February 20, 2019
Work life balance remains greatest challenge for owners of growing businesses
A new survey from Vistage claims that work-life balance is the biggest challenge facing what it refers to as scaleup business leaders in the UK. Defined as a business with an average annualised return of at least 20 percent in the last three years – and with a minimum of 10 employees at the start of the period – scaleup businesses are seen as key to the success of the UK government’s Industrial Strategy. Of the 2,800 respondents who took part in the poll, Vistage found a whopping 46 percent believe juggling a healthy home life with the demands of work is the biggest challenge owners of fast-growing businesses face. Access to talent came in a distant second with 22 percent of the vote, while sustaining momentum ranked third.
The office sector in Belfast has enjoyed its most successful year on record, with 885,023 sq ft of take-up reported across 84 transactions, more than double that was achieved last year, according to CBRE’s Offices Marketview research. Notable office deals completed in 2018 include PwC’s move to Merchant Square, Northern Ireland Civil Service to 9 Lanyon Place, Allstate to Mays Meadow, TLT to River House and Baker McKenzie to City Quays 2. According to CBRE Northern Ireland Office the local office market’s record breaking year is an indicator of the resilience of the commercial property market as well as the wider Northern Ireland economy.
A lack of senior stakeholder support is the greatest inhibitor of change, new research suggests as despite considerable enthusiasm to innovate, organisations are being thwarted by tight resources and strong internal resistance. The data commissioned by KCOM found that organisations are also limiting themselves by turning away the specialist skills and experience that could help them advance, through overly predictive procurement processes. They are however, eager to be more competitive, which is why organisations are making big investments in innovation projects. Almost half (43 percent) consider driving digital transformation to improve competitive advantage to be their top priority in the next year. A further 32 percent are allocating at least 20 percent of their IT budget to new projects. Both public and private sector organisations are also taking an increasingly people-centric approach to digital transformation. In the next year, 80 percent said they would incentivise staff retention through training, accreditation and career development to deliver on their innovation strategy. This is compared to 71 percent who said they would do so by investing in new technologies.
