The discussion, attended by 165 of the region’s top business leaders, discovered the pressures facing employers. Investing in the future is a priority for the region with 75% of employers saying their attitude for the next six months in terms of investment decisions is to be brave and take calculated risks to invest for the future.
The new poll follows on from Grant Thornton’s International Business Review which was conducted in April, during the first Covid-19 enforced nationwide lockdown. In April’s poll, business leaders ranked keeping people safe, motivated and able to do their jobs as their biggest challenge, however in November’s poll this was split more evenly. When asked what was most likely to keep them awake at night, 28% of business leaders said keeping people safe and motivated, 28% answered the recession and 26% were looking ahead at the implications of Brexit.
If there is one thing businesses take from the last few months, it is that now is an opportunity for business leaders to take back control. The challenges of the last six months have provided businesses with the chance to reset and take a fresh look at operating models. For example, the poll results show that 71% of business leaders expect to need less office space as we head into 2021. The inference that people will continue to be given the flexibility to work on their own terms should open up opportunities to those who can’t or don’t want to follow a traditional working pattern. It should also allow business leaders to recruit from a much more geographically dispersed talent pool but without the potential knock on detrimental impact on the environment.
Hazel Platt, Partner at Grant Thornton says “As we approach the half way point of the UK’s second national lockdown it is encouraging to hear that business leaders are generally feeling more positive about the future than they were six months ago. Although there is still a long way to go with challenges ahead, I can’t help but be excited for the region knowing that we have so many brave and resilient business leaders who are looking to drive forwards the local economy, despite the current uncertainties. With cautious bravery we can make sure our region comes out of this pandemic in a positive position.”
Stephen Hamilton, Partner at Mills & Reeve says “This is a great insight into the way the people driving our region’s economy are feeling during these uncertain times. I’m really encouraged to see that business leaders are feeling positive and are thinking about the calculated risks they can take. It will be so important to see, over the next few months, positive investment in the future that not only benefits organisations but also the people who work in and call Cambridgeshire home.”
Matt McLoughlin, Senior Investment Manager at Foresight Group and panellist at the discussion says “Now more than ever we need strong leadership at both a business and government level. The poll results show that we can look forward boldly as business leaders are developing the confidence to take calculated risks, invest in the future and maximise opportunities.”