UK200Group comments on news that UK SME manufacturers are planning to invest in people and skills
A member of the UK200Group of independent accountancy and law firms has today commented on news that the latest Manufacturing Barometer survey from the Business Growth Service indicates that SME manufacturers across the UK are planning to increase investment in people and skills. Based on the feedback of over 500 senior leaders, the survey discovered that 71% of respondents intend to invest in their workforce to increase productivity. This compares with 62% who plan to invest in new capital or machinery and 56% who say they will implement new software and systems. Half of the companies in the latest survey reported an increase in sales over the past six months, whilst 47% claim they will employ more staff before the end of the year.
Duncan Montgomery, tax partner at UK200Group member firm Whittingham Riddell, said: “SMEs have been investing in new systems for some time now, in particular past 2011, 18% of our clients have moved systems and that is growing apace. Investment in staff has grown year on year, and coupled with properly deployed employee incentives can result in a sea change of attitude. Feedback from our clients is that in some cases GP is up 38% purely down to increased focus.”