SMEs leading the way with employment growth

New figures published by the Office for National Statistics (ONS) in recent days reveal that UK small and medium-sized enterprises have created three times as many jobs as larger firms over the past five years.
According to the data, businesses employing 250 or more employees managed to add an additional 650,000 new jobs between 2013 and 2017 – representative of a four per cent increase.
In comparison, however, smaller firms employing 250 or less workers added a staggering 1.7 million new jobs during the same period – indicative of a 14 per cent increase.
Commentators have been keen to point out that the figures indicate just how vital SMEs are to UK economic growth and to the health of Britain’s currently record-high employment levels.
However, according to a separate study carried out by Santander Business Banking, many job applicants – particularly university-leavers and young people – are failing to recognise the fantastic job opportunities on offer at smaller businesses.
The research reveals that just 35 per cent of so-called ‘millennials’ and ‘Generation Z’ job-hunters would like to work for an SME, while only 18 per cent want to work for a start-up or micro-business.
By comparison, 50 per cent told Santander that they want to work for a large firm, while a similar number said that they were eyeing-up careers with multinational corporations.
Sue Douthwaite, Managing Director of Santander Business said that UK SMEs clearly “remain the lifeblood of the economy.”
However, she added that more needed to be done to “encourage people to look at the fantastic career opportunities that may be open to them outside of larger firms.”

Awards and Accreditations

Get in touch

Get in touch

If you would like to see full details of our data practices please visit our Privacy Policy and if you have any questions please email contact@grunberg.co.uk.

x