Encouragingly, 1,360 of the 3,000 SME owners questioned reveal they have employed school and university graduates in the last year. Just over half (56 per cent) of the SME owners questioned thought their graduates had shown the abilities to fit into their workplace (whilst 11 per cent thought they were poorly equipped).

The research by SME insurer Hiscox surveyed 3,000 business owners (87 per cent with a turnover of less than £1 million) worldwide and 500 UK companies took part. Business owners from five other countries contributed including the US and France.

Worryingly, 15 per cent of managers thought their graduates had poor basic arithmetic skills and half believe their country’s education system didn’t properly support individuals’ ideas (opposed to 25 per cent who thought their respective systems did).

Bronek Masojada, CEO at Hiscox, says: ‘The strength of entrepreneurs supporting graduates continue to shine through. The research shows graduates globally can succeed in business despite the current economic backdrop.”