Could High-Growth SMEs Provide More Jobs For Veterans?

The British Armed Forces has more than 144,000 full-time personnel, making it one of the largest employers in the UK. However, new research has indicated veterans may want to set their sights on smaller organisations if they want to secure jobs for ex servicemen.

Figures from Octopus Investments show high-growth small businesses (HGSBs) created 4,500 new positions each week in 2014, which was triple the amount of FTSE 100 companies. According to the data, HGSBs make up less than 1 per cent of the country's economy, yet generated one in three jobs.

Experience and skills gained in the military are often transferable to a number of jobs, including engineering, sales and technical positions. Furthermore, the Recruitment and Employment Confederation said this month that skills gaps mean firms must come up with creative solutions to overcome staffing problems.

Simon Rogerson, chief executive officer of Octopus Investments, said HGSBs provide a "national opportunity", offering significant economic growth and creating vacancies both in and out of London and the South East.

"These are the companies that are making a real difference to people's lives through their innovation and tremendous contribution to our economy," he explained.

Octopus Investments describes HGSBs as organisations that exhibit more than 20 per cent annual turnover growth across a three-year period, with revenues between £1 million and £20 million a year.

The company claimed around three in five of these businesses are based outside of the capital, which could spell good news for those seeking veteran employment up and down the country.