Over half of manufacturing SMEs plan to recruit new staff in 2014
Roughly 53% of manufacturing SMEs intend to recruit new employees this year with the average growth in staff numbers being estimated at around 4%, recent research by Clydesdale and Yorkshire Banks was able to reveal.
By applying the aforementioned percentage to the manufacturing SMEs‘ estimated workforce of 1.5 million people, it would seem that around 60,000 new jobs could be created in the sector.
The extensive recruitment intentions highlighted by the research were supported by significant investment plans, with 30% of manufacturing SMEs questioned saying that they would spend additional money over and above existing budgets on new staff in the coming year.
The survey also suggested that manufacturing SMEs plan to carry out substantial investments in staff development with 23% of those who maintain a separate budget for training saying they expect the amount that they set aside to grow.
Overall, the research indicates that the manufacturing sector is growing increasingly optimistic about the UK’s prospects with 81% SMEs saying that they expect the economy will grow over the next year. More than two thirds (71%) of manufacturing firms expect their turnover to increase.
Kevin Rimmer, Head of manufacturing with Clydesdale and Yorkshire Banks, said:
“Manufacturing SMEs are now planning for growth and their desire to increase recruitment and invest in their staff is a clear sign that confidence is building within the sector. The creation of new jobs will help boost productivity and competitiveness as well as strengthening the improving economic recovery.
“As confidence continues to grow, we remain focused on supporting manufacturing SMEs and investing in their growth ambitions.”
Every small and medium-sized manufacturer that plans to hire 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.
This is specifically the area where Tensor plc can leverage its extensive experience in the field to your benefit, our range of workforce management products and solutions being able to meet any customer’s needs and requirements, regardless of their size.
If you’d like to find out more about the Tensor workforce management solutions, just contact our team or Book a Demo, we’ll be more than happy to answer all of your questions and queries.