Business Express is an online portal that covers the latest developments in the world of business and finance. From startups and entrepreneurship to mergers and acquisitions, Business Express provides reporting on the stories that matter most to business leaders and decision-makers.The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
iStock 1313070791 - Business Express

78% of UK businesses say the ‘cost of doing business crisis’ will impact profitability and see 85% of staff facing burnout.


Survey of 5,000 UK business leaders says they will be investing more heavily in technology as they strive for productivity and profitability

 Birmingham, 15th June 2022:  55% of senior UK business executives cite growth as their top priority over the next 12 months, but the tough economic climate and challenges in attracting and retaining key personnel are thwarting that growth. This is according to a new report from British software and services provider Advanced, which also reveals just one in five (20%) HR professionals say their employer uses continuous performance management as part of their growth strategy and one in six do not measure performance or productivity of the workforce in any way.

 The 2022 Business Trends Report from Advanced, one of the largest of its kind in the UK, surveyed over 5,000 senior decision makers from across the UK and found that 78% of respondents were concerned that economic conditions will impact their organisation’s profitability over the next 12 months.

 The report revealed that although growth is a top priority, following two years of disruption and uncertainty, 85% of respondents admitted that employees are working extra hours, and 38% say that is because they have too much work to fit into their allocated hours. This suggests that one of the biggest challenges for a remote workforce is maintaining boundaries between work and home life, something leaders must tackle if they are to retain their best talent.

 The findings also showed that businesses are starting to invest more heavily in technology and solutions to aid productivity and profitability, with staff retention, increased security, deployment of new technology and a focus on ESG initiatives among the top reported priorities for this year.

 The fact that one in six businesses across the UK are currently under-investing in performance management raises key concerns around their ability to effectively manage their people. Acknowledging when individuals need to be recognised and rewarded, or when to offer more support and training to improve performance and output has a knock on effect not only to business performance but more importantly employee retention.

 Following the disruptive challenges of the last two years, organisations have had to be agile in finding new ways to survive and thrive. Working from home has evolved into hybrid working that delivers the flexibility employees want, with the productivity employers require. However, this emerging model brings challenges when it comes to creating healthy workplace boundaries that ensure staff are motivated, engaged, and focused whilst measuring both performance and driving growth,” said Gordon Wilson, CEO, Advanced.

Don't miss out on any breaking news or insightful opinions!
Subscribe to our free newsletter and stay updated on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email.

 “With the data showing that 78% of respondents are concerned that economic conditions will impact their organisation’s profitability over the next 12 months, I would expect companies to be doubling down on the key strategies to achieve growth and profit, including performance management.

 Continuous performance management is vital for developing a fully engaged workforce, yet this is reported in just a fifth of organisations. 64% are still using some form of annual appraisal and 13% say they have no formal approach to performance management.

 Gordon added: “Without ongoing performance management, businesses cannot gain a healthy and accurate view of the engagement and productivity of their workforce, vital requirements for organisational growth and success. With the ongoing talent shortages and a reported 1.3 million job vacancies in the UK, effective performance management has never been more important than it is today., The lasting impact of the pandemic combined with inflation, economic uncertainty and a turbulent global political backdrop create an unstable footing for businesses. If growth is indeed a priority, then businesses will need to get to grips with what is happening on the ground.”

The report also revealed:

  • Technology is crucial in supporting profitability, with 94% highlighting it as important or very important.
  • 62% say their tech is ‘very important’ for profit – allowing them to work faster and smarter, and with better compliance and security)
  • Speed is of the essence, with more than half (54%) saying technology helps them with faster task completion.
  • 58% say hybrid working has put them at greater risk of cyberattack, but 44% said cybersecurity was a main business priority for the next 12 months and 80% said they felt the organisation was properly prepared for a potential cyberattack

Read the full report at https://www.oneadvanced.com/trends/

Recent Post: