm was before the recession; you must adapt to the changing conditions.
Read more here: http://www.newbusiness.co.uk/articles/business-continuity/why-you-must-diversify-survive
If your business is struggling then you must ask yourself whether you are doing everything possible to survive. What have you done to diversify your business? Are you and your staff putting in longer hours? Have you diversified your business in terms of staff roles, cross-training and what services and products you are offering your customers?
The economic downturn has changed the way that businesses need to operate. This is not the time to carry on operating the same way that your firm was before the recession; you must adapt to the changing conditions.
Read more here: http://www.newbusiness.co.uk/articles/business-continuity/why-you-must-diversify-survive
Monday, 2 March 2009
Recession Insights - Mobility & IT
One of the more striking findings of the research is that businesses that have invested strongly in IT infrastructure are currently showing the highest levels of performance. In particular, investment in mobility, thus optimising individual productivity in a climate where staffing levels are being reduced, appears to be emblematic of the ability to plan strategically and weather the vagaries of the economy.
Businesses that are fully enabled for remote and mobile working said that they are more than twice as likely to review their business plan on a monthly basis compared to those firms that have enabled none of their staff for mobile working (34% compared to 16%).
In general we found also that SMEs that have fully mobile workforces are 10% less likely to have been hit by the slowdown and are also 60% more likely to forecast turnover growth compared to SMEs that do not enaAble mobile working.
These figures are symptomatic of the fact that SME are all too often overlooking the most valuable asset of all – their employees.
The upshot is that 45% of SMEs do not believe they have equipped their workforce with the technology to reach their full potential. Only 37% of SMEs say that their workforce are fully equipped to work where and when they want, while just 4 out of 10 say that they provide the training and career development to maximise their workforce’s potential.
In a recent survey for communications company Aavaya, 92% of UK workers said they would find it attractive to work for a company that offered flexible working and 78% said they would consider changing jobs for the chance to work flexibly. Without the requisite tools, understanding and investment to thrive or survive, SMEs ignoring these sentiments risk losing their most unique proposition – the human talent that had previously been attracted away from the corporate world to seek a more exciting and fulfilling working life.
Extract from: A Guide To Plain Sailing Through The Recession - Plantronic
s - www.plantronics.com.
The full guide can be downloaded here: http://www.sme-guide.co.uk/
www.ukba.co.uk
Businesses that are fully enabled for remote and mobile working said that they are more than twice as likely to review their business plan on a monthly basis compared to those firms that have enabled none of their staff for mobile working (34% compared to 16%).
In general we found also that SMEs that have fully mobile workforces are 10% less likely to have been hit by the slowdown and are also 60% more likely to forecast turnover growth compared to SMEs that do not enaAble mobile working.
These figures are symptomatic of the fact that SME are all too often overlooking the most valuable asset of all – their employees.
The upshot is that 45% of SMEs do not believe they have equipped their workforce with the technology to reach their full potential. Only 37% of SMEs say that their workforce are fully equipped to work where and when they want, while just 4 out of 10 say that they provide the training and career development to maximise their workforce’s potential.
In a recent survey for communications company Aavaya, 92% of UK workers said they would find it attractive to work for a company that offered flexible working and 78% said they would consider changing jobs for the chance to work flexibly. Without the requisite tools, understanding and investment to thrive or survive, SMEs ignoring these sentiments risk losing their most unique proposition – the human talent that had previously been attracted away from the corporate world to seek a more exciting and fulfilling working life.
Extract from: A Guide To Plain Sailing Through The Recession - Plantronic
s - www.plantronics.com.
The full guide can be downloaded here: http://www.sme-guide.co.uk/
www.ukba.co.uk
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