In November, UK GDP grew by 0.1%, according to Office for National Statistics (ONS) data relayed by CNBC. This revelation defied economists’ expectations – as indicated in a Reuters poll – that the British economy would actually contract by 0.2% in the penultimate month of 2022.
Nonetheless, this discrepancy “can hardly disguise the likelihood that whilst recessionary conditions may be shallow, an economic contraction is underway,” strategist Jeremy Batstone-Carr of the US banking institution Raymond James Financial explained to CNBC.
Indeed, economists have warned that the November growth figure might not necessarily be a sign of things to come, and that the long-expected UK recession might be delayed instead of averted. Naturally, this begs the question of when exactly the country should emerge from recession.
What have economic experts predicted about the UK economy?
One projection from the Bank of England has the UK experiencing a recession lasting at least four financial quarters – and Batstone-Carr has pointed out that “the effects of the Bank’s monetary tightening are still to feed through the economy fully.”
Furthermore, as the ONS has noted, UK GDP still ultimately fell by 0.3% across the three-month period running up to the end of November.
Batstone-Carr has continued: “Together with the corporation tax increase to 25% and the expiration of the tax reduction on new investments, the economy only stands to contract further.”
Deloitte expects UK GDP to drop by 1.4% overall in 2023. Stewart acknowledges that this would mark a “rather deeper downturn” than that predicted by economists on average, who anticipate the negative growth figure clocking in at 1.0% instead.
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How can UK businesses help to protect themselves against headwinds in 2023?
Though the UK has hardly been alone among major economies in battling inflation and rising energy costs, more than half a million workers in the UK have opted for early retirement since the COVID-19 pandemic began.
This situation has hampered the country’s productive capacity, while Brexit has made trading with the EU more expensive for many British businesses.
The onus is therefore on companies across the country to look for ways to budget more effectively – ideally, of course, without sacrificing the quality of the products or services provided.
You could seriously consider renting what is known as a serviced office. The Startups. website explains that a serviced office “comes ready-furnished, with internet and phone lines pre-connected and devices already equipped.”
Think about where you work and who you work with; are you happy there? One of the biggest things that can affect our happiness in life is where we work and who we work with. If we are working full-time, then the chances are that you’ll see the people that you work with even more than you might see your family. So it is important to be happy in the workplace. When you enjoy going to work and doing your job, it won’t feel like work after all. If you dread going to work, then you’re not going to put much effort into it. So the bottom line is that happier employees mean more productive employees. And when they’re more productive, it means more profit. So as an employer, it is your job to be aware of this and your employee’s needs. So here are some things to consider, to ensure a happy work environment for all of your team.
Many people, especially in the workplace, like be told as it is. They want to know what they need to do and when. If you have asked them to perform a certain task, then reconfirming it with them, and allowing them to ask questions to show they’ve understood, should be welcomed. One way to provide clarity for your team could be to use and display and organizational chart. One of the ways to use organizational charts is to provide clarity for your team. You can let them know the structure of things and let them know what is expected of them in their role or with a certain task. As it is a visual aid, it can be useful too. There is no confusion, and a lot of people learn better by seeing something, rather than reading something.
Creativity is strongly connected to happiness. So it would make sense that in the workplace you would allow some creativity to help the happiness levels of your team. There are various ways of doing it, that you might not have thought of before. Keeping meetings to a minimum length of time is a good way to allow your team to be more creative. Allow them to make suggestions, rather than just telling them that this is your idea so that it what you’ll do. Encourage them to get involved with decision making. Again, if they are just told what to do, then it doesn’t even require them to think much about it. So there is no creativity when they are just told something. So allow them to flourish by sharing thoughts and ideas.
Be Supportive and Flexible
It is important to remember that your team are not just robots; they are thinking and feeling, and yes, even have a life outside of the workplace. So if they need a little bit of flexibility, then it can help massively. Offer a day to work at home, for instance, or time off when they have a child’s concert to attend. They will be more likely to be open and honest about things with you when you are flexible and open with them too.
