Entrepreneurs planning to expand workforce, according to survey

More than six in ten entrepreneurs in the UK are planning to increase their workforce, according to the EY Global Job Creation Survey 2016.

The research surveyed over 400 entrepreneurs and found that 63 per cent are expecting to add to their payrolls over the next 12 months, up from 44.5 per cent who expected to increase their hiring in the same period last year.

Talent

The survey showed that UK entrepreneurs expect their workforce to increase by 11 per cent next year, with 12 per cent of new employees expected to be young workers taking on their first job role.

The majority of UK entrepreneurs surveyed will also be looking for skilled workers from their own country, with over 70 per cent of hiring expected to be in Britain.

Just 29 per cent of new employees are expected to come from overseas, whilst overseas candidates will make up 15 per cent of domestic job vacancies.

Despite the uncertainty surrounding the upcoming EU referendum resulting in slow economic growth, the entrepreneurial sector has not been affected, with the number of entrepreneurs feeling positive about the UK economy increasing from 76 per cent last year to 78 per cent in 2016.

Confidence

Commenting on the research, EY UK’s Stuart Watson said: “UK entrepreneurs are in a good place with rising confidence in the domestic and global economy underpinning plans to hire more than last year.”

He stated that it is “particularly encouraging” to see entrepreneurs planning to create growth and providing opportunities for young people, with four-fifths of British entrepreneurs saying that young workers were important to their growth strategy.