View all newsletters
Have the short, sharp Spear's newsletter delivered to your inbox each week
  1. Wealth
January 27, 2021updated 28 Jan 2021 5:23pm

Why Covid presents an opportunity to ‘review and evolve’

By Spear's

You should never let a crisis go to waste, and Covid is no different say Jonathan Golden and Wyn Lewis

The economic fallout from the coronavirus has hit UK businesses and people hard. But it is also an opportunity to review and evolve. Here at Gunnercooke we have noticed that three business areas are particularly buoyant: insurance turnarounds, big-brand retail looking to move online and tech. These exemplify a larger trend for the need (and willingness) to adapt, and a flight to quality.

This piece first appeared in the Spear’s 500 2021. Click here to access the new Spear’s 500 website

The insurance sector is experiencing a hardened market after 10 years of falling prices, leaving some firms struggling to find reinsurance, meaning they need to remodel to adapt. That means hiring new people with different skills. Big brands face the realisation that online retail has become the primary form of consumption, leaving them with no choice but to turbo-charge their move online and get an international foothold. To do this, they must hire new talent in order to future-proof their businesses.

This piece first appeared in the Spear’s 500 2021. Click here to access the new Spear’s 500 website

Tech and tech training companies are using WFH (working from home) and WFA (working from anywhere) as an opportunity to source tech-savvy individuals and unleash a tsunami of innovative products capable of turning members of the workforce into tech-ready individuals equipped to thrive in our post-Covid world.

For the right candidates, the market is full of opportunities. There is a clear trend of individuals using their generic and specialist skills to move between different business sectors. But why now? And what does any of this have to do with employment lawyers?

This piece first appeared in the Spear’s 500 2021. Click here to access the new Spear’s 500 website

Content from our partners
Why investors should consider investing in nature
HSBC Global Private Banking: Revisiting your wealth plan as uncertainty abounds
Proposed non-dom changes put HNW global mobility in the spotlight

As companies look for something new, they are cherrypicking talent from non-competing sectors. In one sense this eases transitions because post-termination restrictions don’t have the same bite. But as companies look beyond their own industries to find the skills that will give them the post-Covid boost, they will also have to persuade candidates to step into the unknown.

To do that, employers must demonstrate what value they can add and that they are able to provide a sufficiently attractive package.

The real work for employment lawyers is creating a set of principles and actionable objectives which show candidates how they fit into the strategy. Ultimately, this is the value-add of the business-savvy employment lawyer: coaching our clients on either side of the table. A well-thought-out structure also creates gaps to be filled by new talent with fresh perspectives – this is why a reorganisation can always be a force for good.

But, at this stage in the crisis, it is no longer optional to have the right talent and advisers around: it is essential.

Jonathan Golden & Wyn Lewis are partners at Gunnercooke

This piece first appeared in the Spear’s 500 2021. Click here to access the new Spear’s 500 website

More comment from the Spear’s 500 2021

The lengthening arm of the law: Why HNW individuals are facing scrutiny

25 years of family law: A retrospective

Chartered status: The gold standard for security

Barolo: An untapped wine investment in northwestern Italy

Select and enter your email address The short, sharp email newsletter from Spear’s
  • Business owner/co-owner
  • CEO
  • COO
  • CFO
  • CTO
  • Chairperson
  • Non-Exec Director
  • Other C-Suite
  • Managing Director
  • President/Partner
  • Senior Executive/SVP or Corporate VP or equivalent
  • Director or equivalent
  • Group or Senior Manager
  • Head of Department/Function
  • Manager
  • Non-manager
  • Retired
  • Other
Visit our privacy policy for more information about our services, how Progressive Media Investments may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.
Thank you

Thanks for subscribing.

Websites in our network