Business News Round Up (30/05/2022)
Only 6% of firms demand full-time return to office
A significant majority of businesses (68%) expect workers to go back to the office by the middle of this year, though only 6% are demanding employees work in the office on a full-time basis. New research by real estate firm CBRE reveals that 70% of employers are permitting either a voluntary return, or part-time working. The data shows a clear majority (72%) of companies say that they are moving towards a hybrid workplace model in which employees have a measure of choice within the framework of company guidance. Not only is this appreciably higher than last year (55%), but most say that there is strong endorsement by senior management of this position and nearly two-thirds (65%) say that sentiment has actually strengthened in this direction during the pandemic. The research shows some notable sector differences, with nearly 80% of financial companies aiming for a more regular return by mid-year. By contrast, over a third of technology companies are allowing the process to take its own course without specifying a timeframe.
SMEs revenues in Scotland continue to bounce back
More than three fifths (68%) of small and medium-sized businesses (SMEs) in Scotland are expecting to see revenues rise this quarter, compared to the same period last year. The latest quarterly Barclays SME Barometer – conducted among a nationally-representative regional and industry sample of 574 business leaders, including 56 in Scotland – showed that Scottish SMEs expect to see a 10.4% rise between the months of April and June 2022, against the same period in 2021. This follows a successful first quarter of the year, with 51% reporting a rise from the previous quarter, and 56% reporting a year-on-year rise in revenue. These figures are supported by data from Barclaycard Payments, which showed a rise of 28.6% in the value and 29.1% in the volume of payments to SMEs in Scotland in the same period, versus pre-pandemic. However, more than three quarters of Scottish SMEs (79%) reported that rising living costs, energy bills and inflation are a long-term concern for their business. More than half (56%) worry that the rising costs will negatively impact consumer spending and almost a third (30%) fear it will make them less competitive, as they are forced to increase their own prices. A further 36% said they may need to re-evaluate their operations to reduce the amount of energy they use.
https://www.insider.co.uk/news/smes-revenues-scotland-continue-bounce-27082959
30% would take lower-paid job to guarantee remote work – survey
Almost one third of workers would change jobs – even if it means a pay cut – if their remote working preferences are not facilitated, according to the third annual National Remote Working Survey. 37% of respondents said they would change jobs for remote working, even if it meant fewer promotion opportunities. 30% also indicated that they will change job even if it means a pay cut, with 33% saying “maybe”. Overall, the study found that 95% of people believe working remotely has made life easier. Of those who could work remotely, 52% were currently working hybrid, 40% were fully remote and only 8% were fully on-site. Almost half of respondents, 49%, said they work more hours while remote working, compared to working on-site, with 45% saying they work the same hours. Researchers from the Whitaker Institute at NUI Galway and the Western Development Commission gathered responses from more than 8,400 employees, in late April and early May, on their current experience of remote working.
https://www.rte.ie/news/business/2022/0530/1301895-remote-working-survey/
Scotland enjoys start-up boom as Covid restrictions ends
Nearly 12,000 new businesses have set up in Scotland since the start of the year, according to new research from insolvency and restructuring trade body R3. R3’s figures, which are based on an analysis of data provided by Creditsafe, show 11,783 new businesses were set up in the country during January, February, March and April this year. March was the busiest month for Scottish start-ups, with 3,494 businesses being established that month, followed by February (2,925) and January (2,715). This mirrors the UK-wide picture, which saw 77,790 businesses set up in March, 66,024 in February and 64,264 in January. “The start of the year and the end of the Covid restrictions have clearly led to a boom in entrepreneurialism in Scotland with a large number of people starting their own businesses,” said R3 in Scotland chairman, Richard Bathgate. People are still confident about the economy despite recent turbulence caused by the pandemic and war in Ukraine and there’s clearly a belief the market can support new businesses.”