Technology evolution risk also a major concern says new Zurich report

More than half of Britain’s mid-sized technology companies feel they are at risk from losing skilled employees, according to new research commissioned by insurance company Zurich.

The figure rises to 70% amongst UK companies with an annual turnover of £25-£100m, according to Zurich’s research.

However, 77% say they feel more optimistic about the future than they did last year.

Geoff White, senior market underwriter TechMedia in Zurich’s UK General Insurance business says: “From the television to the computer, the UK has always had a strong foundation in technology, and the companies within this sector are of great importance to the growth of the UK economy. This sector provides the opportunity for us to make Britain a highly competitive, or even leading, business nation on a global scale.

“However, 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.

“While it’s encouraging that technology companies tell us they feel optimistic about the future, they clearly have some real concerns, particularly, recruiting and retaining skilled employees.  

“It’s essential that both businesses and government work together to overcome these issues in order to ensure British technology companies are able to survive and grow in this fast-moving global technology market.”