UK SME Employees Voice Job Security Concerns Following Brexit

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UK SME Employees Voice Job Security Concerns Following Brexit

Over a quarter (26%) of the UK’s SME business owners have acknowledged that their employees have raised concerns about the impact Brexit will have on their job security since the vote was conducted on 23 June, according to the Close Brothers Business Barometer, a quarterly survey of UK SME owners and senior management across a range of sectors and regions.

“Looking at the results from a national perspective, the fact that 26% of business owners admitted to having being asked directly by their employees what Brexit means for them shows that there is a strong level of interest in the impact of the UK’s decision to leave the EU,” commented Neil Davies, CEO, Close Brothers Asset Finance. “In most cases the answer was understandably ‘it’s too early to tell’, according to our research.

“In many instances, company bosses proactively addressed the potential impact of Brexit with employees before they had a chance to ask, doing what they could to answer questions and concerns.”

At a regional level, Greater London was the only region of the country where over half (52%) of employees actively raised their concerns with their employers.

In other regions, most notably East Anglia (12%), Northern Ireland (13%) and Wales (14%), relatively small numbers answered ‘yes’ to the question ‘have your employees raised any concerns about the impact of Brexit on their job security?’.

“Interestingly, those regions who felt the least initial impact from Brexit, also returned the lowest number of employee concerns,” continued Neil.

Sectors

Taking Close Brothers Asset Finance’s key sectors into account, all scored above the 26% national average of ‘yes’ responses:

  • Construction – 31%
  • Engineering – 38%
  • Manufacturing – 34%
  • Transport – 33%
  • Print – 37% 

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