The East Midlands has the fewest business leaders currently experiencing loneliness, new research by law firm Shakespeare Martineau has revealed.
Bosses from the region also reported feeling the least alone during the coronavirus pandemic, with 57% saying they were not at all isolated – compared to other areas where up to 63% claimed feelings of loneliness or isolation.
One thousand senior decision-makers in UK businesses were surveyed by Censuswide on behalf of Shakespeare Martineau as part of its annual Ambition Index*.
More than a quarter of the region’s bosses also spoke about how nothing is holding them back as leaders.
Duncan James, partner and regional head of Shakespeare Martineau in the East Midlands, said: “It is really interesting to hear that senior decision-makers in our region felt the least lonely during Covid and it is positive to see this continue as we emerge from the pandemic. This continues to show what a great place to work the East Midlands is.”
When given a list of options of what could be holding them back as a leader, the majority of respondents (26%) selected nothing – the highest region in England. Maintaining a work-life balance and a shortage of time placed joint-second, with 21% selecting these options.
Only 10% of respondents chose confidence, making the East Midlands the region least affected by a lack of optimism.
Duncan said: “It is extremely positive to see bosses from the East Midlands currently feeling so confident and that there is nothing getting in the way of their leadership.
“Over the past three decades, the region has experienced many setbacks with major industries disappearing, which has negatively affected thousands of people in the East Midlands. They have already navigated many choppy waters, so are perhaps more used to economic disruption compared to other regions.
“Leaders have had to be confident in themselves in order to be successful and this optimism has paid off, with the region now boasting many major international players, British household brands and innovative start-ups.”
Almost 40% of East Midlands business leaders will be investing more in their business in 2022 than this past year. However, 29% of respondents say they are not planning to invest or hoping to grow their businesses at all.
IT (31%) and technology (29%) topped the list of resources bosses will be investing in, followed by talent and learning and development (21%), and product development (17%). Of those leaders who are wanting to grow their businesses, the majority (24%) say they plan on doing this via cash from directors. This was closely followed by organic growth and joint ventures (17%), and bank debt (16%).
Duncan said: “I suspect some leaders think that because interest rates are so low, growing via debt money is a much easier option than sharing ownership of a business or equity investment. However, there’s an argument for both and leaders should be thinking more openly – looking at the whole gambit of investment rather than simply what they are used to. It’s important for leaders to take advice from trusted advisors who can deliver professional counsel to ensure they are making the right decisions for their business to be successful.”
