Is Financial Roadmap enough to keep UK’s competitive advantage amid talent exodus?

Chancellor Rishi Sunak outlined a roadmap for the financial services that aims to "sharpen" its competitive advantage - pledging to make the UK the most "advanced and exciting" financial services hub in the world. Sunak's speech will pledge to bolster the finance industry after Brexit and the new measures will add to pressure on big companies to help mitigate the effects of climate change.

Sunak's ambitious vision comes amid continuing concern around the private sector. As it stands, every growth engine supporting the UK economy has been impacted by Brexit and the COVID-19 pandemic. The nation's toolkit for growth and scale has never before taken such a hit, and in its recovery phase, it is critical that firms do not lose their competitive edge.

Yet throughout the pandemic, many employees have been overworked, consistently sleep-deprived and hyper-stressed - with data by Capterra revealing that 71% of employees have experienced burnout. As such, recent data by Future Strategy Club now reveals that 57% of Brits do not want to return to their corporate 9-5 role post-pandemic. So, as the private sectors talent pool significantly reduces, how can firms thrive? Justin Small – CEO of Future Strategy Club – discusses why a shift in working patterns is needed not only for employees’ wellbeing but to maintain competitive advantage at big firms: "Today, a purpose-driven business model is necessary, as employees look to work somewhere that stands for and takes action on something bigger than its products and services. Short-term solutions, office perks and are not simply enough to stop staff from falling off the cooperate ladder, with the benefit of these perks often short-lived. What really matters in a firm is cultivating a culture of innovation and autonomy - this is the key to preserving employees well-being post-pandemic and retaining your best talent. Yet how should firms plan ahead in a continuously disrupted world? How can they be certain the decisions they are making now will be right in the next few months, let alone the next few years? Firms right now cannot predict the future, but they can look forwards and shape it. Now, businesses can source creative freelancers who are unphased by the acute challenges in how we are doing business today. This will not only enrich a team and drive fresh results, but help businesses recalibrate and survive the effects of the Covid pandemic."

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