Category: General

Three-fifths of businesses view generative artificial intelligence as a good opportunity but research has revealed many fear they are exposed to cyberattacks.

Businesses will “not progress” if they do not take risks, as the race to adopt new and emerging technologies heats up, according to PwC.

Around 37% of firms believe they are highly or extremely exposed to cyber risks, PwC’s survey of more than 3,900 firms around the world found.

More leaders who are responsible for managing a firm’s risk said they thought cyber-related threats were a bigger concern than inflation.

Meanwhile Daily Mail owner Lord Rothermere has called AI a potential “’existential threat to democracy’.

As with any emerging technology there is potential for both good and bad in AI so what can businesses do to protect themselves?

Firstly, keep abreast of developments, if necessary designate someone tech literate to do this.

Secondly, make sure there are robust security measures in place to protect the business from cyber-attacks and improper use of technology.

This should include limiting access to sensitive information only to those who will need it. Regular password updates including two-factor authentication.

Cyber security training for all employees together with regular updates as new threats emerge.

While understandably businesses need to stay competitive to survive and that includes adopting new technology including AI they need to understand the technology they are using and perhaps limit it to those areas where automation and AI will improve productivity but not expose the business to the possible theft of sensitive information.

Businesses are having a tough enough time without adding to their problems.

At least 87% of small businesses have reported cyber attacks that were successful in the past year according to new research.

Some of them had been attacked more than once.

Among the latest tactics is getting someone to click on an image.

The worst kinds of attacks are malware and ransomware.

In malware malicious software invades your system and can cause all sorts of problems from slowing down your operations to stealing your data. 

Ransomware is even more pernicious. It is exactly what it sounds like.

The attacker hijacks your IT equipment, encrypts your data, making it impossible for you to access it unless you pay a ransom fee.

Among the possible explanations for this increase is the number of IT appliances people now use, from mobile phones to laptops, notepads and the like.

It is also possible that more employees are using their personal devices to access company information.

The danger signs are unexpected emails from people the recipient does not know, offers that are too good to be true, spelling and grammar mistakes and “fake” branding.

However, you can protect your business by using strong passwords that are only available to those who absolutely need them, keeping software up to date, regularly training and updating staff on cyber security and what to look out for and most importantly what NOT to do.

Systems should be regularly backed up and protected by the most up to date antivirus software.

To protect your business be cyber attack aware and security conscious.

It was recently reported that HSBC plans to move out of its global headquarters in Canary Wharf, London.

Research by property analytics provider CoStar has also revealed that vacant office space is at a record high, with an increase of 68% on the pre-pandemic level recorded in early 2020.

Reportedly Knight Frank and commercial real estate firm Cresa found that 50% the largest businesses they questioned expect to shrink their global workspaces.

Paradoxically the Cresa survey also found that this contrasts with the expectations of smaller firms surveyed – those with up to 10,000 employees – just over half (55%) of whom said they were expecting to increase their global office space.

Is this evidence of an increasing divide between businesses embracing hybrid working and smaller, greener, more flexible headquarters that is more convenient for employees and old command and control bosses mandating staff to be in the office the majority of the time?

Certainly, the move by HSBC and reportedly other large firms has given Canary Wharf some problems and an uncertain future.

Landlord Canary Wharf Group (CWG) has been trying to diversify to make the area more attractive by planning to build a life sciences hub, and courting technology and media companies as well as charities.

It has also added shops, bars and restaurants in recent years, landscaped the areas between its glass-and-steel towers and created a public art trail.

But with fewer workers travelling there and for fewer days and the ongoing problem that it is virtually deserted at night, how long can it last?

What do you think about the future of office work and purpose-built office districts? 

We are very pleased to announce the release of the first episode of the K2 Turnaround Podcast 🎙️

In this first episode Tony Groom interviews K2 partner and fellow turnaround practitioner, Anton de Leeuw, with questions focused on his journey as a turnaround practitioner and what he has learnt along the way.

You can listen to the full episode on Spotify: https://podcasters.spotify.com/pod/show/laurence-groom/episodes/K2-Turnaround-Podcast-Ep-1—Anton-de-Leeuw-Interview-e25vdl4

Discussed in this episode:

• How Anton first got into turnaround
• Anton’s journey since joining K2
• The challenges and successes faced whilst Anton was turning around his first company with K2
• The 3 most important lessons Anton has learnt about turnaround
• The 3 most important things that might impact a business (Spoilers: it’s 1. people, 2. people, 3. people)
• How to build trust early on in the turnaround process
• What should struggling companies be asking those offering to help them?

