Inclusive Growth requires courage in 2025

Tuesday 14 January 2025

By Lorraine Acheson, Managing Director of Women in Business and Deputy CEO of The WiB Group as featured in the Ulster Business Magazine.

Reflecting on the past year it seems like only a blink of an eye when it was announced in January that the power sharing executive had been reestablished bringing political stability locally that we all needed. However as we look forward to the next 12 months, on a national and global stage that sense of stability has been left hanging by a thread and I cannot help but feel apprehensive about the serious implications for not only Northern Ireland’s economy, but our entire society.

Businesses are facing the prospect of rising costs in the form of increased national insurance contributions, coupled with increases in minimum wages, all set against the global backdrop of international conflict. Add to this the real-world effects of climate change and potential economic impact of new trade tariffs with the US, and it is clear to see why there might be unease and caution.

As the leading organisation that champions the creation of an inclusive, prosperous economy, this leaves me deeply concerned for the gains that so many businesses have made in terms of developing inclusion strategies and workplace policies that are more diverse – tangible progress that risks being swept away altogether when budgets tighten and caution takes over.

The danger of retreating into a cost-cutting mindset to satisfy shareholders is that those who are already economically disenfranchised are left further behind. Too frequently now in the news we hear of food banks inundated, rising numbers of people experiencing homelessness within our towns and cities, and the stark reality facing the working poor: just because a household has two incomes does not mean they are not struggling financially.

From a business perspective, the onus is on leaders to pioneer progress right across Northern Ireland, striking a regional balance in the year ahead that ensures no one business or individual is left behind or undervalued. Especially when NI’s rate of economic inactivity remains among the highest of all UK regions at 28% of the working age population.

The positive change that increased diversity and inclusion has brought our society is increasingly being tarnished by voices that want to claim this ‘woke’ activity is to the detriment of individuals and communities. The truth of the matter is that supporting underrepresented communities to engage with and flourish in business is not just the right thing to do – it is essential for a thriving society. Many businesses have made progressive changes to enable more women to succeed in the workplace, to implement strategies that facilitate a better work life balance for everyone and enable underrepresented groups to start and scale businesses. These changes benefit everyone and it is imperative that we do not listen to the critics of diversity and inclusion. Progressive leaders here must show courage now and protect the DEI budget line.

The outlook in January might feel bleak and perhaps overwhelming, but the new calendar year presents a timely opportunity for leaders to test their mettle in these challenging circumstances. What we need to see is a collective step forward from those purpose-driven leaders among us, and surely that is what we all aim to be.

The measure of a successful society in my view is not in GDP, it is in how it treats the most vulnerable. How it helps those who have been left behind and stand to be further cast adrift by the headwinds yet to come. For me the true test of leadership is not in navigating calm waters but in weathering the storm.

At the dawn of a new year, we have time to reflect and I believe now is the time to double down on purpose and our own courage. Now is the time to not lose sight of the gains we have made and what we stand to lose if we give up now. We have not come this far to stop now.

Courage will define 2025. It will require leaders to stay steadfast in their commitment to inclusion, to protect the gains we’ve made, and to refuse to let economic challenges derail our progress. These efforts will shape the legacy we leave behind—for our businesses, our communities, and our society.

Tuesday 14 January 2025