“…The diversity of performance aspirations amongst SMEs is not adequately reflected in performance measures adopted by researchers. Our review does highlight that studies have found positive relationships between both formal and informal HRD activity and performance outcomes (Greenidge et al ., ; Jones, ; Panagiotakopoulos, ; Ram et al ., ). Benefits such as increased cost‐effectiveness, quality, innovation and ability to adapt to change are cited (Beaver and Hutchings, ; Lange et al ., ; Macpherson and Jayawarna, ), as are the ability to meet regulatory requirements (Coetzer et al ., ) and greater flexibility (Collins and Smith, ; Matlay, ).…”