In all businesses, wasting time and effort is an easy way to sink the whole business. If you’re worried that your floor isn’t as efficient as you would like it to be, then you need to make changes. This doesn’t just go for manufacturing and production businesses. In any kind of workplace, the speed and quality of the workflow matters. So take a look at the tips below to see what strategies you should consider implementing in your business.
First, look at the physical layout of the workplace itself. Are there large gaps between different stages of the workflow? Are there unnecessary things in the way or just in the wrong place? Go back to the drawing board and try come up with floor plans that make workflow move a lot quicker. Of course, inefficiently reorganising can just as well cost you time. So when it’s time to move things around, look at tips like this industrial ball transfer demo by Hudson Bearings.
If you spend all day doing busywork and pushing paper, then you’re not spending as much time on the processes that actually make you money. So get the tools on hand that can help you reduce the amount of time you have to spend doing it. For example, if your HR workload takes up a lot of your time, look at apps that can automate a lot of those processes.
One of the biggest risks to the efficiency of your workplace is work interruption. In a high skill environment, an absent employee can be the most damaging case of work interruption. Don’t let your workflow come to a standstill. Don’t spend a huge amount of money hiring temps, either. Instead, take the time to help your employees mentor and train one another. Make sure that there’s always someone available to fill in the skills gap that another’s absence might create.
In any workplace, lacking the supplies you need is going to be another real cause for work interruption. Particularly in the world of manufacturing, this can be prevented by using an inventory tracking system. Know what you need well before you need it. Track equipment and keep it maintained on a regular basis. Don’t neglect the tools or materials that keep the whole thing going.
Money is vital to just about every kind of business. Yet, there are many who will lose track of it, only to find that they have no funding left for what they need. Financial advisors are more than just penny counters (though they are helpful in that regard). It’s always a good idea to have someone in the know who can help you spot opportunities to put your cash to better work.
We hope that the tools and tricks mentioned above help you create a much more streamlined business. If you can’t cope with your workflow efficiently, you could stand to lose everything.
The workplace is the last place any of us want to be injured. Of course, no-one really wants to get injured anywhere at any time. But the fact that you were just trying to do your job at the time definitely adds a bit of a sting to the deal!
In an ideal world, no worker would ever be in danger when they’re at work. But the sad reality is that many workers all over the world are at some risk of injury, even if a relatively small one. In fact, there are very few jobs that don’t come with some kind of risk to your body!
Here is a rundown of the most common workplace hazards. Whenever you’re on the job, keep these things in mind!
These are probably the most common injuries in any workplace. Of course, when you say “falls”, a lot of people will automatically think of construction work. But dangerous falls can occur in pretty much any workplace. A spilled liquid on the wrong surface that isn’t correctly cleaned up can result in a slip, for example. An officer worker may also have to deal with the dangers of boxes that have been incorrectly stacked.
Of course, it is definitely more of a concern in construction that anywhere else. This is why such sites are now regulated by OSHA. It’s also why innovative new technologies are being developed to keep workers safe and stay compliant with OSHA. Things like the smart hard hat help protect your head and monitor your vital signs!
For anyone whose work involves driving or working around vehicles, this is a clear risk. Car accidents are one of the most common causes of injury in America. Taxi drivers and delivery people are at frequent risk of such injuries. But even people who only have to drive a vehicle occasionally are taking a risk – again, this includes construction workers!”
Truck drivers, who often have to drive for more than twelve hours a day, are at particular risk. Highway travel at high speeds doesn’t usually scream “safety”, as I’m sure you know! Such dangers are why truck accident attorneys exist. If you need legal help regarding such an accident, call Sean Park Law’s office.
Does your job mostly involve you sitting at your desk and typing all day? You may think you’re completely safe from work-related injuries. Unfortunately, the nature of your job actually puts you at risk of RSI – repetitive strain injury.
This is a sort of umbrella term for any injury you can suffer when repeating those motions in your hands and arms for so long. Carpal tunnel syndrome is one of the more famous examples. RSI shouldn’t be underestimated. They can have long-term effects on your ability to work. It’s why ergonomics – also known as the combination of comfort and work – is important to investigate in your office.
There are, of course, a number of others risks that come with any job. Remember that it is always your employer responsibility to keep you safe.
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