The UK’s Asset Finance industry proved to be resilient in the face of a challenging and uncertain economic landscape. As the world grappled with economic adversity and pressing climate change concerns, the sector demonstrated its unwavering value as a vital financing solution for UK SMEs, maintaining a healthy market and focusing on sustainability.
A recent and exclusive study, the 2023 Asset Finance 50 Report, provided a deep dive into the industry’s activities during this tumultuous period & environment. This annual report, considered the UK’s most influential survey of business and equipment lessors, plays a crucial role in tracking the market’s health and identifying trends that will impact the sector.
What the data tells us…
Even amidst the economic and geopolitical crisis, the data showcased a total net investment in leasing for the top 50 firms amounting to £43.7 billion. This demonstrated a resilient (Excuse the pun) rise of 5.6% from £41.4 billion compared to the previous year on a like-for-like basis, highlighting the industry’s strength.
Moreover, 18 firms reported a significant increase in their book of over 10%, with two firms reporting extraordinary hikes of over 50%. Notably, newer entrants are rising through the ranks in the Top 50.
Talent as Catalyst for Growth
Amid this growth trajectory, attracting top talent remains a pivotal catalyst for propelling organisations forward. A talent-rich workforce not only drives innovation but also fuels the adaptability required to thrive in uncertain times.
Organisations within Asset/Auto and Equipment Finance require a blend of skills – from financial acumen to tech-savviness. The ability to secure and retain the best talent is a critical factor in sustaining growth and steering the industry through economic complexities.
Here’s how talent can help navigate the uncertain economic times and consequently drive growth:
1. Problem Solvers
Talented individuals possess a unique ability to view challenges as opportunities. They bring fresh perspectives and innovative solutions to the table. In times of uncertainty, these problem-solving skills are invaluable for devising creative strategies to navigate through complexities and find growth avenues.
2. Future-Proofing Through Skill Relevance
In a rapidly evolving industry, skills become outdated faster than ever. Strategic hiring involves identifying individuals with not only current but also future-relevant skills. This future-oriented approach ensures that the talent you bring on board is equipped to adapt and lead in an ever-changing landscape.
3. Strategic Leadership Mapping
CXOs and leaders are the captains of the ship, steering organisations through tumultuous seas. Strategic hiring involves meticulous mapping of critical leadership needs, identifying gaps, and foreseeing the skills and experience required to sail through uncertain waters. It’s about aligning a leader’s capabilities with the organisation’s mission for a synergistic partnership.
Their ability to envision a future amidst economic uncertainty is instrumental in charting a course that steers the organisation towards growth and sustainability.
In conclusion, talent isn’t just an asset; it’s a dynamic force that can propel organisations through uncertainty and into a future ripe with growth. Cultivating, nurturing, and empowering this talent is an investment that yields exponential returns, ensuring not only survival but triumph in challenging economic climates.
Looking to strategically position your organisation for success amidst economic uncertainties? At Resilient Management Solutions, we specialise in empowering businesses through strategic talent acquisition. Let us be your partner in navigating the stormy seas of change and emerging stronger within the Asset/Auto and Equipment Business Transformation.