According to a new report by Sage, mid-sized enterprises in the UK are punching above their weight when it comes to economic outputs and productivity.
Despite mid-market firms accounting for just 1.5% of the total registered businesses in the UK, it was found that they contribute 17% of the country’s total Gross Value Added output in 2014.
In the past 6 months, the sector has created 260,000 jobs with further growth of 5.3% expected over the next five years, according to Sage’s ‘Economic Impact Report.’
Compared with other European countries included in the study, the UK has seen the most growth in terms of mid-market employment in the years since 2008/09.
Respondents to the survey were optimistic about the coming year, with 73% saying that turnover would stay the same of grow by up to 50%. More positivity was found in the outlook for hiring as 70% expect to see staff numbers grow.
Jayne Archbold, CEO at Sage Enterprise Market Europe, said: "Mid-sized businesses play a critical role in driving economic growth in the UK, and across Europe."
"They are ambitious, with high levels of productivity and impressive employment stats. At a time when many businesses were struggling, this sector grew by 33%. They should be viewed as the unsung heroes of the economy."
"Looking ahead, an improving demand outlook and easing financial position suggest robust mid-market growth in the medium-term in the UK."
According to the poll, the UK‘s mid-market employees are the hardest working across Europe.
The results stated that 70% work occasionally after regular working hours and 55% work at the weekend. People are also working on vacation (28%) and when ill (26%).
Only 5% will not work on any of these occasions, compared to a European average of 12% and 17% in France.
The research was conducted among 814 business decision makers in 12 countries in mid-sized European enterprises.
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