This was recorded in November 2022, just before the TRI Turnaround Awards, so if you’re wondering after listening to this, Anton did end up winning Turnaround Practitioner of the Year! K2 also won Turnaround firm of the year so 2022 was a fantastic year for us all around.

A huge thank you Anton de Leeuw for taking the time to be interviewed and for sharing your journey with us.

Hope you enjoy.

At a time when business is facing considerable costs and difficulties it is more important than ever for marketing to pay its way.

It is not a time to cut back but it is essential to ensure business marketing connects with target customers and engages them.

The first step is to compile a customer profile, which defines exactly who the target audience is, everything from ages to income levels and of course their pain points.

Then, of course, businesses should avoid focussing firstly on what they can do and offer.

It is preferable to identify a customer need, or pain, and talk about that first to make a connection and engage potential customers.

Only then should the business outline what services or products it offers to meet that need.

Of course, it all needs to be well written, with no spelling mistakes or industry jargon.

If there are technical terms that are necessary, it is a good idea to also explain them in simple English.

Marketing, done correctly is an essential tool for a business, especially in hard times.

Almost 80% of UK companies report difficulty filling jobs according to analysis by the Manpower Group.

So is using AI (Artificial Intelligence) the answer to the skills shortage?

In some instances it may be.

Examples include automating CRM (Customer Relationship Management) systems, machine learning for data processing, and in cybersecurity in defending computer defences. AI is key to automating various routine processes in manufacturing.

Most of the above will be familiar to businesses and have already proven their worth but there is a new and much-hyped piece of AI which has been the focus of attention, and that is ChatGPT.

ChatGPT is an AI chatbot system released by OpenAI that answers any questions and can even compose poems.

It has been argued that it useful for generating creative ideas, providing summaries and writing first drafts. It can also produce large amounts of text with a quick response time, So, It can arguably automate routine tasks, provide personalised customer service and it’s particularly beneficial for those in creative roles who spend a lot of time researching and creating content.

But it must be remembered that it uses probability theory to compose its answers and it is not possible to identify all the sources from which it has derived them.

It has also been shown to make up factually inaccurate answers.

Therefore, if a piece of business writing depends on being accurate, factually correct and able to demonstrate its sources ChatGPT is not going to be useful and indeed its use may damage a business’ reputation.

Another problem that may be relevant in CRM situations that require a degree of empathy is that it doesn’t necessarily understand the nuances of conversation, which can lead to misunderstandings.

So while AI can be useful in helping a business to cope with large amounts of data, with routine operations and the like, in situations where integrity of information, trackable sources, and emotional intelligence are needed then AI such as ChatGPT is not necessarily the answer and only a human will do.

Welcome to the New Year.

We hope you all had a peaceful Christmas with time to refresh yourselves, restore a positive mindset and are now fully focused on your business after the first week in January.

It is particularly important that CEOs and directors pay attention to their mental health in times of economic stress such as are currently prevailing.

In fact, according to some experts the well-being of directors is a crucial indicator of corporate health.

How can they hope to motivate their workforce if all is not well with their own mental health?

Our recent post explores some of the issues greeting businesses in the New Year, why a motivated workforce will be essential to weathering the ongoing storms and why K2 is people-focused when we get involved in helping a business in difficulties. You can read it here.

Another post you might find useful, on the subject of mental health and the importance of having someone to talk to, is here.

We’d like to remind you that restructuring advisers, like K2 Business Partners, are very experienced in supporting, helping and understanding the worries and fears of those facing possible or potential insolvency.

The name says it all. We are your partners in times of difficulty.

It only takes one call or message to start the process.

A massive well done to everyone at K2 Business Partners after winning Turnaround Practitioner of the Year at the TRI Awards last night.

We are so proud of the company we have built together and of the work we’re doing. This award feels like a well-earned cherry on top.

Congratulations are also due to Anton de Leeuw for winning Turnaround Practitioner of the year. 

It has been a privilege to work with Anton since he joined us and we can think of no-one more deserving of this award right now. 

Imposter syndrome is when a person doubts their skills, talents and accomplishments despite external evidence and lives in fear of being exposed as a fraud.

It affects both high achieving men and women, particularly in business and while we would not suggest that it is anything other than a very real condition, in the current circumstances we would argue that it is not a good time to be trying to assess it.

Why?

