Business News Round Up (24/02/2022)
Remote working unlocks tech-led growth say UK business leaders
British businesses have used the disruption brought about by enforced remote working to invest in new digital technologies, which has led to greater commercial growth. This is the key finding from new research carried out by Bristol-based cloud-based accounting software platform, bluQube. The timely report lifts the lid on business leaders’ attitudes toward digital transformation and technologies in a unique, cross-sector way. The research, which is compiled in the bluQube: Digital Transformation & Next-Gen Business Technologies report reveals that remote working led to over three quarters (76%) of businesses bringing forward plans to invest and implement new digital technologies. With an even greater proportion (78%) identifying those same digital technologies as being responsible for driving growth in their businesses, the link between new methods of working, investment in new tech, and accelerated growth is firmly established. The report also identifies an expectation of continued tech investment to both adapt to new hybrid working practices – in 36% of cases – and almost half (47%) to maintain competitive advantage. Crucially, this 47% figure sees new investments being made within the next five-year window.
Rising number of fraud cases rise in Scottish courts sparks concerns over economic crime
The number of alleged fraud cases reported in the media being heard in Scottish courts rose dramatically last year, according to KPMG UK. A total of 16 cases totalling £5.9m reached Scottish courts in 2021, up from 2020 when only one case worth £240,000 came to light. The dramatic increase is believed to be a result of the combination of rising instances of fraud brought on due to the pandemic, and courts working through a backlog of cases which built up of because of initial Covid-19 measures throughout 2020. Most cases had a value of between £100,000 to £250,000, however one was worth more than £1.1m. Eight of the 16 cases in Scotland concerned commercial businesses, all of which were targeted by their own employees or management. Annette Barker, head of KPMG Forensic in the UK, said: “Covid-19 changed many aspects of our working lives and how businesses operate, creating more means, opportunity, and motive for people to commit fraud. While cases have risen in Scotland for all forms of fraud, it is promising to see more cases being detected and brought to court.”
https://www.insider.co.uk/news/rising-number-fraud-cases-rise-26308944
Private equity investment surpasses pre-pandemic levels in 2021
Mid-market private equity investment in the North West in 2021 surpassed pre-pandemic levels, new analysis from KPMG has found. Despite uncertainty caused by Covid-19 and economic and geopolitical factors, the region recorded an upturn in both deal volume and value last year. There were 84 new mid-market PE investments in the region last year, compared to 58 in 2020 and 81 in 2019. The deals were worth a combined value of £4.6bn, up £1bn from the previous year. The region reported 17 mid-market private equity exits in 2021 worth £1.52bn. Rick Stark, head of private equity for KPMG in the North said: “The North West has made a strong comeback after a downturn in mid-market private equity investment last year due to the pandemic. Not only have deals increased by 45 per cent but they have surpassed pre-pandemic levels. “The investment seen last year shows massive confidence from private equity in the North West’s mid-market businesses, despite many challenges that were faced.”
65% of white-collar workers in Scotland are considering quitting or changing jobs as wellness is prioritised over pay
65% of white-collar workers in Scotland are considering quitting or changing their jobs as wellness at work takes precedence over pay for most Scots. The figures come from a Censuswide survey, commissioned by workplace wellbeing marketplace Juno, looking at morale within the white-collar workplace at large across Scotland. Amongst the key findings, the survey states: 58% of all employees surveyed are currently suffering from low morale – largely due to a lack of work-life balance; 17% of workers now believe they work in a toxic environment – a further 19% believe that their employer does not care about their mental health; only 48% of Scottish employees believe their employers respect their individual needs – for example, childcare requirements, mental and physical health needs and wider wellness; in a jobs market where there are over 1 million vacancies, a majority of job-seekers said they are looking to work for a firm offering improved wellness packages, childcare support and work-life balance; Scots are more driven by work-life balance than in anywhere else in the UK – with 35% of respondents listing this as their main priority for changing jobs, in contrast to 24% of UK-wide respondents