British SMEs go on hiring spree, says latest CBI report
Small and medium-sized manufacturers across the UK reported a strong quarter of orders and output growth in the three months to July, while employment soared across the segment, figures from the CBI’s latest SME Trends Survey were able to reveal.
Research found that 34% of firms had employed more people, while only 9% laid people off, accounting for the strongest pace of growth since records began in October 1988.
The significant growth in employment came against a backdrop of strong growth in domestic orders and output, and are expected to grow robustly again in the next three months. Plus, companies’ optimism about their general business situation also rose, but to a lesser extent than in the last quarter.
Additionally, firms have revealed that they plan to increase their investment on plant and machinery (+9%) in the year ahead, and plan to keep spending on buildings broadly unchanged (+2%)
Katja Hall, CBI Deputy Director-General, commented on the findings:
“Smaller manufacturers are settling into a regular growth pattern, with their order books and output growing for the fourth consecutive quarter. Firms remain upbeat about their business situation and they are hiring at their fastest rate since 1988.”
Small and medium-sized manufacturers planning on hiring more staff in order to meet increased business demand should also consider implementing solid and reliable Time and Attendance systems, which will provide them with the necessary tools for optimizing their workforce management processes and are vital for assuring a sustainable, long-term growth.
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