Because there are so many headwinds besetting businesses from supply chain issues and shortages, to escalating energy bills and the difficulty of recruiting sufficient staff that conditions are anything but “normal”. 

All this in a context where various sectors of the workforce are taking strike action.

Consequently, many businesses are struggling and it would be understandable if their CEOs and senior management were to doubt themselves.

However, many of these factors are outside of their control and it would be foolish to blame themselves for the current situation.

Even if people lack confidence that is a long way from believing that they are imposters or suffering from imposter syndrome.

As long as executives make sure they are aware of the current state of their business and where they can go for help if they need it that is all they can do.

We have a cash management tool that can help you keep track and it is free to download.

In the meantime with the festive season on the horizon perhaps it is a good time to take a step back, try to relax and refresh mentally, reconnect with loved ones and return to full business activity in the New Year. 

The signs are not good as the Chancellor of the Exchequer warns of the dire state of the UK’s finances and the likelihood that taxes will have to rise to repair them.

One thing that will be of particular interest to businesses is what will happen to business rates.

The Government published the findings of its latest consultation on business rates in October 2021 and among the key announcements were that:

Business rates will go up in line with inflation from April 2023, which could mean a rise of 10%.

There will be a 50% discount for small retail, hospitality and leisure businesses in 2022-23 up to a maximum of £110,000. This is due to expire on April 1 2023.

Revaluations will now take place every three years, rather than every five years starting from the April 2023 revaluation.

The CBI (Confederation of British Industry) has already called for the Government to reconsider the planned April 2023 rise and for ‘urgent reforms’ to the business rates system and to the ‘inflexible’ Apprenticeship Levy’.

Businesses in the retail sector, among them Greggs, Tesco, Sainsbury’s and Iceland, have also called for rates to be frozen in view of escalating energy prices and inflation, which are hitting their customers, and therefore sales, hard.

According to Altus Group, British firms are facing a near £3bn annual hike in business rates in April if inflation stays above 10%.

It remains to be seen what Jeremy Hunt announces on Thursday, but it’s not looking good. Meanwhile to help you stay on top of your finances why not download K2’s free cash management tool here.

We have been talking for several weeks about mental health and how important it can be to business owners especially given the current perfect storm of financial pressures they are facing.

While over-confidence can be dangerous, so too can another condition, known as imposter syndrome.

Originally thought to affect mainly high-achieving professional women, psychiatrists now believe it is more widespread and can affect up to 30% of business decision makers.

Imposter syndrome is characterised by a feeling of being a phony in some area of your life, despite any success that you have achieved in that area.

It can be undermining liked as it is to a fear that someday the person affected will be found out and exposed as a fraud.

There are several characteristics from the perfectionist, the expert, the natural genius to the super person and they all lead to an inability to be realistic about the sufferer’s achievements, competence and skills.

It leads to constant anxiety and a lack of the ability to believe in oneself. It may also lead to a belief that if as a business owner your business is in difficulties or insolvent, you are solely to blame.

To combat imposter syndrome sufferers should avoid comparing themselves to other people and avoid a constant push to perfectionism. Accept that everyone makes mistakes.

It can help to have a mentor and to talk to someone.

We specialise in offering practical help to businesses in trouble to help them to restructure if that proves to be the best option.

The first step is to book a free strategy and viability review with us to talk through your situation.

You can find out more here.

70 years is a long time to have remained head of an organisation and to be dedicated to the duties it requires.

Yet the Queen has achieved this and retained the respect of most people, regardless of whether they support the idea of a monarchy or not.

She has often referred to the royal family as “the firm”, so are there lessons for business leaders who want to see their businesses thrive and endure for a long time?

The world has changed dramatically over this period, not only in terms of technology but also in terms of people’s attitudes and behaviour.

So, mastering the skill of adaptability while retaining core values is a skill business leaders should aspire to.

There may be times when it is necessary to pivot a business in a different direction.

Of course, leadership requires both dedication and hard work, but another attribute recognised in the Queen is courtesy. 

No matter to whom she is talking this is an attribute that she shows and one that business leaders perhaps could emulate.

Being treated with fairness, courtesy and kindness is likely to be rewarded with loyalty from colleagues and employees and encourages them to go the extra mile.

Of course, there is a considerable difference between ensuring the longevity of the monarchy and that of a business and one of the crucial aspects is being aware of a company’s financial position alongside its competitors at all times.

We have a free, downloadable tool to help businesses to keep track of and manage their finances.

It is available here.

