Surge in firms hiring new staff

The number of companies increasing staff levels has reached the highest level for five years, according to a survey by cross-border enterprise body InterTrade Ireland.

According to the Newry-based body’s quarterly business monitor, the first three months of 2014 saw as many as 80% of companies on the island of Ireland continue to report stable employment levels. It said the actual number of firms saying they increased employment during the period reached its highest since 2009.

InterTrade Ireland strategy and policy director Aidan Gough said: “Last quarter, more businesses than ever were reporting growth. It is reassuring to see that this is now beginning to translate into more businesses looking to recruit.

“Although many firms are still cautious, this — combined with recent investment announcements — could help boost confidence in the wider economy. It is also encouraging to see the pick-up in activity in two important sectors: retail/leisure and construction, which should give a further boost to jobs prospects.”

InterTrade’s monitor also highlights an increasing gap in sales growth between export-orientated businesses and non-exporters; with 52% of those selling cross-border or further afield reporting increased sales in contrast with the 31% reported by firms who do not export.

Regarding SMEs, the body has encouraged firms which are seeking finance to do so “in a strategic manner”, with well-prepared business plans and to “explore all finance options available to them”.

That said, the survey indicates that access to finance is not a key challenge to respondent SMEs.

More than 90% of SME funding comes from banks, but Mr Gough said SMES should be aware of sources “such as angel investors, crowdfunders, and government supports, and choose the option that is a best fit with their investment objectives”.