- 9 out of 10 business leaders say stress disrupts their sleep and technology anxiety is the main culprit
- Cybersecurity and AI are at the top of the list of concerns keeping leaders up at night, with two-thirds (62%) saying technology transformation is essential to business survival.
- More than half (58%) are concerned about the pace of change, with ‘technology paralysis’ around change potentially holding back an estimated £11.79bn of growth by 2030.
- For Mental Health Awareness Week, BT teams up with former Dragon Sarah Willingham and meditation guru Izzy Judd to help UK businesses face technology change ‘head-on’
London, May 13, 2024: This Mental Health Awareness Week, new BT research reveals widespread anxiety among business leaders about the pace of technological change in the workplace. Nearly nine in 10 (86%) corporate directors and executives report suffering from “bite mare,” or technology-related stress severe enough to disrupt sleep, with security and AI being the biggest culprit. is. BT predicts that the resulting technology paralysis will cost the economy 117% by 2030, as many small and medium-sized enterprises (SMEs) to large multinationals choose to defer investment in technology transformation. We estimate* that there could be a potential loss of £90m.
To tackle this issue, BT has teamed up with former Dragon Sarah Willingham and meditation guru Izzy Judd to provide business leaders with the mental tools to tackle concerns about technology transformation head-on. Masu. Together they created business restartis a series of technology-inspired guided meditations designed to help businesses of all sizes and their employees hit the reset button before facing the technology challenges of the day.
Rapid technology evolution
From AI to cybersecurity, big data to digital skills, nearly nine in 10 (88%) companies will invest in new technology this year to improve productivity and gain a competitive advantage. and overall technology spending is expected to increase 31% year over year. .
For most business leaders, selecting and implementing the right technology plays a critical role in business success. Almost two-thirds (62%) recognize that digital and technology transformation is important to their company’s survival. However, the speed at which technology is evolving is a cause for concern. Nine in ten (88%) people say technology at work causes stress in their lives, and three in five (59%) decision makers say technology advances too much. They also say they are worried about the future of their business. Financial services (74%) and human resources (78%) are most concerned about the impact on their sector this year.
The concern is that the stresses associated with implementing technological transformation are hindering progress at both a business and national scale. Research from BT estimates that this year 104,000** UK businesses are likely to forego investment in new technology due to the stress associated with implementing, transforming and upskilling. It suggests that this technology paralysis could hinder growth by an estimated £11.79 billion by 2030.
anxiety about technology
Whether they are concerned about cyber security (32%), technology transformation (25%) or digital skills (24%), directors and executives want support to navigate technology, with half (50%) %) wish they had a partner they could trust. We help them transform their technology.
While cybersecurity is considered the biggest technological threat to businesses this year, AI is proving to be a major source of stress. Three in four business leaders said they felt stressed or anxious in the past year. Concerns include data privacy and security (34%) and quality and reliability (29%). One in five (21%) believe it is an existential threat to their business.
Bas Burger, CEO of BT’s Business Unit, said: “Today, every business is a digital business, and our research shows that the pace of change is taking its toll. Our job is to make things easy and give businesses the power they need to grow. It’s about providing a solid digital foundation. Together with former Dragon Sarah Willingham and meditation expert Izzy Judd, we’re here to help business leaders make the most of technology opportunities. Whether it’s AI, digital skills or cybersecurity, BT can help.
Former Dragon Sarah Willingham said: “Dealing with change and uncertainty are two of the most difficult things about running a business, and I have always found meditation to be very helpful in helping me with that. Without it, I wouldn’t be able to be as present or as productive as I am for myself and my team.With all the technology challenges businesses face this year, I… We want leaders to embrace the power of mindfulness and meditation in their work.”
Three in five business leaders (57%) already practice meditation at least once a week, and one in 10 (11%) meditate daily. A third (38%) of those who have not tried it say they would consider it to reduce work-related stress.
Izzy Judd, BBC presenter music and meditation Podcasts and BT Voices business restart The series states: “Meditation plays an important role in the lives of millions across the UK and is increasingly being used by businesses to help them cope with the stress of living in the fast lane. Take just a few minutes and take it off your to-do list. Simply stepping away, reconnecting with your body and mind, and resetting your priorities can significantly improve your clarity and focus, while also calming you down. That’s what BT’s Business Reboot series is all about.”
Developed in collaboration with BT’s Sarah Willingham and Izzy Judd business restart The guided meditation series is specifically designed to help business leaders beat the “bite” with episodes focused on AI, cybersecurity, data analytics, digital skills, and cloud computing. Audio meditations are available for free to everyone, including her over 1 million BT corporate and public sector customers around the world.
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Note to editor
methodology
The survey was commissioned by BT and conducted by Censuswide between 26 and 5 March among 2,000 UK business decision makers.th April 2024.
*Numbers calculated taking into consideration the following 2022 and 2023 We first estimate the value that digital technologies could create to the UK economy by 2030, then average the year-on-year growth rates to extrapolate the figure for 2024. This number is then multiplied by BT’s research estimate of 12%. High-tech investment has been stagnant this year. Multiply this number by 15% to determine the percentage of companies that say investing in new technology is too stressful.
The calculation is as follows:
£520bn – £413bn = £107bn. (£107bn / £413bn) x 100 = 26% increase compared to last year. 26% increase from expected £520bn = £655bn in 2024. £655bn x 12% = £786bn. £78.6bn x 15% = £11.79bn.
Public First estimates are based on Conference Board data on the impact of average GDP on ICT capital and Organization for Economic Co-operation and Development (OECD) data on the share of total factor productivity (TFP) attributable to information technology (IT) .
**Figures are calculated by calculating the total number of UK businesses as follows: Business & Trade Bureau UK and regional business population estimates for 2023. We multiplied this figure by the 12% estimated proportion of companies from BT research to have stagnated their technology investment this year. This number is multiplied by 15% to represent the percentage of companies that say investing in new technology is too stressful.
The calculation is as follows:
5,600,000 x 12% = 672,000 total companies. 672,000 x 15% = 104,000 total companies.