Hard-pressed businesses already facing a perfect storm will hardly have been cheered by the 5% reduction in fuel duty announced in the Chancellor’s Spring Statement.

There will also be business rates discounts of 50% for eligible retail, hospitality, and leisure properties from April 2022.

These were the only measure to be introduced immediately and, as has been pointed out, the cut in fuel duty is unlikely to make much of a dent in fuel costs given the price rises already seen in recent weeks.

Apart from these, everything else was promises for the future.

Among them were future possible tax cuts on business investment, uprating the employment allowance, adjustments to the Apprenticeship Levy and extensions to R&D tax credits. 

The director general of the BCC (British Chambers of Commerce) said the announcement “falls short of the action businesses needed to see” and one local county Chamber director said: “it’s almost as if they [business owners] and the trading realities they face aren’t being fully comprehended in Whitehall and Westminster.

While it may be true that there is limited room for manoeuvre thanks to the effects of the ongoing conflict in Ukraine that have added to the price and supply chain issues as a result of the Covid pandemic, businesses, upon whom the country’s economy and prosperity depend, needed to see much more decisive action to support them.

With insolvencies almost doubling year on year, many companies are on the brink right now and need urgent help.

K2 Business Partners are there for you as restructure and turnaround professionals. Contact us if you’d like to talk.

The guidance to work from home was one of the restrictions that was recently lifted along with several others that had been introduced to try to control the spread of Covid 19 infections.

The signs are that many have resumed the road or rail commute to the office as traffic numbers are steadily rising.

Was this a knee-jerk reaction by businesses desperate to return to normal? Or was it actually necessary?

Did they ask themselves whether they really needed all their employees to return to work in their centralised office locations?

Given that the economy of the country, and by extension of many businesses, is facing severe pressures as they seek to recover from the damage of the pandemic it will be crucial for businesses to keep a tight control on costs.

There are two factors in particular that are important to assessing whether a return to office-based working is actually necessary.

They are levels of productivity and business expenditure.

The LSE (London School of Economics) researched the effects of the pandemic work from home rule on productivity and found that not only can it actually improve productivity but can also reduce cases of burnout by as much as 26%.

But it stressed that businesses should take measures to ensure the model thrives including creating remote-work policies that detail expectations for employees, managers, and teams and training managers in managing remote teams inclusively.

Hitachi Capital was one of many organisations that researched the effects of working from home on business costs.

It identified five areas for potential costs savings during the period when employees were working remotely which included employee food and drink, employee travel, cleaning services, catering client meetings and rent and utilities.

Of the 250 SMEs surveyed it found “on average SME businesses (70%) saved up to an impressive £840 monthly. This is a cost that could total up to £10,000 annually for these companies”.

Such savings could make a significant difference to business survival in a time or rising costs.

When K2 Business Partners acquire a company or start working with directors to make improvements, one their early tasks is to take a fresh look at all the business systems and practices.

This is because every business falls into habitual ways of working that might have worked for years but if they are not updated, they become a costly burden.

The first step is to have an accurate picture of the business cash flow and this is where K2 can help. We have a free Cash Management tool that you can download here.

Take a look, apply it to your business and see where you could make savings and if you’d like to talk your ideas through message us on LinkedIn or give us a call.

The difficulties businesses are having in recruiting staff at the moment have been widely publicised and two recent pieces of research may have some clues as to the reasons.

Firstly, the most recent quarterly survey run by Future Forum, a research group backed by the business communication platform Slack has found that management are keener to see staff return to their offices rather than to continue working from home.

While 44% of executives were anxious to get back to what they saw as “business as normal” more than three-quarters (76 percent) of employees said they wanted flexibility in whether they work from home or the office.

The second piece of research, carried out by the online magazine Wired in conjunction with orgvue, which analyses workforce and HR issues, found that attitudes to work and the behaviour of the workforce is rapidly changing, with many employees re-evaluating their careers post-pandemic and choosing to resign from their existing positions in search of more favourable conditions.

One theme that emerges from these pieces of research is that there is a disconnect between executives and their employees as the former’s working conditions, remuneration and freedom of manoeuvre are considerably greater than they are for employees.

Clearly, working from home during pandemic lockdowns has prompted the formerly office-based employees to look more closely at these issues for themselves and the result has been that many want a change, that there will be no return to pre-pandemic normal if they can help it.

Essentially, the message is that there needs to be a change in the attitudes and behaviour of the bosses to demonstrate that they are concerned for their employees’ welfare.

This is not only about money.

