A new report looking into the strengths of the current UK business landscape has discovered the emerging ‘capitals’ of British business.
The report, published by the Lloyds Bank National Business Awards, has highlighted the new business capitals that offer distinct advantages which help drive success and growth within specific specialist sectors. However, even outside of the five identified areas, there’s still good news right across the UK.
Whilst London is undoubtedly one of the world’s most famous financial hubs, Birmingham (connectivity), Cardiff (talent), Leeds (affordability), Plymouth (digital) and Brighton (start-ups) are the five main newly identified business capitals. The study, amongst over 850 senior business decision makers, also identifies Bristol (80%), Brighton (76%), Norwich (75%) and Cardiff (70%) as areas with the fastest growth.
According to the number of good quality applicants who reply to job postings, Britain’s best talent locations are, Birmingham, Glasgow, Norwich, London and Leeds.
Cardiff is one of the top cities in the UK for business growth, and has a higher proportion of ‘gazelle’ companies (a high growth company that has effectively more than doubled its revenues over a four-year period) than any other UK city. It’s also projected to be one of the UK’s fastest-growing cities with over 26% population growth over the next 20 years — and its young and talented population are driving Cardiff’s economic growth. The city region is currently home to 75,000 students, and postgraduates now make up more than one in three students studying in the city’s higher education institutions.
As a result, eight out of ten Cardiff respondents (80%) said that they find it easy to attract and retain talent in their business. More than half (52%) said that an excellent pool of talent in the local area is the reason for fast growth in the area, and 47% said that good local universities and training options drive growth in local businesses.
As well as the areas seeing the most business success, the report also found that two-thirds (66%) of senior business professionals find it easy to attract and retain talent, with larger businesses (701-1000 employees) finding it easiest (73%). Further, HR (86%) and technology firms (80%) find talent retention the easiest. Businesses reported competitive salaries (47%), affordability (46%) and young people choosing to stay in the area after university (43%) as the best ways to keep top talent.
The report also revealed the most awarded areas of the UK, with award winning businesses reporting a boost in morale (57%), increase in customer trust (51%) and boost for industry recognition (47%).
The Lloyds Bank National Business Awards is now in its 17th year, and is the UK’s most prestigious and independent awards programme. It recognises and rewards enterprise excellence, innovation and also ethical practice in the UK, across all industry sectors.
“Your business has a story to tell – and we want to hear it. We’re committed to recognising and rewarding the best of British business,” said Sarah Austin, Brand Director of The Lloyds Bank National Business Awards
Entries for the awards are now open, push your company into the limelight and give it the recognition it deserves. Find more information at www.nationalbusinessawards.co.uk.