Findings of a recent report published by Bibby Financial Services, show that more West Midlands businesses are investing in their workforce in 2014 than any other region. Whereas other UK-based SMEs are investing in technology and new product development, it seems that small and medium-sized businesses in the centre of England are investing in their people.
West Midlands SMEs Invest in Recruitment
According to Bibby Financial Services’ SME Tracker – which surveys 1,000 businesses with turnover of up to £25 million and employee numbers up to 250 – 42 per cent of SMEs in the West Midlands are taking on new staff. These findings show a booming job market in and around the Birmingham area, which is nearly double that of firms in the South East, with just 22 per cent of SMEs investing in recruitment.
Looking at investment as a whole, West Midlands firms are also one of country’s leaders. Over three quarters (76 per cent) surveyed by Bibby Financial Services said they invested Q3, which – alongside the North West – is well above the national average of 70 per cent.
Further Development in the West Midlands
This is encouraging news, which shows, without a doubt, further economic stability within the UK. And with the publication of the Building Future Growth report and a new business centre in Birmingham, Bibby Financial Services are perfectly placed to encourage further development in the region, offering SMEs a wide range of finance solutions to help them grow.
For more information about Bibby Financial Services or to speak to our West Midlands team, call 0800 91 95 92.
About the Author
Having worked in financial services for over 36 years, Andrew Darling is a specialist in invoice discounting, factoring and trade finance solutions. He currently manages the development of business with higher turnover companies at Bibby Financial Services, specialising in corporate finance for businesses with turnover of £5 million or more.