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Learns from lockdown for future business growth

Author: Mark Darby

Published date: 2020/04

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​As we begin to hear some early speculation and learn a little more about possible Government exit strategies post-coronavirus, some factors are well worth considering as business starts to plan a phased uplift and ultimately a return to normality.

 

Economists are suggesting that as the UK economy contracts, we may see as many as 2 million job losses.

However, whilst this will have a significant impact, it is important to recognise that demands for key skills within key sectors will still very much remain, that shortage is simply not going to go away!

 

Those businesses that have learned from the period of lockdown to be flexible and embraced new and innovative ways of working will come out on top and secure the in-demand talent for their future success.

 

Employers and their staff will look to embrace the benefits of home working.

Those who do so will be able to control infrastructure costs, attract talent with evidence of home working capability, and deliver a flexible working model utilising robust and efficient technology.

It is, however, important to recognise that home working isn’t for everyone, rather than becoming carried away with what will no doubts become an inevitable trend, a balance of home and office work is likely to be most attractive to staff.

 

The use of video technology as a resourcing tool has proved to be highly efficient in the US, however, it has found difficulties in gaining traction in the UK.

The US is typically at the forefront of new technologies and an early adopter of those; the geographic challenges and transport distances mean that video conferencing has proved a very effective and efficient tool.

In the post coronavirus world, organisations will need to embrace such technology as part of a comprehensive range of resourcing options to secure the very best talent.

 

There will be significant opportunities for business as we come out of lockdown.

For example, the Government has recently announced £1.25 billion of financial investment and support to early-stage businesses and those that show innovation to support and incentivise growth in the economy.

Those businesses who are creative, innovate and embrace the new world will lead the way back to profitable growth and play a key role in stimulating economic growth.