Almost half of UK businesses aren’t as competitive as they could be, a new report from Microsoft and the University of London claims.
The report, based on a new model of competitiveness built by the pair, states that more than half of UK businesses have taken in revenue this year, compared to last year, with almost a quarter (22 percent) experiencing a drop greater than 15 percent.
The same proportion was also forced to completely ditch their current business model as soon as lockdown was introduced, while almost half (45 percent) of leaders expect their current model to go extinct within half a decade – that's 12 percent more than last year.
The model incorporates inputs from Harvard University, the CBI, PwC and the Tech Talent Charter, as well as data from a survey of 1,713 UK senior decision makers and 2,470 UK employees.
But it’s not all doom and gloom; the report also suggests a few small changes, which could be introduced relatively quickly and yield a cumulative boost to the country’s economy in excess of $62bn.
Instead of opting for the “hollow growth” strategy, in which a business looks to extract as much value as possible from people to reduce costs, while offering little support in the process, businesses should focus on “sustainable growth”.
This approach strives to maintain resilience, adopt leadership defined by empathy and decisiveness, as well as nurture a culture of trust, empowerment and inclusivity.