Small businesses hang on to employees
Sep 29 2009
Employees are a vital resource for small businesses
Despite rising unemployment, a large majority of SMEs plan to retain staff over the next year.
According to alternative finance provider Close Invoice Finance, 68 per cent of SMEs are not expecting to make redundancies over the next 12 months, with only seven per cent intending to let staff go in 2009.
David Thomson, chief executive of Close Invoice Finance, says: ‘It is very pleasing to see that small businesses, the engine room of the British economy, are showing their strength and loyalty to employees. In these challenging times, the availability of a skilled workforce is fundamental in order to thrive.’
Of the 505 SME owner-managers surveyed, 15.3 per cent said they expect their company to expand, with one in five still concerned about securing cash flow.
Recent figures from the Office for National Statistics, show that unemployment has climbed to 2.47 million – an increase of 210,000 in the three months to July.
David Kern, chief economist at the British Chambers of Commerce, says the figure is likely to reach over three million next year.
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