Entrepreneurs Show Confidence in School and University Leavers

New recruits praised for keenness and motivation, but education systems do not support entrepreneurship

- Six in ten SMEs (60%) who had taken on school or university leavers last year were impressed by their keenness and motivation

- Fifty six percent thought that their leavers had shown their ability to fit in to their workplace

- Fifty four percent rated their leavers good or excellent in reading and writing compared to 14% who rated them poor

- In basic arithmetic, 48% thought their leavers good or excellent compared to 15% poor

- Twenty five percent thought their country's education system supported individual ideas and dreams-twice as many (50%) thought that it did not.

LONDON, UNITED KINGDOM--(Marketwire - Jan. 5, 2012) - A wide-ranging report shows confidence from entrepreneurs in Europe and the United States in the quality of the school and university leavers they recruit. They score highest for keenness and motivation, and in basic skills there are many more rated good or excellent than rated poor. But entrepreneurs also think that their national education systems are failing to support entrepreneurial attitudes.

Published by Hiscox, the international specialist business insurer, the DNA of an entrepreneur reports findings from research of 3,000 owners or partners of small and medium-sized businesses in six countries: the United Kingdom, the United States, the Netherlands, Germany, France and Spain.

Survey shows good or excellent recruits far outnumber those rated poor

• In the six countries surveyed, 1,360 (45%) of SMEs had taken on school or university leavers in the last year. Spain had the highest proportion of recruiters (76%), the USA had the lowest (26%). The UK proportion was 30%.
• The survey asked all the recruiters for their views on the leavers who had joined them, under six headings covering attitudes and basic skills. Under every heading those rated good or excellent far outnumbered those rated poor:

			Good/excellent %		Poor %
	Keenness and motivation		60		11
	Ability to fit in		56		11
	Reading and writing		54		14
	Basic arithmetic		48		15
	Time-keeping		47		19
	Work ethic		46		18

Survey reveals national differences in attitudes to recruits

• In terms of skills, the Germans gave the highest ratings for basic arithmetic (60% rated good or excellent), the Spanish the highest for reading and writing (61%). The Dutch handed out the lowest scores on both counts (32% for arithmetic and 38% for reading and writing)
• The French gave the highest ratings for their leavers' attitudes: 59% rated good or excellent for timekeeping, 60% for work ethic, 66% for keenness and motivation, 70% for ability to fit in. The Dutch had the lowest good/excellent ratings for work ethic (28%), timekeeping (30%), and ability to fit in (44%). The Americans had the lowest score on keenness (47%)
• On skills, 50% of British recruiters gave a good/excellent score to leavers for reading and writing but 21% rated them poor - the highest proportion so rated in any country. Although 44% of British recruiters gave high ratings to leavers for their basic arithmetic, 25% rated them poor, a figure beaten only by the Dutch (29%)

Little faith in national education systems to support entrepreneurial aspirations

The survey asked respondents whether their country's education system supported individual ideas and dreams. The Americans had significantly more faith in their education system than the EU countries of which the French and British had the least faith.

			Agree %		Disagree %
	Total		25		50
	USA		36		42
	Spain		30		47
	Germany		23		52
	The Netherlands		23		47
	France		21		59
	UK		20		56

For more information about Hiscox business insurance, visit: www.hiscox.co.uk/business-insurance/.

Notes to editors

A full copy of the report is available at www.hiscox.co.uk/DNA.

DNA of an entrepreneur sample and methodology

Respondents were 3,000 owners or partners in businesses with fewer than 50 employees, 500 each in the UK, USA, Netherlands, Germany, France and Spain. The businesses were predominantly service-based (84%). 87% were below ?1 million annual turnover, 57% below ?100,000. 39% were one-person businesses and 30% had fewer than five employees. 58% of respondents were men, 42% women. 52% of respondents were aged 40-59, 35% under 40.

The research was conducted for Hiscox by The Survey Shop. The sample was drawn from online panels. 3,000 owners/partners took part between 5^th-11^th September (five countries) and 3^rd-9^th October 2011 (Spain). Statistical accuracy: +/- 1% to +/- 1.5% for the whole sample of 3,000 and +/-2% to +/-4% for each country's sample of 500.

About Hiscox

Hiscox, the international specialist insurer, is headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). There are three main underwriting parts of the Group - Hiscox London Market, Hiscox UK and Europe and Hiscox International. Hiscox London Market underwrites internationally traded business in the London Market - generally large or complex business which needs to be shared with other insurers or needs the international licences of Lloyd's. Hiscox UK and Hiscox Europe offer a range of specialist insurance for professionals and business customers, as well as high net worth individuals. Hiscox International includes operations in Bermuda, Guernsey and USA. Hiscox Insurance Company Limited, Hiscox Underwriting Limited, Hiscox Europe Underwriting Limited and Hiscox Syndicates Limited are authorised and regulated by the Financial Services Authority.

Source: http://www.marketwire.com/mw/release.do?id=1603504&sourceType=3

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