About a third of businesses expect to change radically in the next two years as they seek growth opportunities in a fast-changing world, according to a new survey by HSBC.
Navigator: Made for the Future, a survey of over 2,500 companies in 14 countries and territories, found that, while technology tops firms’ spending plans, they are also prioritising investment in the wellbeing and skills of their staff.
The survey shows that 34% of decision-makers think their technological focus will ‘totally’ change over the coming 24 months, with a further 45% expecting ‘slight’ change. Over half (55%) plan to invest more in research and development.
Nearly as many (52%) will boost spending on skills training and 43% on employee wellbeing, ahead of logistics (42%), plants or equipment (34%) and ‘bricks and mortar’ premises (29%).
Green agenda
By upskilling employees and adopting innovative technologies, the goal for businesses is to become more efficient, customer-centric and green.
More than half the companies surveyed plan to increase their investment in customer experience (52%) and 45% will raise spending to become more environmentally sustainable over the next two years. Almost a quarter (24%) want to become greener to attract and retain staff, and 30% are feeling pressure from customers to improve in this area.
A number of new technologies have already been embraced by businesses and include artificial intelligence (41%), Internet of Things (40%), wearables (37%) and facial/image recognition (38%). The biggest benefits of employing these four technologies are improvements in productivity, customer experience and product or service quality.
Meanwhile, 76% of companies think technologies will make their staff more productive and 72% think they will enhance wellbeing. Three in five (60%) intend to introduce or increase flexible working practices to enhance wellbeing and adapt to a rebalancing between human and automated output.
Channel Islands perspective
Warwick Long (pictured), Head of Commercial Banking for the Channel Islands and Isle of Man, said: “Excitement about rapidly evolving technologies, including AI and virtual reality, comes through clearly as businesses prepare to meet the needs of tomorrow’s customers.
"However, this survey also shows that businesses are well aware they will need their people to be healthy and happy in their jobs if they are to be successful.
“In this context, the Channel Islands are well placed and have all the right ingredients to enable businesses to adapt and make the most of future opportunities. Guernsey and Jersey have made strong commitments to creating digital frameworks to support technological innovation and digital skills development, whilst the islands also place a real emphasis on wellbeing – HSBC’s latest Expat Explorer survey found that 75% of expats in Jersey and 77% in Guernsey believe they enjoy a better quality of life since moving to the islands.”
Interviews for the Navigator: Made for the Future survey were conducted in Australia, Canada, China, France, Germany, Hong Kong, India, Indonesia, Malaysia, Mexico, Singapore, the UAE, the UK and the US in May 2019.
• The full report can be found here