UK business leaders stressed by rapid tech changes, study finds

A recent survey conducted by BBD Perfect Storm Co/Labs, a digital culture consultancy, has uncovered significant concerns among UK business leaders regarding the rapid pace of technological change.

The study indicates that many senior executives are grappling with fears concerning their understanding and adaptation to new digital environments.

The research reveals that over half of business leaders admit to having lost sleep or experienced stress due to the swift evolution of the technological landscape. Additionally, more than one-third of these executives fear that acknowledging their lack of understanding in technology could make them appear outdated or irrelevant. This fear of embarrassment has led many to stay silent on these matters, with one in four opting to quietly learn in their own time.

Laura Redman, Managing Partner at BBD Perfect Storm Co/Labs, emphasised the gravity of the findings. "The research proved what we had expected - that business leaders are often acting out of fear rather than understanding when it comes to new technologies and digital culture. Worryingly, half of business leaders surveyed also feel it's not their job to understand digital technologies and change. But the lack of understanding will likely increase the fear of being left behind which leads to investment in the wrong places."

Three in five business leaders expressed concerns about the digital world progressing more quickly than their businesses can manage to keep up with. Primary anxieties include the potential for artificial intelligence to replace jobs, competitive companies moving ahead rapidly, and an eventual collapse of their own business. Leaders also worry about losing their relevance with both consumers and employees due to their potential technological inadequacies.

Interestingly, the study pointed out a gender disparity in these concerns. Men were more inclined to feel it was crucial to project an understanding of technology, whereas women expressed greater anxiety about appearing outdated. The research also highlighted a significant financial impact, with more than half of business leaders admitting to spending money on digital services they did not fully understand or that did not benefit their businesses. Consequently, the complexity of making informed investments is exacerbated, with business decisions increasingly challenging to navigate.

To counteract these fears and support executives, BBD Perfect Storm Co/Labs has launched a division aimed at helping business leaders navigate digital culture more confidently. Redman will lead a multidisciplinary team that includes social-first thinkers and digital innovators. The aim is to enable businesses to stay relevant in the evolving digital age and make informed decisions about technological investments.

The establishment of BBD Perfect Storm Co/Labs comes in response to the increased emphasis on technology by all major political parties in the UK. Labour aims to position the Department for Science, Innovation and Technology (DSIT) as the core of government operations, while the Conservatives focus on leveraging innovation to enhance NHS productivity and cost-effectiveness. As a result, there is an anticipated surge in technological investments regardless of the election outcome, adding pressure on business leaders to adapt swiftly.

Despite the stress and confusion surrounding technological advancements, a notable proportion of business leaders resort to delegating these responsibilities. According to the survey, 52% of male respondents and 44% of female respondents prefer to hire specialists to manage digital technologies rather than understanding them personally.

Summarising the importance of the initiative, Redman added, "I'm thrilled to head up this exciting new division that will help businesses confidently step forward in an ever-evolving digital landscape and authentically find their voice."