Investing in talent to create more growth

The Yorkshire Bank survey revealed that small businesses in the East Riding area are nurturing creative people.

The Yorkshire Bank survey revealed that small businesses in the East Riding area are nurturing creative people.

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Employing and nurturing creative people is more important for Yorkshire business innovation than striving to come up with a bright idea, according to new research by Yorkshire Bank.

The survey suggests small businesses in Yorkshire are investing in creative skills in a bid to create growth.

In a survey of business leaders at more than 750 UK-based small and medium-sized enterprises (SMEs), more than half of respondents in Yorkshire (57 per cent), said having the right people and skills is the single most important factor for a business to be innovative.

This is compared to less than a quarter (21 per cent) who believes having the right idea is most important.

The latest research suggests Yorkshire SMEs have prioritised staff training and development over other investment opportunities in the past year, and intend to do so again in the next 12 months.

Simon Wright, Yorkshire Bank’s regional director of business and private banking, said that businesses need to consider creativity, in whatever form that takes, when planning for growth.

He said: “Innovation comes in many forms, not just cutting-edge technology or design. For many service-led industries this could mean being innovative and creative to meet customer demands, or approaching the market in a different way to competitors. What is important is that businesses continually review their performance and how they serve customers to ensure they are on top of their game.”