Business News Round Up (20/08/2021)
Business confidence in Scotland at highest level since 2014, but trails UK – ICAEW report
Business confidence in Scotland is at its highest level since 2014, boosted by the gradual reopening of the economy, a key report today suggests. But, despite confidence levels being firmly in positive territory, they lag behind the rest of the UK, according to the latest ICAEW Business Confidence Monitor. Companies are predicting domestic sales growth of 6.8 per cent over the next 12 months, which would be the fastest rate of growth in Scotland since the monitor began measuring in 2004. Businesses also expect exports to increase in the next year, but optimism trails the rest of the UK. The accountancy body’s study also shows that Scottish businesses plan to start taking on more staff as the economy regains traction. Employee numbers are expected to rise by an average 3% in the coming 12 months, and companies also anticipate that average total salaries will increase. The survey identified a number of growing challenges. The rate of staff turnover was a worry for just over a quarter of companies, while the proportion of businesses that said the availability of management and non-management skills were growing challenges compared to 12 months ago was 24% and 23% respectively. Both rates were notably higher than in recent quarters.
Greater Manchester business leaders call on hospitality sector to set new standards to attract staff
Greater Manchester business leaders are urging hospitality employers to sign up to Greater Manchester’s Good Employment Charter and raise the standards of working conditions in the sector in order to attract and retain staff. The industry is recovering after almost 18 months of lockdowns and restrictions, but many bars, restaurants and venues are having difficulty filling open positions. Thousands of experienced staff have left the industry and many EU nationals previously employed in hospitality are now unable to work in the UK. The night-time economy is the fifth biggest industry in the UK, employing nearly 10% of the nation’s workforce. However, workers are paid disproportionately less compared to the wider economy. In Greater Manchester, the sector supported a third of the city-region’s workforce pre-pandemic, yet more than half of part-time hospitality workers earn less than the Real Living Wage. Night-time Economy Adviser Sacha Lord and Greater Manchester Local Enterprise Partnership Chair Lou Cordwell are encouraging employers in the sector to engage with the Good Employment Charter and demonstrate their commitment to providing fair pay, secure work, and wellbeing support.
Amazon Small Business Accelerator supports more than 12,000 Scottish start-ups
Amazon’s Small Business Accelerator has supported 12,000 small businesses in Scotland since its launch last July. A survey of businesses who have participated found that 79% credit it with helping improve their business performance, while a further 88% expect it to improve their performance in the next 12 months. Although 34% cited lack of finances as a barrier to developing online skills, 88% of the participants intend to invest more into online skills andtechnology in the 12 months ahead. The Amazon Small Business Accelerator was created with business support network Enterprise Nation to provide a free package of support, online learning and bootcamp events to help them start and grow online. Further bootcamps aimed at exporting will be held locally in Scotland during October. New research commissioned byAmazon indicates that 81% of UK small and medium-sized enterprises (SMEs) invested in digital skills over the past year, while 78% said they would value free training and skills to support their growth. The research also showed two-thirds of SMEs in the UK are generating at least 10% of their turnover from exports. Of these businesses who export, 42% are reaching customers in the US, and a further one in eight SMEs say they want to start exporting there.
https://www.insider.co.uk/news/amazon-small-business-accelerator-supports-24792583
Manchester top of the table for the UK’s Knowledge Transfer Partnerships
£25m value-add puts Manchester at the top of the table for the UK’s Knowledge Transfer Partnerships, as it becomes partner of choice for innovation in businesses Following a decade of consistent and dedicated support for businesses to improve their competitiveness and productivity through the better use of knowledge, technology and skills that reside within the university, the achievements realised by colleagues across the University has put the University at the top of Innovate UK’s Knowledge Transfer Partnership (KTP) ranking, the institution announces today. This ranking demonstrates The University of Manchester is the partner of choice for businesses that want to drive informed innovation for commercial advantage. Knowledge Transfer Partnerships (KTPs) bring together academic institutions, with innovative businesses, to facilitate the transfer of knowledge between academia and business to deliver transformative change. KTP projects are funded by UKRI through Innovate UK – the UK’s innovation agency – who manages the KTP programme and facilitates its delivery through a range of partners including the Knowledge Transfer Network (KTN). The programme provides a grant contribution towards total eligible project costs of up to 67% to support collaborative projects between Academia and UK businesses – to translate and apply research and expertise to drive innovation in business.