• One in seven (14%) OMBs say Brexit would increase cost of recruiting the right workers
  • One in eight (13%) say Brexit would increase cost of hiring low skilled workers
  • However, one in five (19%) say Brexit would reduce red tape, which will help hiring
  • A quarter (25%) say they have suffered uncertainty as a result of the referendum

According to the latest Owner Managed Business (OMB) Barometer from Bank of Cyprus UK, over a quarter (27%) of OMBs have stated that Brexit would negatively impact their ability to hire. Specifically, one in seven (14%) OMBs think the cost of recruiting the right workers would increase, while one in eight (13%) say Brexit would increase the cost of hiring low skilled workers.

In addition to cost increases, a quarter (25%) of OMBs said they had suffered uncertainty as a result of the referendum and were delaying business decisions because of this.

Despite this, four in ten OMBs (42%) said that a possible Brexit outcome would have little or no impact on business decisions, while six in ten (58%) said the result of the EU referendum would make no difference to their recruitment policies. In fact, one in five (19%) OMBs see Brexit as a potential to reduce red tape. One in ten (10%) OMBs believe this reduction in red tape would increase their ability to hire a greater number of staff, while a similar number (9%) say it would enable them to hire more skilled staff.

When it comes down to a Remain or Leave opinion, OMBs are evenly split with 37% saying they oppose or strongly oppose a UK exit from the European Union and 37% supporting or strongly supporting a UK exit from the European Union. 
Commenting on the research findings, Lakis Kasapis, Head of Banking at Bank of Cyprus UK said: “We work with thousands  of Owner Managed Businesses (OMBs); many already face challenges hiring the right workers to meet their business needs and Brexit is adding to this. It is worrying that over a quarter of OMBs think recruitment costs will be negatively impacted in the event of a Vote Leave outcome in the EU referendum.

“Equally worrying is the fact that OMB’s uncertainty in the run up to the referendum is causing them to delay decisions, and the impact this may be having on their business. OMBs need to plan for both eventualities and the resulting effect on their business now so that they can move forward with decision making as soon as the outcome is known.”

For further information please contact:

Gemma Dunn, Teamspirit Public Relations, 0207 360 7877, BankofCyprusUK@teamspiritpr.com  

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