Small Businesses

Person using laptop

The latest study by Hitachi Capital Business Finance has found that it is small businesses – family-owned ones in particular – that are going the extra mile to save the jobs of employees.

The research reveals that less than one out of every two owners of a small business anticipate having to lay off employees before 2020 comes to a close, which amounts to 46%. Furthermore, among the owners of small family firms, the number expecting to retain all of their employees, despite the difficulties caused by COVID-19, was even higher, at 57%.

The study also found that 13% of family businesses had paid bonuses to employees during lockdown, which is higher than the average for small firms, while 12% had maintained personal contact with employees to make sure they were coping throughout that period. Family firms also showed a greater willingness than other businesses to increase sickness payments for those diagnosed with the virus, at 15%.

All of these measures left such businesses expecting much lower levels of redundancies, with just 7% anticipating this. Speaking to London Loves Business, Jo Morris from Hitachi said:

“Whilst family businesses may have more traditional values and outlook, our research suggests that caring and looking after people is often at the heart of their business. And this bodes well during a time of unprecedented economic uncertainty.”

It is this that often leads family firms to seek help from those who grasp their values, such as a specialist family business accountant in South Yorkshire or any other region.

    Get in touch

    Please fill in the form below to get in touch.

    I am happy for you to contact me