Driving Yorkshire's prosperity
Since we launched the Yorkshire Report in 2006, corporate Yorkshire has witnessed the credit crunch and ensuing global financial crisis, the emergence of disruptive new technologies in the digital revolution and now is preparing for a general election and the mother of all divorces as Britain gets ready to leave the European Union.
But with change comes opportunity and no-one is better at grasping opportunity than our evergreen and ever ready mid-market. BDO is proud to serve all its clients, none more so than those businesses which make up the economic engine of our region. May 2017 be the year that our leaders in Westminster finally wake up to their importance and put these businesses at the heart of the nation’s new industrial strategy.
Yorkshire’s unsung heroes
Where would Yorkshire be without its mighty Mittelstand? Thankfully, the region’s 200 mid-market companies shrugged off all the political and economic uncertainties that have dominated the headlines over the last year to create 13,800 new jobs. That is a vitally strong performance and underlines the all-important contribution that medium-sized businesses make towards regional prosperity.
We believe this strong investment in headcount demonstrates an underlying confidence in future prospects and a determination to persevere, whatever the weather.
Working harder for less
Our analysis shows that the average director in the top 250 received a salary 12 times greater than the average worker. As executives in the largest businesses receive ever more scrutiny from investors and stakeholders over remuneration policies, this gap is widerr in the top 50 where the average director salary was 24 times greater. This does however compare favourably with top companies across the UK where the multiple is reportably in excess of 130 times. In the engine room of the mid-market 200, the picture is much more balanced with the average director salary 7 times greater. Looking at the relative performance and contribution, it could be argued that mid-market business leaders are the unsung heroes, working harder to drive growth, but for less reward.