Post pandemic outlook remains positive for lifting industry despite heavy job losses
While half of businesses in the lifting industry have attributed job losses to the impact of Covid-19, new research suggests almost three quarters of firms in the sector remain optimistic for the post-pandemic future, and a move towards new and possibly more productive ways of working.
According to research carried out by the Lifting Equipment Engineers Association (LEEA), 72% of firms reported being optimistic for the next six months, with this increasing to 80% for the next 12 months. However, the breadth of specialisms and the number of supply chains in the sector have produced a varied picture in the research.
LEEA said it does not expect the sector to return to pre-pandemic patterns of work as there are now clearly different expectations around training, travel and work patterns, according to the research. The majority of firms (over two thirds) reported their attitude towards e-training had changed in the past 12 months, with it being seen much more as an option. Training by Zoom specifically has its supporters, with nearly three quarters of firms reporting that they now see it as a more likely option. However, there is clearly a view that face-to-face training remains the preference, regardless of company size or specialism. Most firms are looking at more focussed travel, however, with 65% reporting that they expect to make changes to their business travel budget post lockdown.
Surprisingly, however, the survey reveals a large percentage of firms recorded an increase in revenue. The picture improves when looking over the duration of the crisis: during the initial pandemic period (April to June 2020), there was an equal split between those reporting revenues up or down compared to the same period in 2019 (45% each). But, across the longer period of April 2020 to February 2021, the balance shifts to 54% reporting revenues up compared to 39% seeing a drop.
Nevertheless, there has been a dramatic impact on the workforce with an incredible 50% of respondents making job losses attributable to the pandemic across a range of roles. Half the respondents expect the workforce to be smaller in March 2022 than it was in March 2020. LEEA said while it can speculate about the reasons behind the ups and downs, further research will be required to fully understand which parts of the sector did better than others.
Ross Moloney, CEO of LEEA said: “2020 has been a year that none of us expected. Our personal and work lives have all been impacted and as we look forward, we are now trying our best to predict what the future will look like. A year on from the initial lockdown in the UK, LEEA has issued this research aimed at helping us to understand the implications of the pandemic on our industry. It allows us to see the huge financial effects on our industry and the retrenching we are expecting concerning the size of the workforce, how training is conducted and changes to everyday work.”
For further information, visit: www.leeaint.com
Posted on: April 12th 2021