People need to feel valued, listened to and that their wider concerns and responsibilities are understood, that their knowledge and skills are important and incorporated into the company’s structure and organisation.

Businesses can expect there to be less certainty going forward and will need to incorporate more flexibility into their operations.

For this they will need to rely even more on the skills and adaptability of their employees.

While there is certainly a need for strong leadership, the best leaders are those who consult and really listen to what their employees, those “on the front line” of their businesses, can tell them.

There is a reason why we have two ears and one mouth.

Are you really listening and are you willing to adapt to changed conditions?If your organisation is struggling to cope with uncertainty and you would like to talk over your ideas with an experienced turnaround adviser please call us.

As the Insolvency Service is quite rightly vigorously pursuing those who have made fraudulent claims for help during the Covid crisis, they are likely to be scrutinising all businesses more closely.

The number of company directors convicted of criminal activity during the pandemic has risen 205% to 122 in the year to 30 September, up from just 40 for the same period to 30 September of last year. The National Audit Office has also estimated that up to 60% of Covid BBL claims could be fraudulent or defaulted on.

There are plenty of other pressures on businesses and in particular their directors in trying to return to more normal activity in the face of a disrupted supply chain, rising energy prices and recruiting difficulties.

But it is not all doom and gloom. Times like these can also be seen as an opportunity to take a close look at what your business is offering and whether it can be tweaked to better meet the current conditions, not least the climate crisis.

It also seems a good time to remind directors of the statutory duties that they need to be mindful of.

Directors’ duties are defined by:

Common law, by specific legislation such as the codification contained within the Companies Act 2006 and by general statutory compliance to other laws, including, but not limited to Health & Safety at Work etc Act 1974 and its subsequent Regulations, the Corporate Manslaughter and Corporate Homicide Act 2007, the Employment Act 2008 and its associated Regulations, the Competition Act 1998, the Supply and Sale of Goods Act 1994, the Data Protection Act 2018 and General Data Protection Regulations, the Money Laundering Regulations 2007, by Anti-discrimination legislation covered by Race and Framework Directives and many more.

You can find out more about the details governing directors’ behaviour here.

Business activity is starting to pick up after 18 months of disruption but what lessons have those that survived learned, what new opportunities has it brought and what new practices will businesses keep as a result?

Changes in customer and client needs?

A recently-reported development has been the numbers of staycation bookings for 2022 that are already being made after people decided to holiday in the UK in 2021 due to all the complex rules overseas travel and quarantine on return. 

This presents an opportunity for the tourism industry to develop their attractions and offers, notwithstanding some of the difficulties there are in recruiting enough workers.

There may well be opportunities in other businesses in the wider economy to respond with new products and services based on what clients have asked for during the various stages of the pandemic.

Changes in ways of working

While some businesses needed to furlough staff because of a drop in demand during the pandemic others changed to a working from home (WFH) model.

This had implications both for business overheads as well as for the future of employment as many employees have indicated that they liked the WFH way of working and would like it to continue.

It has reportedly had no effect on productivity so businesses may be able to continue with employees working in this way with some additional investment in remote IT support and monitoring.  This investment could be offset by businesses no longer renting or leasing large city centre office complexes and thereby saving on overheads.

In manufacturing and business processes IT is also likely to yield benefits.  The introduction of robotics and AI in manufacturing is an obvious benefit after the initial investment.

Similarly automating and/or outsourcing some business processes will help to reduce overheads and improve profit margins.

Slow and steady is the key to getting back to full production

While businesses may be keen to get back to their pre-pandemic levels of activity it should not be done too quickly.

Although restoring the balance sheet is a key issue, there is always a danger of overtrading, by accepting more orders than the business can realistically fulfil. Failure to fulfil those orders can lead to problems with key suppliers the business may end up unable to pay and to reputational damage with both them and unsatisfied customers.

If there is a need for more capital to invest in the business it should be wary of both predatory lenders imposing onerous interest rates on loans and demanding directors’ guarantees. Similarly venture capital can come with problems for a business if the investor is too focused on short term returns on the investment and not willing to give the business time to grow sustainably.

Mergers and acquisitions may be a solution to business development but again should be looked at carefully before committing.

Ultimately, a business wanting to grow sustainably needs to know exactly where it is financially at all times and our free cash management tool can help you to do this.

https://www.linkedin.com/smart-links/AQG7fCQTtXx4Zw/37139976-4f42-454f-aff5-75ae4be992c7

No matter how busy I am I try to take a walk in the countryside at regular intervals.

