Financial concerns plague over 70% of businesses globally with almost a third of businesses just hoping to survive the year

Every business sets goals for the new year. While a company’s size, industry, or specific circumstances play a factor in this, globally, many share the same aspirations.

Peninsula Group asked 79,000 businesses across 4 countries – Australia, Canada, Ireland, and the UK – about their top priorities for 2023.

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What are the main business goals for the new year?

Growth was listed as the main business goal for 58.6% of employers making it the main goal for businesses in all 4 countries. Australian businesses were the most focused on growth with 62.9% citing it as their number one goal.

Despite aiming for growth, it’s clear that the recession is having an impact on businesses in the UK and Ireland. 38.4% and 34.7% of UK and Irish businesses listed survival as their main goal for the year.

What are the biggest concerns for business owners?

The cost of living seems to be playing heavy on the minds of business owners everywhere. 72.3% of bosses around the world are concerned about rising prices, listing it as their top priority in 2023.

Irish businesses are the most concerned with rising costs with nearly 9 out of 10 (87.8%) employers stating it as their top concern. It also topped the list for both Canadian and UK businesses.

Less than half of the Australian companies surveyed see rising costs as their biggest concern. Employers are instead more anxious about labour shortages with 66.2% of bosses worried about the impact it may have on their business.

Canadian business owners share similar concerns. 62.4% of those surveyed said they were also worried about a potential shortage of labour. However, this issue didn’t crack the top three for either the UK or Ireland.

Similarly, 52% of bosses in both Australia and Canada are concerned about employee retention. This was much lower on the list of concerns for UK and Irish employers.

To tackle this, many businesses are looking at ways to aid employee retention. Pay rises are still the most common tactic used by companies to reduce staff turnover with 66% of employers offering financial remuneration.

However, financial incentives aren’t an option for every business. Meaning employers are looking at other ways to keep their staff. Over half (50.2%) of those surveyed are offering flexible working options, with a further 30.7% providing mental health support.

How are businesses adapting post-pandemic?

Pandemic working models are also becoming a thing of the past. For some, flexible and remote working have become permanent fixtures. However, this is not the case everywhere.

Globally, over a third (37%) of those surveyed have completely returned to their pre-pandemic working methods. But the pandemic has led to some long-lasting changes to workplace culture as 28.9% of bosses are focused on prioritising the health and wellbeing of their employees.

Get advice from Peninsula

The world of business can be unpredictable. And with so many potential obstacles to face you can get lost in the little things and miss the big picture.

Peninsula offers expert advice on performance related pay. Our HR team offers unlimited 24/7 employment advice which is available 365 days a year.

Want to find out more? Seek advice from one of our HR advisors today. For further information, call 0800 029 4384.