SMEs remain remarkably resilient in uncertain times
February 2025 - In a persistently challenging economic context, Belgian SMEs remain remarkably optimistic. This is evident from the latest edition of the semi-annual ‘SME Work Barometer’, conducted by Acerta in cooperation with ETION and VKW Limburg.
Although confidence has declined slightly, many entrepreneurs see future prospects and continue to strive for stability within their workforce.
Moderate optimism about the economy
About a third of SMEs (33%) are positive about the economic outlook, down slightly by 2% from six months ago. However, the majority (51%) keep a low profile, stating that they are neither optimistic nor pessimistic. These figures illustrate that uncertainty in the market, caused by geopolitical tensions and internal political challenges, only marginally undermines business confidence.
‘Almost two-thirds of SMEs expect their workforce to remain stable,’ the researchers note. This stability is a signal that Belgian SMEs remain focused on the long term despite external uncertainties.
Significant drop in redundancy expectations
A notable positive is that only 8% of SMEs think they will have to let staff go in the next six months, down 8% from May 2024. At the same time, 43% of firms say they are looking to hire new staff, although this figure is down 5% compared to six months ago. These figures indicate a shift from growth to retention and consolidation of the existing workforce.
However, labour market tightness remains a persistent problem. Almost 7 in 10 companies expect it to remain difficult to attract suitable talent. This is motivating SMEs to pay more attention to retaining and developing their current employees, rather than focusing entirely on new hires.
Focus on stability and retention
Attracting and retaining talent is again high on the agenda of SMEs. These priorities are reflected in a more cautious recruitment strategy. Retaining existing staff is preferred over expanding the workforce. This is understandable, taking into account labour market challenges such as high costs, geopolitical tensions and structural talent scarcity.
‘The economic environment shows slight improvements in some sectors, but factors such as energy costs and international tensions continue to weigh heavily on entrepreneurial sentiment,’ the researchers indicate. The hopeful employment outlook is often influenced more by demographic trends than by economic growth.
Job growth continues, but reforms needed
Although some SMEs are not planning additional recruitment, many companies continue to open vacancies. However, the lack of suitable candidates poses a structural challenge. This calls for far-reaching labour market reforms aimed at making jobs more accessible and improving jobseekers' skills, according to experts.
Despite the pressures, the resilience of SMEs remains striking. They remain ambitious and, together with their teams, are courageously working on the future. This highlights the importance of a flexible and innovative approach within the SME sector.
About the survey
The figures are based on the sixth edition of the SME Work Barometer, organised by Acerta, ETION and VKW Limburg. A total of 427 SMEs participated in the survey, which focuses on companies with less than 100 employees. The survey is conducted twice a year to identify trends in the Belgian SME sector.
Source: website Acerta
