A new model of competitiveness devised by Dr Chris Brauer at Goldsmiths, University of London in partnership with Microsoft finds that nearly half (46%) of British organisations fall into the worst performing category, posing a real threat to UK prosperity.
As organisations rally from the impact of COVID-19, now is not the time for Britain to fall behind in the competitiveness stakes.
But there is a way through. If firms make incremental changes now to attract the right skills, talent, tech and leadership, our model predicts an immediate £48 billion boost to the UK economy.
But how? What must you do to transform? How can you drive sustainable growth?
This new report from Microsoft, its customers, and some of the brightest minds across UK enterprise and academia, helps to answer these most vital questions.
The UK at a crossroads
UK organisations are hurting. More than half (54%) have seen a decrease in revenue this year. For more than one in five (22%) the drop has been greater than 15%. The same number (22%) had no choice but to scrap an existing business model within days of entering lockdown.
In both the public and private sectors, organisations have had to try to find new ways to remain competitive at a time of unparalleled challenge and disruption.
Hear directly from those who despite COVID-19 are successfully driving transformation and enhanced preparedness.
A new model fit for a new age
Our researchers found that the UK's benchmarks for competitiveness haven't changed much since the 18th Century. While traditional approaches to competitiveness are rooted in productivity, they fail to account for the transformational impact of technology.
Addressing the nation's productivity paradox and the twin challenges of COVID-19 and Brexit requires a new approach. For that, we don't need to rip up the rulebook entirely, but we must re-define it.
Discover the new model for competitiveness defined for the digital age, devised by the academic research team.
Hollow growth vs sustainable growth
Organisations that extract as much value as possible from staff, simply to reduce costs and boost productivity, while providing minimal support, are seeing declining revenues in the current climate.
Learn where 46% of UK organisations may be getting it wrong, and how others are pursuing a more stable upward trajectory - sustainable growth.
48 billion reasons to change now
By making minimal, low-cost interventions to their approach, British organisations could significantly boost their own competitiveness.
The sum of all these marginal gains could quickly add up to an overall boost to the UK economy of £48.25 billion - more than the entire cost of the UK furlough scheme. And this just a starting point - it could grow considerably if organisations drive longer-term investment in competitiveness.
Learn where this significant shot in the arm for the UK's recovery could come from.
The road to competitiveness
Moving towards sustained competitiveness extends beyond the bottom line. The report reveals a win-win for society and the economy.
Our research shows that only by adopting a socially progressive and digitally enabled approach to competitiveness now can we unlock the full value of this economic potential.
Read the practical steps that some UK organisations have taken to boost competitiveness and grow against the economic trend.