This mental health awareness week, new research from BT has uncovered widespread anxiety among business leaders about the pace of technological change in the workplace.
Nearly nine in ten (86%) company directors and executives report suffering from bytemares: tech-related stress that’s severe enough to disrupt their sleep – with security and AI the top causes.
BT estimates the resulting tech paralysis could cost the economy £11.79 billion by 2030, as many small businesses right up to large multinationals opt to defer investment in tech transformation.
Rapid Pace of Tech Evolution
From AI to cybersecurity, big data to digital skills, nearly 9 in 10 (88%) businesses are investing in new technology this year to improve productivity and gain competitive advantage, as tech investment overall is set to increase 31% year-on-year.
For most business leaders, selecting and implementing the right technology plays a pivotal role in the success of their business.
Nearly two-thirds (62%) recognise that digital and tech transformation is critical to the survival of their company.
But the sheer pace of tech evolution is a cause for concern. 9 in 10 (88%) say workplace technology is a source of stress in their lives and three in five (59%) decision-makers say tech is advancing so quickly they worry about the future of their business.
Financial services (74%) and HR (78%) are most concerned about the impact on their sector this year.
The concern is that the associated stress of delivering tech transformation is standing in the way of progress, at both a business and national scale.
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BT’s research estimates that 104,000 British businesses could be opting not to invest in new technology this year due to stress associated with the implementation, transformation and upskilling involved.
It suggests that this tech paralysis could stunt growth by an estimated £11.79 billion by 2030.
Tech Anxiety
Whether it’s worrying about cybersecurity (32%), tech transformation (25%), or digital skills (24%), directors and executives are calling out for support to navigate tech, with half (50%) wishing they had a trusted partner to help them with tech transformation.
While cybersecurity is seen as the biggest technological threat to businesses this year, AI is proving to be a huge source of stress. Three in four business leaders say that it has made them feel stressed or anxious in the past year.
Worries include data privacy and security (34%), as well as quality and reliability (29%). One in five (21%) see it as an existential threat to their business.
Bas Burger, CEO – business at BT, said: “Today, every business is a digital business – and our research shows that the pace of change is taking its toll.”
