According to a new survey, 84.2% of SMEs list rising costs as their top business concern.
Peninsula Group conducted a survey of 79,000 SMEs across five countries – Australia, Canada, Ireland, New Zealand and the UK – to see what the top priorities and concerns were for employers in 2024.
The global survey revealed that growth is the main business goal for 44.7% of SMEs; a significant drop from 58.7% this time last year, reflecting the tough economic environment faced by businesses around the world. Australia and New Zealand appear hardest hit, with 22.4% and 26.6% respectively listing survival as their main goal for the year.
Rising costs are the top concern for 84.2% of all businesses, while staffing continues to be a big issue. Labour shortages came in second highest at 45.6% with retention in third place at 41.5%.
And 56.3% of employers are offering financial remuneration to help retention.
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