EP launched their Reinvention concept in early 2020, just prior to the pandemic and it never had the opportunity to really find its feet; however, as the world re-emerges so already there are genuine signs that so many are considering change – both individuals and business.
It is all natural and a sign of the times.
· It is estimated that there will be new services which do emerge over the next year. Companies are already working hard on how they can reinvent their offers and services to meet the demand of the changed consumer? It is well known that the three main areas of focus for many companies lie in digitalisation, employee experience, customer experience and in sustainability. How developed are plans in these areas? Most accept they have a road to travel yet. So what is the future?
· Have consumer habits changed more than expected? It is argued that young professionals want to buy food brands and is it really a surprise to see the growth of delivered in services for business? How will this impact on traditional services?
· Great service is believed to be a major differential in 2022 but with a forecast 180,000 vacancies, how can this be best achieved?
· The next six months will be challenging and cash flow is going to be strained for many. There will be many independent companies who will naturally seek exit routes as markets recover but cost rises faster than income is generated. Markets will see some consolidation.
· How will City Centres reinvent themselves? The figures being forecast still indicate there will be many losers. If forecasts are correct, London will see 30% less density in early 2022 than in 2019 and with the lack of international business travel, 50% less income in top hotels and restaurants. Many are forecasting a return to strength in 2022 but is this really possible?
· It is said that 41% of all employees are wanting to change their roles as they enter 2022. This is true at all levels and we are working with a whole number of senior players who want to find new challenges for themselves. It is understandable. The last 18 months have taken their toll. Many are tired and want to find a new challenge. For senior appointments, there is no lack of great candidates open to looking for new roles and opportunities.
Reinvention is all about exploring change – whether personal or business. It is about exploring new ideas, new thinking, new innovation if only to ask what can be improved?