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British firms show recovery following pandemic

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(Image credit: Shutterstock.com / Pressmaster)

Despite Covid-19-induced lockdowns wreaking havoc among businesses in the UK, most managed not only to adapt to the shake-up but to thrive in it. According to a new report from Oracle NetSuite based on a poll of 2,000 employees all over Europe, 83 percent of UK businesses met or exceeded growth targets last year.

Most of them don’t expect 2021 to be any worse, saying they’ll most likely record either annual growth (65 percent), or remain flat for the year (15 percent).

Businesses haven’t even been overwhelmed by the pandemic, it seems, as less than a third of UK businesses (32 percent) described Covid-19 as “the greatest external business threat”, ahead of Brexit and new tariffs increasing costs. 

Oracle NetSuite’s State of Growth report also claims that businesses were able to grow during the pandemic because of their ability to react. Four in five (81 percent) described themselves as “above average” when it comes to adjusting business priorities for Covid, and most did adjust.

Among the main ways they adapted to the pandemic was, obviously, the introduction of remote and hybrid working. Just 14 percent of employees in the UK expect to permanently return to the office, with almost half expecting permanent flexibility in working hours. 

Full-time remote working will have to make way for the hybrid variant, as 62 percent expect to work this way after the pandemic.

“Businesses know there are still challenges ahead – ever-changing circumstances and accommodating employees’ preferences to how and where they work – but it will be the organizations that evolve quickly and efficiently that will accelerate growth,” said Nicky Tozer, VP EMEA, Oracle NetSuite.