The ‘London 1000’ report from London Chamber of Commerce and Industry and London Councils shows some of the impact the pandemic is having on businesses in London, and employees.
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At Global Solution Services, we know these are trying times for employees and employers. As we come to terms with a new way of working, with remote working likely to be common amongst many workplaces, there is a need to adapt. We are more than happy to assist you with the adaptation process.
Some of the key findings of the report are as follows:
- Half of business leaders see cashflow as a main threat to business recovery from COVID-19.
- 84% of London business leaders are less confident about London’s economy than they were a year ago, and 86% in the UK economy.
- 44% of businesses recruited or tried to recruit in 2020, with 41% of business leaders expecting to recruit staff over the next year (rising to 77% of large firms).
- 63% of businesses say that staff retention has stayed the same since the COVID-19 outbreak, but three in ten (31%) say it has decreased.
- Upskilling employees’ digital skills is the highest priority for London businesses in training their own workforce.
- The number of London businesses that had no one working remotely moved from 51% in 2019, to 24% in 2020.
- Almost half (46%) of business leaders expect to have over two-fifths of their staff still regularly working remotely in twelve months’ time.
- A third (32%) of business leaders say all of their staff will return to working in-person in a year’s time.
- The number of business leaders saying that 81-100% of their staff will regularly work from home a year from now has doubled (22%) compared to 2019’s figure (11%).
Richard Burge, Chief Executive of London Chamber of Commerce and Industry, said: “This is a detailed report and I urge all London councillors, MPs, and the Government to read it. Commitment now from the Government to VAT and business rates relief beyond Spring will give more businesses the chance to survive to fuel London’s economic recovery, once vaccination roll-out allows it to fully get underway.”
Richard continued by saying; “It’s pleasing to see the appetite for that recovery to be an environmentally sustainable one. The large majority of firms have carbon reduction plans underway, and it’s interesting to see how many employers believe that a continuation of some form of remote working each week will play a key part in their carbon reduction efforts. The likes of flexible rail season tickets could help to support that and a footfall recovery in London’s many high streets. It’s clear that London will come out of this pandemic with a different economy and ways of working than when it went into it. We need all London players to come together to consider these changes, the opportunities, and how we can best ensure the economic recovery of capital and country.”
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Cllr Danny Thorpe, London Councils’ Executive Member for Business, Europe, and Good Growth, said: “This report is a vital window into the main issues businesses are facing in the capital. This year especially, we must listen to what businesses need and create the right environment for them to recover from the challenges of the pandemic and prosper moving forwards. Based on the findings of this report, and working closely with London’s businesses, we will continue to make the case for the immediate on-going support businesses need, but also plan for the recovery.”
Cllr Danny Thorpe continued by saying; “We also need certainty for businesses as they plan for the future, including an immediate announcement of a targeted extension to the Business Rates holiday and extension to VAT reliefs beyond March 2021. London’s businesses are facing a turning point, with many of them reviewing their practices as a result. It is great to see that so many of them are focussing on an environmentally sustainable recovery with carbon reduction as a firm feature.”
Cllr Danny Thorpe concluded by saying; “London boroughs are calling for reform of the apprenticeship levy to increase the skills and employability of Londoners of all ages. This is especially crucial given that London is facing the highest unemployment rates in the country. London’s businesses are a huge part of what makes our city so unique. We must listen to them and work together to build a clear, successful road to recovery.”
If you would like to learn more about how you can develop your perfect career in 2021, we can help. At Global Solution Services, we offer a range of remote training courses, aimed at ensuring you move forward during these challenging times. You can find out more about our training support by visiting our site, or by contacting us online