Finnish medium enterprises are more optimistic about their growth prospects than their counterparts in many other countries, finds a survey by EY.
Almost two-thirds (62%) of the enterprises surveyed revealed that they are planning on hiring more employees over the next twelve months, with over a third (36%) of them adding that they are specifically looking for full-time employees.
Both of the percentages are above the respective global averages of 59 per cent and 27 per cent, according to EY.
EY’s Growth Barometer incorporates the growth aspirations and prospects of some 2,300 business executives in a total of 30 countries. All of the respondents represented businesses with an annual revenue of one million to three billion dollars.
Finnish executives’ optimism was also evident in their expectations concerning the growth of their business: 64 per cent of them voiced their confidence in that their business will grow at a clip exceeding the 2.7 per cent growth rate forecast for world the global economy by the World Bank. Over one-tenth (12%) of them – compared to an average of 6 per cent globally – revealed that they expect growth of over 26 per cent.
“It is refreshing to read about the optimism and growth aspirations of medium enterprises. The enterprises are seeking to grow primarily by increasing their market share, entering new geographical markets and making acquisitions,” Matti Copeland, the head of growth markets at EY, comments in a press release.
Copeland interprets the re-found willingness to make acquisitions as an indication that financial markets are no longer a playing field only for large corporations but that also medium enterprises perceive listings and acquisitions as possible ways to grow.
“The courage to grow is in place and that is really good news – also for Finland.”
The Growth Barometer also found, however, that a shortage of suitable applicants is the main challenge for the growth of medium enterprises in Finland.
“The need to find more experts was clearly reflected in the results,” analyses Copeland. “The competition for the best experts, however, is tough. Businesses should understand how to attract the best experts and ensure they remain committed. One important distinguishing factor is the corporate culture.”
Aleksi Teivainen – HT
Photo: Sari Gustafsson – Lehtikuva