Conditions are ripe for higher investments at mid-sized companies over the next six months, according to a new multinational survey by American Express.
That’s because the annual revenues of most of these companies (66%) are rising across seven major countries, including the U.S. and Canada. As well, a majority of these businesses (88%) are confident they can access the capital they need to grow.
Most impressively, finds the study, more than eight-in-ten firms across Canada plan to hire staff over the next six months. It’s a global trend, but Canada is the most likely of the countries surveyed to see a rise in employment.
Still, more than 84% of the mid-sized companies surveyed expect cash flow concerns to crop up over the next year.
Most of the companies surveyed (59%) currently have more employees than they did last year.
And, among those currently planning to hire, nearly half (47%) say they need to hire to support business volume. Additional reasons for hiring include:
- the need for seasonal help (36%);
- the start of new business ventures (32%);
- companies adding positions they’ve been trying to fill for some time (26%); and
- companies needing more people to delegate tasks to (25%).
Most companies that plan to hire (47%) want to bring on more full-time employees, while 27% want to hire part-time staff and 12% are looking at hiring both.
When it comes to retention, about a third of businesses (31%) say the main reason employees are loyal is due to compensation packages that include benefits and stock plans.