Growth of UK Small Businesses Set To Create 1.9 Million Jobs In 2014
Small businesses are set to take on more than 1.9 million employees in 2014 according to new research, adding up to £27bn to the UK economy in new small business wages.
Author: Mr Jonathan Russell
The findings released by Direct Line for Business and conducted by Consumer Intelligence, also revealed that over 400,000 home based businesses will be looking to take on their first employee. This comes as no surprise our team as we see an increasing amount of business buyers selecting to purchase a home based business. With the advancements in cloud based technology, recruiting employees to work remotely is becoming far easier.
According to the study, new employees recruited by small firms will be working on average 28 hours a week. New businesses looking to hire their first employee will be looking to hire an employee for 21 hours per week on average. Employees of SMBs can expect to be paid on average £14,405 a year, with new first employees earning £10,795 a year.
Small businesses in London are going to be the most proactive in recruitment with 41% of start-ups in London planning to take on extra staff this year. SMBs in South West and North West areas were second and third respectively with their recruitment plans
Jasvinder Gakhal, head of Direct Line for Business said: “Small businesses are the lifeblood of our economy, employing millions of people, and our research shows that they are set to contribute significantly this year.”
“With positive signs of economic growth, many businesses will want to take advantage by expanding– often by increasing headcount.”