14 May 2014
Small and medium-sized businesses are significantly more likely to hire new staff in the next quarter of the year than larger businesses, a new report from the Chartered Institute of Personnel and Development (CIPD) has revealed.
According to the research, SME employers are nearly five times more likely to take on new staff over the coming months than their larger counterparts.
However, the CIPD is warning that when planning for growth, small businesses should ensure that they remain focused on their business vision and values. Recent studies conducted by the CIPD suggest that having a clearly defined purpose and set of values plays a key role in the success of SMEs.
Commenting on the report, Dr Jill Miller from the CIPD advised, ‘We know that having a clearly articulated purpose and values is vital for business success, and our research among SMEs shows that they wholeheartedly agree. However, there is a danger that if these values are note a living part of daily operations, they can become diluted or even disappear as the business changes and the workforce grows’.
‘Keeping hold of ‘what you’re all about’ over time requires constant attention as culture, purpose and values will affect the standard and style of customer service delivered, the satisfaction, engagement and retention of your people and ultimately your organisation’s performance.’