We asked the CBI’s Thriving Regions & Nations chair Stephanie Hyde what more firms can do to help make it happen
There’s a lot of talk about levelling up. Agreement even. But how do you finally turn aspiration into reality? And can business really make a difference?
Both are questions Stephanie Hyde, UK CEO of JLL, is trying to answer as the new Chair for the CBI’s Thriving Regions & Nations programme.
Faced with the rising cost of doing business, you might think now is not the time to be thinking about something as noble as economic reconstruction. Hyde strongly disagrees. “Nobody should underestimate the shocks businesses are feeling, but you can’t afford not to think long term as it will hold us back,” she says. “We could be in a very different position now if we had invested; if we’d done things differently. We have to learn the lessons from that.”
The good news is that firms are already doing many of the things that contribute to their local areas, she adds. They’re creating jobs and wealth. They’re caring about the communities they operate within. “But if they’re clearer about the direction they’re travelling in and the skills they’ll need, there’s a lot more business can do to up the agenda.”
Working together on skills is one way to build on a natural cluster effect, gathering more companies around existing local strengths. Because as much as 75% of the decision about where companies are looking to invest is weighted on skills, she says.
Strong local leadership is another strong priority for Hyde. “Sometimes that's business leaders stepping up themselves; sometimes it's them understanding who they would respect to do it and giving them the right support,” she explains. “The best examples we have where areas have made real progress and businesses have partnered as part of that is where we’ve had really good leaders – like the Andy Streets and the Andy Burnhams.”
Although she jokes you don't have to be called Andy to do this, qualities of an effective leader include being objective, understanding what makes the local area tick – and what can be leveraged – and being driven by the greater good.
Simply sharing your story can be a building block for progress
But a lot of success will depend on visibility: businesses talking about what they’re doing; the initiatives they’re proud of; realising how they can do more of the same and where to take it to next – as they see what other businesses are doing too.
“Business can help define the story of a place and articulate their vision – and that’s what’s needed to attract investment,” she says. “Because there’s a lot of money waiting in the wings, people wanting to invest, but just wanting reassurance it’s not going to be misplaced.”
“The more certainty business can get, the happier they are to invest. That's probably our biggest challenge and our biggest opportunity: to be clear on what difference we could make and be clear with the government on how they can help to put the pieces in place – quickly – so that we can all get on with it.”
Focus on local pride
Hyde can look at her own career to see the possibilities. Before taking on the JLL role, she led the regional offices at PwC before moving into a few years operating globally.
“Every area of the UK has a different personality. But no one is sitting there thinking they want their area to become like London. They want them to become a better version of themselves.
“I’m now leading a company that facilitates that, delivers tangible results, bringing in investment and supporting developers to create amazing spaces.”
Whether it’s projects that take decades to come to fruition – like Kings Cross, Canada Water or York Central – or the renovation and repurposing of a single department store, there’s passion from those involved in making it happen and a visible difference to the lives of those who live, work and play in the area concerned.
Hyde is seeing that passion now replicated by her fellow Steering Committee members at the CBI – and a real chance to accelerate levelling up. With different expertise and plenty of different approaches in the melting pot, it’s now about getting clarity about what good looks like, how businesses can help each other, and how government can best facilitate progress.
After all, she says, there comes a point you have to stop thinking about the barriers and think more about the opportunities. “Let’s not worry about what might stop levelling up. Instead look at it in terms of what do we need to make it happen.”