UK entrepreneurs look to boost job opportunities

Entrepreneurs in Britain have noted strong business growth so far in 2014 and are optimistic for the future, according to new research.


A survey by EY found that 83% of entrepreneurs had increased the headcount at their business, while more than a quarter had added more than 50 people to the workforce.


Some 93% of respondents said they expect their turnover to increase in the next three years, while 75% have noted an increase in the last 12 months.


Of that figure, 57% saw turnover increase by more than 5% while 56% now expect to see annual growth of 10% or more in the coming years.


The strengthening UK economy is reflected among this confidence while many British businesses are looking to grow further, by adding staff and innovating.


Recruiting the right candidates


However, concerns remain among entrepreneurs about their ability to attract skilled workers with only 23% of those questioned saying they felt able to do so.


A lack of the necessary skills was given as a reason in 54% of cases, while 20% listed high wage costs as a reason why they were unable to hire.


Keeping an eye on the bottom line is a key factor for businesses in the early days, so not paying too much for staff remains a priority.


Alternatively, these businesses could find themselves in financial difficulty, with restructuring or corporate insolvency options required to rectify the situation.


According to EY, it is firms in the South East and South West that are having the most trouble in attracting talent, while levels of competition in London made it even more difficult.


Finding the right people to fuel business growth can make all the difference to the overall success of a business – one of the most influential factors in any firm is its staff.


New approaches and fresh thinking will go a long way to driving growth and success, while the fight for talent is expected to remain fierce for some time to come.


By Phil Smith


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