THE CHALLENGES
a creaking social care system
Nick Sanderson is CEO of Audley Group, which owns retirement villages across the UK. He says many elderly people are considering changing their later life plans after suffering ‘lockdown loneliness’ this year, but that the social care system can’t accommodate their wishes.
‘Last year was a year like no other for the care and social care sector. Care workers have worked tirelessly to keep people safe. However, an already creaking system has been in the eye of the Covid storm, which arguably has now pushed it past the brink,’ he says.
‘With the UK’s ageing population, it is important the government prioritises the living options available to those in later life. The lack of options isn’t a problem that’s going away, the government cannot ignore it any longer and we must make sure we’re fighting for wider availability of housing with care options.’
a rollercoaster property market
Iain McKenzie, CEO of The Guild of Property Professionals, says that 2020 has seen a ‘remarkably high number’ of property transactions, a phenomenon that will continue into the first quarter of 2021 thanks to the stamp duty holiday.
‘However, after that we may see a more subdued market,’ he warns. ‘The stamp duty holiday ends on March 31, the same time as a new tax is introduced on foreign property investors. With the furlough scheme coming to an end, it is likely unemployment could peak next year, which will be challenging for all sectors of business. The biggest challenge facing businesses and the property market will be the rate at which the economy is able to recover from the knock it has taken in 2020. The faster the economy can recover, the sooner unemployment will begin to fall, and people can start to get back on their feet.’
supply chain scrutiny
Clothing business Joules says that the last year has made customers ‘more conscious than ever of the impact that businesses have on society and the environment around them’, meaning that companies must ensure they consider the impact they are having on society in 2021.
‘This period has really highlighted the importance of community and putting purpose at the centre of your business,’ says CEO Nick Jones. ‘Covid has reinforced the importance of transparency, communication and ultimately, making a positive impact. This has been woven into the way we operate for some time and it is something that we will continue to be guided by in 2021.’
Permanent changes to working relationships
Kate Cooper, Head of Research, Policy and Standards at the Institute for Leadership & Management, says companies must grapple with a new way of working and leading after working from home for so long has given us all a glimpse into each other’s domestic lives. ‘Our video-enabled glimpses into people’s domestic lives has emphasised their diversity and complexity, and made relationships more personal,’ she says, adding that this will be a ‘real challenge’ to leaders and managers.
Cashflow issues coupled with Brexit
Mike Cherry, chair of the Federation Of Small Businesses (FSB) says that the patience of small businesses is wearing thin after a year of uncertainty. ‘The Covid-19 vaccine rollout should be a game-changer for the economy. But with the discovery of a new virus strain, coupled with predictions of a third wave, small firms harbour anxieties for 2021. ‘The government must also realise the importance of cashflow in business, with a huge amount of debt starting to be payable and an ongoing threat of increasing taxes – both of which must be stopped before they cause significant economic damage.’
Low consumer confidence
FTSE 100 caterer Compass group provides food for offices, care homes, schools and hospitality venues across Britain. Robin Mills, Managing Director for Compass UK and Ireland, says that a major challenge will be rebuilding consumer trust after long periods of working from home, and eating at home.
‘This year will be all about rebuilding consumer confidence,’ he says. ‘Businesses will need to stay agile to manage changes in travel, eating out and access to work as restrictions evolve in response to the virus.’