More than half of small business owners think that a Brexit vote would have little impact on their ability to recruit, according to new research from Bank of Cyprus UK.
As part of their owner managed business barometer, the bank probed the views of 500 decision makers with ownership or part-ownership of businesses with fewer than 50 employees, finding that 60 per cent were unconcerned of the impact of a Leave vote.
A further 18 per cent said they felt that a vote to leave the EU would reduce red tape, and the cost of hiring staff.
However, one in four countered that Brexit would negative impact their ability to hire, with the costs of recruitment cited as a particular concern.
The survey showed small business owners similarly split down the middle on the referendum, itself, with 37 per cent stating they would oppose a Brexit, and 37 per cent saying they would support it.
Bank of Cyprus UK's head of banking, Lakis Kasapis 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.”