With revenues and confidence on the rise, mid-sized companies are gearing up to expand with an eye on increased hiring.
In the first American Express Survey of Mid-Sized Companies, financial decision makers from companies with revenues falling in the $5 million to $1 billion range weighed in on topics that directly affected their business, including revenues, capital investments, cash flow and hiring.
The study revealed that revenues are up 70%, with 91% of companies confident that they will be able to acquire new capital and are planning on expanding their reach. Hiring goes hand in hand with those plans, with 81% saying they will be bringing on new employees over the the next six months.
Up up and away- Hiring that is
Not only are mid sized companies planning on increasing their workforce in the coming months, the hiring upswing has already started for many. With more than half of respondents (55%) saying that their company has more employees today than they did one year ago. While 57% of those who are planning to increase hiring indicating that they need more people to help them handle new business.
Yet there are also other reasons for hiring, including: starting a new project (38%), a seasonal upswing (29%), and finally finding the right candidate for vacant positions (27%)
A little more than half (52%) plan on hiring full time employees, while 14% will be looking for part-timers, and 16% are looking for both.
More good news for people looking for jobs – a third suggested that their competitive compensation packages help them keep their employees for the long haul.
Growth is King
Financial decision makers were very optimistic about their businesses potential for the coming months, with 44% expecting their company to grow no matter how the economy behaves, while 40% were even more positive believing that the economy upswing will continue, and increase their businesses growth.
To help their growth along they will be focusing on key areas, including: investing in tech and operations, bringing in more customers, looking to increase cash flow and capital, hiring top people, keeping current customers happy, and reaching out to new customers.
While they are positive about the future, they do have cash flow concerns, namely their companies ability to track cash flow and expenses.
The American Express Survey of Mid-sized Companies was conducted between between June 2 – 19, 2014 by Ebiquity Research, who interviewed 339 financial decision makers in the U.S. They also conducted studies in six other countries, including Canada, Mexico, Germany, the U.K., Australia and Japan.