A Fifth of Small Businesses Plan to Hire this Year

Small firms’ improved economic outlook having positive impact on employees’ job security

One in five owner-managed businesses plan to recruit this year, according to a business barometer commissioned by the Bank of Cyprus.

The Owner Managed Business (OMB) Barometer Index suggested that businesses are growing in confidence with over half of employers stating current employees feel secure in their jobs and 21% planning to hire more staff.

Although the majority (59%) of small businesses have no current plans to increase workforce, only 9% ruled out the possibility of recruiting more employees completely.

The OMB’s results further emphasise a growing sense of security within the small business community; last month Hiscox’s DNA of an Entrepreneur study revealed that small companies’ confidence, profits and hiring rates were increasing with post-recession start-ups flourishing.

Bank of Cyprus’, Tony Leahy, commented: “Given the economic challenges of the past few years, it is encouraging to see that those working in small businesses feel more secure in their roles.

“Providing job security has always been a key concern for owners of small businesses who recognise that staff who feel valued, confident and secure in their employment ultimately give more back to their employer.

“While the majority of small businesses remain cautious about adding to their headcount, there is also no indication that they are worried about having to lay people off, which is good news for their staff and for the wider economy.”

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