SMEs could add £15bn by applying HR planning

SMEs could add £15 billion to the economy by using HR planning to become more effective and profitable, according to a recent survey.

A recent study has concluded HR planning is one of six key principles SMEs should adopt to tap into their competitiveness. A six month study commissioned by Royal Mail compared growth rates among 500 small and medium sized enterprises. It discovered that companies which had planned for staff development and future employment were 35% more likely to increase profitability and secure longevity for their business.

Worryingly the report revealed that less than half of all small and medium sized enterprises (47%) are currently undertaking effective HR planning. We explore why this is the case and what SMEs can achieve with HR in the podcast below...log in to listen and read more.