We sat down with PM+M partner, Helen Clayton, to discuss plans for PM+M in 2025 including the biggest challenges facing the business, opportunities for growth and how recruitment and retention is likely to pan out over the next 12 months…
What is the biggest challenge facing PM+M and the sector in 2025?
We will always face challenges. However, I prefer to look at them as opportunities. Continuing to adapt to and to take advantage of ongoing technological advancements and automation will continue to be a significant opportunity for PM+M and the profession throughout 2025 and beyond. We are not of a size to be a leader in creating new tech; we can be a very fast follower though and this gives us the opportunity to drive efficiency through our processes, enabling us to be increasingly proactive to advise clients in the moment and ahead of time. That will be a key shift throughout the profession so our ability to adapt quickly and effectively is critical as is upskilling and developing our team. We will undoubtedly continue to experience increasing operational costs with increases in professional salaries being above inflation and growth in our headcount simply creating a higher cost base. We know we will recruit into brand new roles, expanding our skills base and recruiting experience that will enhance our client service proposition even further. Our strategic focus on our use of technology, and on maintaining and developing strong and loyal client and team relationships will mitigate our risk and safeguard PM+M’s profitability for further reinvestment.
Where do you see the opportunities for growth in 2025?
For us, the most significant growth opportunities lie in offering advisory services that go way beyond statutory compliance. Our work with clients has grown significantly in the advisory space and we take great pride in being able to help our clients achieve their ambitions. Our most enjoyable work comes from truly understanding our clients’ ambitions for themselves as individuals and for their businesses and for their employees. As a business, we pride ourselves on our values as they differentiate us from our competitors. By living and breathing them, and by understanding what values underpin our clients, we can better align our services with their priorities. Finally, we want to be build on our reputation of being technology enablers for our clients by leveraging advanced tools, analytics and automation that can unlock additional efficiencies and insights. Everything will be geared towards enhancing our advisory proposition.
Our own sector is experiencing a continuing wave of consolidation and heightened private equity involvement, marked by numerous mergers, acquisitions and investments that are reshaping the competitive landscape. While these changes promise greater scale, technological progress and expanded market reach, they often compromise personalised service and a true focus on clients. That’s why we are committed to remaining resolutely independent, placing our clients’ interests at the forefront of everything we do. Our independence is not just a structural decision but a guiding philosophy that defines how we operate and maintain relationships.
How do you see recruitment and retention over the next 12 months, and will it be an issue?
Although recruitment and retention are likely to remain challenging, driven primarily by skills shortages and competition for top talent, I am confident that our team will remain strong. At PM+M, we offer flexible working options, competitive packages that go far beyond financial reward; but for us, career development and upskilling are the main reasons why we have such a comparatively low attrition rate and why people at all levels want to work here. Our ability to attract new skills and high-quality senior talent in the last two years alone has been amazing. Our commitment to providing opportunities for professional growth, including training in emerging technologies, will stay as strong as ever as we know that if you invest in learning and development, skills gaps can be addressed inhouse and you boost team loyalty. That kind of people first approach creates a community which is inclusive, innovative and with a purpose-driven culture.
What thoughts do you have on Lancashire’s economy over the next 12 months?
Lancashire’s economy has significant potential for resilience despite current challenges. Manufacturing, logistics, aerospace and technology are vital sectors and will continue to contribute significantly to the county’s economic strength. However, they need to be supported through innovation and investment if growth and momentum are to be maintained. On a practical level, that could be through better funding, creating more targeted skills training programmes or by fostering better collaboration between businesses and educational institutions. I would also like to see more local collaboration centred around encouraging businesses to invest in local supply chains and support community-driven initiatives that strengthen economic ties within the region.
If you were chancellor, what would be your priorities and wish list over the next 12 months?
Firstly, I would review IHT for working farms. As a firm with a significant farming client base, I believe that ensuring IHT policies are fair and sustainable for working farms is critical. Revisions could help protect rural livelihoods and support long-term agricultural resilience. Secondly, I would Iower employer NIC rates as this would alleviate a significant burden on businesses, enabling them to reinvest in workforce development, pay rises and innovation. This change could create ripple effects by boosting disposable income and driving broader economic growth. Thirdly, I would introduce tax incentives or grants to support sustainable investments that would encourage businesses to adopt greener practices with the aim of advancing the transition to Net Zero. And, finally, I would allocate more funds to vocational training and apprenticeships so more people from less advantaged backgrounds can reach their full potential – there is so much amazing talent that is lost due to a lack of opportunities.
Other things would include: trying to improve and modernise the NHS through better tech and infrastructure reforms; continuing to tackle inflation and issues around the cost of living; reinforcing the UK’s competitiveness post-Brexit; and promoting regional growth to ensure wealth is spread across the country. These measures would, I believe, collectively strengthen confidence and improve economic stability.
