Business investment and salaries continue to rise at average SMEs
Business investment continued to increase in Q4 2013 against a backdrop of falling insolvency rates and improved business confidence amongst UK small and medium sized enterprises (SMEs), which also led to a boost in average salaries in the sector.
Figures obtained from the Aldermore Bank’s quarterly SME Monitor compiled by the Centre for Economics and Business Research (CEBR) also suggest that labour-related costs accounted for approximately 30% of total business expenses for the average SME, with the average 1.2% wage growth pushing the rate of cost inflation to 0.9%.
The SME Monitor also pointed out that total business investment continued to increase quarter on quarter by 2.4%. In fact, statistical figures suggest that business investment has been steadily increasing over the last 12 months from 0.7% in Q2 to 2.0% in Q3.
CEBR senior economist, Rob Harbron, said: “With GDP projected to rise by 3.3% compared to 2013, it is welcome news that growth is seen to be coming from all added major industrial sectors. One particularly encouraging trend that may emerge over the medium term is that of reshoring: with 1,500 manufacturing jobs identified as having been returned to the UK since 2011, a rise would be a valuable support to a sustained recovery.”
Based on these positive prospects for 2014, SMEs should seriously start considering the implementation of very solid and reliable time and attendance solutions designed to help them grow in a sustainable manner, and this is specifically where the numerous features available within Tensor’s WinTA.NET suite can be put to very good use.
WinTA.NET is a web enabled, mobile / wireless technology based Time & Attendance system designed for those companies employing 20 people to 10,000+. The solution provides total control over the creation of working rules, Access Control, Job Costing and System Security and has specifically been designed for multiple companies, each managing multiple sites.
A complete smart card time and attendance system including European Working Time Regulations checking and reporting, ensuring that your company remains compliant with both regional and national legislation.
If you’d like to find out more about the extensive range of features provided by the Tensor WinTA.NET solution and just how it can save you much more time and money, just contact our dedicated team or Book a Demo, we’ll be more than happy to answer any questions and queries you might have.