Business confidence in Europe puts onus on training and talent management
David Woods, August 26, 2010
Confidence is well and truly returning to European business with four out of five firms predicting growth over the next year - putting the onus on recruitment, training and development
According to a study of European business leaders, 40% are planning to invest in existing talent, while a quarter will invest in training as this long awaited confidence makes a welcome return to the market with over half of all companies across the continent predicting minimum growth of 10% by the end of 2011.
A further sign of confidence is demonstrated in the areas in which these companies see their potential growth, with 29% saying their best opportunities for growth lie in diversifying their products and services and a further third trading overseas.
This will almost certainly result in the employment of specialists to make it a reality and with businesses needing to work with experienced people on the ground in new markets this represents a huge opportunity for many.
Also with greater international trade comes the opportunity for skill swaps, job trades and the transference of knowledge between businesses and cultures that will have long term benefits to all involved.
During the recent recession firms were encouraged to focus solely on their core business, but the report from the European Business Awards shows only 6% of European businesses plan on following this mantra in the coming year.
And after three years of many businesses being content just to survive, a third are now looking to dominate their sector and have ambitions to grow.
Adrian Tripp, CEO the European Business Awards, said: "It is greatly encouraging that after a tumultuous couple of years, businesses across Europe are predicting brighter times ahead.
"Our research indicates that business leaders are setting themselves up for growth and they have ambitious targets in terms of levels of trade and staffing levels. What’s more they are looking outside of their traditional comfort zones to make it all a reality. We have spoken to many businesses across Europe and we have been hugely impressed by the way they have developed, adapted and innovated their way out of a cavernous recession."