The monthly Rethinking the Economy survey of 500 mid-sized businesses conducted by accountancy and business advisory firm BDO LLP, revealed the strong levels of confidence in their own business success is reflected in North West companies’ view of their talent. In comparison to a national average of 68%, an overwhelming 87% of businesses in the region feel their workforce has the skill sets required to help drive the business forward post Covid-19.
Commenting on the findings, Ed Dwan, partner and head of BDO in the North West said: “Two thirds of the region’s businesses are confident in their own resilience in the next 12 months. More than half of the companies here feel they are already succeeding in the ‘new reality. The businesses we work with are entrepreneurial and have taken decisive action to rethink their businesses in recent months and this is reflective of what we are seeing first-hand.”
Only 23% of businesses in the region have seen their workforce return to the office now with more than 70% of workplaces remain closed and all staff are working remotely or only open for those who really need it. In relation to working patterns, 60% of businesses said they already had very flexible working in place and will continue this.
Ed Dwan added: “The world of work has evolved and will continue to. Understandably, the headlines have been dominated by job losses in recent weeks, but it’s encouraging to see so many businesses in the region looking ahead towards succession planning to build a workforce of the future.”
Key highlights of the survey:
- 63% of North West companies are confident about their resilience over the next 12 months, compared to an average of 51% nationwide, according to a BDO LLP poll released today
- Businesses in the region cited new sales, cash flow and repaying loan obligations as their immediate operational concerns
- 60% of these organisations will prioritise succession planning in the months ahead.