Starting a new business? Get 40% off our accountancy services for 3 months! 😀


The newly released Technology Hazard Warning Report reveals that 57 percent of technology small and medium enterprises consider the loss of skilled employees to be their biggest threat to growth. The research, which was commissioned by Zurich and conducted by B2B research consultants, interviewed one hundred senior managers of technology companies in the United Kingdom, with a turnover between £5m and £300m.

As technology swiftly progresses, the biggest risk factor for tech companies is being successful in the employment of staff with the highest level of skills required for the business. As salaries in the Information Technology sector increase at a rapid rate, 41 percent of companies are concerned about being able to retain their most competent workers, as global competition for skilled staff increases.

As technological advances improve, 39 percent feel pressured to stay ahead of the competition, which is why 49 percent of the companies consider advancement to be a number one priority. This same progression in the IT sector is a threat to 46 percent of smaller companies. The Senior Market Underwriter in Zurich’s UK General Insurance company, Geoff White said:

“The research shows that employers in the technology industry are suffering from brain drain and fear this even more for the future, losing skilled employees to overseas competitors, which provide a richer, more challenging environment for them to work in.”

Although 77 percent of technology businesses feel optimistic about the future, White believes that the government and businesses need to resolve these issues so that UK companies are able to achieve economic growth in a competitive global sector.

About The Author

Gary Fields

Content Writer working alongside our expert accountants to bring you the latest Tax and Accounting news.

More posts by this author
Inline Feedbacks
View all comments

Read more posts...

June 2022 Client of the Month: Manea Kella

This month we spoke to Adrian Manea, architect and director at Manea Kella, a London based RIBA Chartered architecture and interior design…

Read More

Succession Planning for Business Owners: What Comes Next?

When you own a business, it’s extremely normal to feel like you’re surviving one day to the next – ‘winging it’, as…

Read More

The Accountancy Partnership – Our Positive Reviews

Here at The Accountancy Partnership, we’re proud of our customer reviews The reviews we receive from our customers show how hard we…

Read More
Back to Blog...

Confirm Transactions

The number of monthly transactions you have entered based on your turnover seem high. A transaction is one bookkeeping entry such as a sale, purchase, payment or receipt. Are you sure this is correct?

Yes, submit my quote
No, let me change it

Please contact our sales team if you’re unsure

VAT Returns

It is unlikely you will need this service, unless you are voluntarily registered for VAT.

Are you sure this is correct?

Yes, the business is VAT registered
No, let me change it

Call us on 020 3355 4047 if you’re not sure.


You only need this service if you want us to complete the bookkeeping on your behalf.

Would you prefer to complete your own bookkeeping?


Call us on 020 3355 4047 if you’re not sure.