With SMEs employing over 16 million people in the UK, according to the Federation of Small Businesses, they now account for over half the country’s working population. This means that their importance to the UK economy cannot be overstated. Their strategies and sentiment when it comes to hiring is of vital importance. With Brexit uncertainty casting a long shadow over the business landscape, the latest news from Oxford Economics makes cheering reading. In a survey conducted for American Express, the current challenging business environment has not put a damper on UK SMEs’ confidence in their hiring ability in the next twelve months.
The annual study (conducted in fifteen countries and taking opinions from senior executives and decision makers) found that 61 percent of UK SMEs were confident about their hiring ability. This accounts for almost two-thirds, and although it’s down 3% from last year, it’s still head and shoulders over the global average of 53%.
As we continue through uncertain waters, it is definitely encouraging that the SME sector, sometimes called the backbone of the British economy, is still confident that it can continue to deliver.
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