Business News Round Up (18/01/2022)
North West mid-market still facing the challenges of hybrid working
New research from Grant Thornton UK LLP’s latest Business Outlook Tracker has revealed that, prior to the implementation of ‘Plan B’ and the return of work- from- home guidance, a hybrid working approach was being adopted by the majority of mid-market firms in the North West, but that some were still facing challenges with its implementation. Hybrid and remote working is going to remain the norm for many businesses, with Boris Johnson confirming that ‘Plan B’ is going to stay in force until at least the end of January. Hybrid working, where people split time between working remotely and in an office, was the most common working practice in early December, with the research finding that 80% of the North West’s mid-market businesses surveyed were operating in this manner. Despite this, many were found to still be adapting to the approach. The research highlighted that one of the most problematic hybrid working challenges was reduced productivity, with nearly half of respondents (44%) who were adopting hybrid working stating that this was an issue.
£800,000 fund launched to make workplaces more inclusive and diverse
A two-year equality fund has been launched to make Scottish workplaces more inclusive and diverse. The Scottish Government-funded initiative, with £800,000 available in its first year, aims to address longstanding barriers in the labour market. Applications for the 2022-2024 Workplace Equality Fund are now open, which for the first time will be administered by Advice Direct Scotland. Third sector organisations, public sector organisations and private sector businesses can apply for up to £75,000 in each year of the fund to carry out activities that will help to improve diversity in the workplace. The funding is used for projects focused on one or more priority groups from the following list: women; minority ethnic workers; disabled workers; older workers (those aged over 50); people who experience gender-based violence; workers who are experiencing social isolation; workers experiencing symptoms of the menopause; and veterans or spouses of veterans. Projects can take place within any sector, industry, or geographic area, provided that they demonstrate the impact on priority groups through addressing systemic inequalities in the workplace.
https://www.insider.co.uk/news/800000-fund-launched-make-workplaces-25967887
Manchester jobs after city chosen as major hub to support neurodivergent staff
Up to 100 jobs will be created by professional services giant EY in Manchester after it chose the city as a major hub to support employees with cognitive differences – such as autism, dyslexia and ADHD. The firm, which is based in 2 St Peter’s Square, is opening its first Neuro-Diverse Centre of Excellence (NCoE) in the UK, which is designed to create a supportive working environment. EY added the NCoE will help employees “to apply their strengths and meet clients’ business needs in emerging technologies, such as artificial intelligence, data analytics, automation, blockchain and cyber”. Globally, EY already has six NCoEs in the US, three in Canada, one in India, one in Poland and one in Spain, with further expansion plans into Europe, South America and Asia Pacific.
https://www.business-live.co.uk/economic-development/ey-create-up-100-manchester-22781580
A third of UK businesses to use AI by 2040
Rates of artificial intelligence (AI) adoption by UK businesses is expected to reach 22.7% of companies by 2025, with a third of UK businesses expecting to have at least one AI tool by 2040, according to research commissioned by the Department for Digital, Culture, Media and Sport (DCMS). The report, AI activity in UK Business, said that by 2040, the overall adoption rate could reach 34.8%, with 1.3 million businesses using AI. Spending by business on AI could rise from £16.7bn in 2020 to between £27.2bn and £35.6bn by 2025, the report added, rising to £83.5 billion in 2040 at a compound annual growth rate of 8.4%. Expenditure on AI-related labour could increase from £46bn to between £80.2bn and £103.2bn by 2025, at annual growth rates of roughly 11.7% and 17.5% respectively. The research was carried out by Capital Economics and commissioned by the DCMS to model and report on the current and future use of AI by UK businesses.
https://www.research-live.com/article/news/a-third-of-uk-businesses-to-use-ai-by-2040/id/5094502