Why? Because it is refreshing, invigorating and most importantly good for my mental health.

It is something for stressed business leaders to try to build into their undoubtedly busy lives. 

The temptation to focus exclusively on the problems in a business to the exclusion of all else may be great but good leadership and making the right decisions depends on a leader having good mental health.

But actually, taking time out away from the office and allowing the mind to roam free during a walk could well result in new solutions emerging to the problems besetting you.

As the recent decision by US gymnast Simone Biles to pull out of the Olympics finals recently demonstrated she said she felt she could not perform at her best because of issues with her mental health.

It’s a lesson stressed business leaders could learn. 

Businesses have faced a perfect storm of troubles during the Covid pandemic, leaving many of them perilously close to insolvency.

Now as the various support schemes come to an end they are also facing having to start paying back Covid loans and deferred VAT at the same time as trying to get their business activity back to full production in the face of supply chain shortages and potential recruitment difficulties.

It’s a tough and painful situation but it can be compounded if the leader(s) of the business try to struggle on, or live on hope, rather than acknowledging that it’s time to call in help.

Leadership is often assumed to be about knowing what to do in all circumstances.

But it is unrealistic to assume that any one person has all the answers, especially when faced with a situation unlike anything that has gone before. Whether it is from pride or fear, the outcome from soldiering on is not likely to be good.

Effective leadership is about knowing your limits and when to call in help from the experts.

So don’t despair. We have a number of free tools for download that can help businesses to get a grip on their situation.

They include our Cash Management tool: https://www.linkedin.com/smart-links/AQF0zn8hTCKbSw

And our Guide to dealing with CCJs: https://www.linkedin.com/smart-links/AQECtjYmuU4aNA?lipi=urn%3Ali%3Apage%3Ad_flagship3_company_admin%3BT8pIrBPJRZacMnpp5QR9cA%3D%3D

And we are here to take your calls if you’d like to talk to a real human being with experience of rescuing and turning around businesses.

Building materials are running short in the UK putting pressure on smaller construction businesses.

Supplies of timber, cement, steel, paints and some plastic products have been particularly affected leading to a prediction that materials prices could rise by as much as 7% this year.

More problematic is the effect the shortages may have on smaller construction companies to keep trading leading to cash flow problems, according to the Construction Leadership Council (CLC).

The Federation of Master Builders has said some building firms may have to delay projects while others could be forced to close.

The shortage is being attributed in part to a surge in DIY and building projects during lockdown as well as a surge in shipping costs.

The CLC has called on large construction companies to work with smaller builders to collaborate on bulk buying which the SMEs are unable to manage alone.

In the meantime we at K2 would urge SME builders to take advantage of our offer to download its free cash management tool to protect themselves against the ebbs and flows of income. 

Available here: https://www.linkedin.com/smart-links/AQG7fCQTtXx4Zw/0a02193a-12a8-432b-8b19-81bc4f8a8b74

Fewer than half of British employers believe young people are leaving full-time education with sufficient advanced digital skills, and 76% of firms think a lack of digital skills will hit their profitability.

The Learning & Work Institute also calculated that the number of young people taking IT at GCSE has gone down by 40% since 2015.

It has been predicted that the future of successful business post pandemic will be in the increasing adoption of robotics, AI and remote digital solutions such as cloud storage and video conferencing.

But is it fair for employers to employers to place responsibility on the education sector? In a fast-changing landscape, how do schools and colleges judge exactly what practical digital knowledge will be needed, especially in such a diverse sector?

There is also an argument that at least some of those skills are best learned “on the job” rather than in an exclusively academic environment.

Should employers become more hands on in working with schools and in using all the various schemes such as apprenticeships and Kick Start to play a more active role in ensuring their employees, present and future can gain the digital skills needed for the future?

Business life has without a doubt been unremittingly more difficult during the Coronavirus pandemic, not least due to the restrictions imposed by several lockdowns.

However, arguably, this has also been a learning experience for many with lessons that may be useful when things eventually return to “normal”.

Take this example from a survey by Deloitte which has found that one in four British employees could end up working from home. long-term.

It found that 97% of CFOs predict this outcome as companies make changes introduced during the pandemic permanent.

“By and large, this massive, forced experiment in home-working has been very successful. Sectors have been able to maintain quite a high degree of effectiveness operating from home,” said Ian Stewart, chief economist at Deloitte. 

However, this does not spell the end of the office, Mr Stewart continued, stating that people overwhelmingly want a combination of home and office work so they can continue to work with others.