A recent survey in our region shows that confidence among Suffolk businesses is strong, and growing, with high expectations to increase profits, investment and staff numbers over the coming year. The poll, undertaken by Grant Thornton and regional law firm Birketts, takes a look at the top 100 businesses in the county and allows companies to benchmark themselves against their peers.
The results from the study show that 70% of Suffolk companies feel that economic conditions are better than they were 6 months previously and three quarters expected to see an increase in profits this year. Their confidence is further highlighted by the fact that 56% feel they are likely to take on more staff over the next 6 months and 73% were anticipating to make a significant capital investment.
Suffolk has an extremely diverse range of industries making up its economy, but particular growth areas this year include energy, food, drink & agriculture and automotive.
Whilst the study represents only the 100 largest companies in the area, the confidence shown can also be translated to smaller companies. As the local economy continues to strengthen, businesses of all sizes can be more confident that investment will turn into tangible growth.
Of course, the positive economic outlook is great news all round, but a key issue that businesses now face is a skills shortage to help with their continued growth. In fact more than two thirds of employers feel that this will be one of their biggest challenges over the coming months. As employers create new job opportunities, they may find it increasingly hard to find suitable candidates in the region to fill those roles. Not being able to find the right people can be a hindrance to further growth as well as having the effect of driving up wage costs throughout the region.
Finding the right people in the first place can be difficult enough, but it's important to remember not to end the recruitment process once a suitable person had been found. In the first few months you need to ensure that new employees have undergone a comprehensive induction process, are fully aware of what is expected of them in their new role and undertake the necessary probationary period performance reviews. If the full recruitment process isn't followed through, there is less chance of your new employees becoming engaged with the business, and lack of engagement can very quickly lead to lack of interest in the job, potentially leaving you back at the beginning of the process.
This study indeed highlights an important issue for Suffolk employers who need to think carefully about how to manage their staffing levels. But, as the seeds of recovery are slowly starting to show above the surface, surely we’d all rather have to deal with recruiting strategies, than redundancy ones. Park City can can help take away the burden of finding the right people for your business by handling your company's recruitment. We can also save you valuable resources by guiding your new employees through the full recruitment process to ensure you have a workforce that is fully engaged with your business. Contact us today to find out more.
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