Since COVID-19, the business world and its workforce have faced a historic change. Data from the Business Insights and Conditions Survey (BICS) showed that 24% of UK businesses that had not permanently stopped trading intended to use increased home working as a permanent business model going forward. While nearly two-fifths (38%) of businesses in the UK expected 75% or more of their workforce to be at their normal place of work, a large proportion (36%) of those currently homeworking thought they would spend the majority or all their time home working in the future (ons.gov.uk).
The World Economic Forum stated that nearly 50% of companies expected that by 2030 (Nesta.org.uk – Future of work and skills ), automation would lead to some reduction in their full-time workforce, while more than half of all employees will require significant re- and upskilling by 2030. The COVID-19 crisis has exacerbated these trends, increasing the need for large-scale, informed and collaborative action.
The opportunity presents itself as traditional work models are shifting and key industries could be impacted, for instance:
- Video conferencing: Global market size is projected to jump from £6.6 billion in 2021 to just over £18 billion in 2025.
- Office space: Future office space preferences are changing. According to one study, here is how CEOs view their office space needs going forward.
- 76% less office space is needed
- 18% no change
- 6% more office space is needed
Interestingly, it is estimated that one-third of power, utilities, and renewables companies are looking to add more office space as we advance.
As great as some of these changes and new platforms are, they have pros and cons and are part of an overall aim to provide radical change. So we would recommend seeking professional advice before actioning anything. Therefore, if you would like to discuss your financial situation with us or would like a financial health check, please get in touch at [email protected] or by calling us at +44 (0)1444 715200
DISCLAIMER: This article is for general information and is not intended to address your particular requirements. No individual or company should act upon such information without receiving appropriate professional advice.