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Most in-demand jobs in Ontario for newcomers
Ontario is one of the most popular provinces among newcomers. Its cultural diversity, economic prosperity, and ever-growing job market are just some of the reasons newcomers from across the world choose to settle in Ontario. The government of Ontario periodically invites newcomers with the skills and experience to meet the province’s growing labour requirements to work and settle in Ontario as Permanent Residents (PR) through the Ontario Immigrant Nominee Program. This article provides information on Ontario’s job market. This includes the top industries that contribute to its economy, the most in-demand occupations for newcomers in the region, NOC codes, and median wage estimates, so you can arrive prepared to kick-start your career in Canada. What are the top industries in Ontario? Services industry: The services sector is the largest contributor to the province’s economy and employs nearly 79 per cent of the people living in Ontario. Some of the key service industries include banking and financial services, professional, scientific and technical services, and arts and culture. Manufacturing industry: Ontario’s manufacturing industry is one of the biggest in North America. Some of the most prominent manufacturing industries are automotive, information and communication technologies, biotechnology, pharmaceuticals, and medical devices. Agriculture: Ontario’s farming sector contributes nearly 25 per cent of Canada’s farm revenue. Mining industry: In addition to being one of the world’s top 10 producers of nickel and platinum, Ontario is also rich in gold, silver, copper, zinc, cobalt, and non-metallic minerals. Southern Ontario also has a sizeable oil and gas industry. Forestry industry: The forestry industry in the province creates nearly 200,000 direct and indirect jobs. Which cities have the most job opportunities in Ontario? Toronto and the Greater Toronto Area (GTA): This is the most populous region in the province, and Toronto is the financial hub of Canada. Other large industries in Toronto and the GTA include technology, real estate, trade, and manufacturing. Ottawa: As the capital of Canada, Ottawa offers significant job opportunities in administration. It is also a major centre for the high technology and finance industries. Brantford: This city is a manufacturing hub and offers job opportunities in food and beverage manufacturing, advanced manufacturing, rubber and plastic production, and warehousing and distribution. In addition, Brantford also has a growing media and entertainment sector. Hamilton: Another manufacturing centre, Hamilton has a large job market in the food processing and agribusiness industry, as well as in advanced manufacturing. Waterloo: The Toronto-Waterloo region is often referred to as the ‘Silicon Valley of the North’ and presents significant opportunities in the technology sector. Which jobs are in demand in Ontario? Health care jobs in Ontario Managers in health care (NOC 0311): Managerial positions in health care typically require a degree in management and pay around $48.21 CAD per hour. • Registered nurses and psychiatric nurses (NOC 3012): You’ll need a nursing degree and a provincial nursing licence to qualify. The median hourly pay for registered nurses in Ontario is $36 CAD. • Medical laboratory technologists (NOC 3211): As a lab technologist in Ontario, you can earn a median income of $38 CAD per hour. • Opticians (NOC 3231): Opticians make between $27 CAD and $34 CAD in Ontario. • Licensed practical nurses (NOC 3233): Licensed nurses make a median hourly wage of $27 CAD. • Nurse aides, orderlies, home support workers, and patient service associates (NOC 3413, 4412): For these occupations, the hourly wage ranges between $17.50 CAD and $20 CAD. Service sector jobs in Ontario To qualify for service sector jobs, you’ll usually require at least an undergraduate or graduate degree from a university. Administrative services managers (NOC 0114): Managerial positions in administration typically pay a median salary of $41 CAD per hour. Banking, credit and other investment managers (NOC 0122): Managers in the finance sector earn a median income of $50 CAD per hour. You’ll usually need a degree in management or finance to qualify. Advertising, marketing, and public relations managers (NOC 0124): These roles require a degree in marketing or management and pay a median income of $40 CAD per hour. Business services managers (NOC 0125): These roles pay an average hourly salary of $43 CAD. Corporate sales managers (NOC 0601): Sales manager roles in Ontario can be fairly high paying, with a median hourly wage of $52 CAD per hour. Restaurant and food services managers (0631): Compared to other managerial positions, restaurant and food services managers have the lowest median wage at $19.23 CAD per hour. Construction managers and managers in transportation (NOC 0711, 0731): Employees in these roles earn a median hourly wage between $38 CAD and $40 CAD. Human resources professionals (NOC 1121): HR professionals make an average income of $35 CAD per hour. Professional occupations in business management consulting (NOC 1122): In Ontario, business consultants make a median hourly salary of $41 CAD. Mathematicians, statisticians, and actuaries (NOC 2161): As a mathematician, you can earn an average of $45 CAD per hour. However, you’ll need an advanced degree in mathematics, statistics, or a related subject. Technology sector jobs in Ontario To work as an engineer in Ontario, newcomers require a licence from the province in addition to an engineering degree. Engineering managers, computer and information systems managers (NOC 0211, 0213): Managerial level in-demand jobs in Ontario pay a median hourly wage between $52 CAD and $53 CAD. To qualify, you may require a degree in engineering, management, or both. Computer engineers (NOC 2147): As a computer engineer, you can earn a median income of $44 CAD per hour. Database analysts, software engineers and designers, computer programmers and interactive media developers (NOC 2172, 2173, 2174): These technology sector roles pay between $40 CAD and $46 CAD per hour in Ontario. While many such positions require an engineering degree, some roles may also be open to applicants with a degree in computer science. Web designers and developers (NOC 2175): Web designers in Ontario can earn a median hourly wage of $31 CAD. Manufacturing jobs in Ontario Manufacturing managers (NOC 0911): Managers in manufacturing make a median income of $43 CAD per hour in Ontario. Machine operators in the mining and processing, chemicals, plastics, woodworking, and food and beverage industries (NOC 9411, 9416, 9417, 9418, 9421, 9422, 9437, 9446, 9461): Machine operators and process control workers typically earn a median hourly wage between $15 CAD and $23 CAD, depending on the industry they are in. Assemblers, fabricators, inspectors, and testers in the electronics and mechanical industries (NOC 9523, 9526, 9536, 9537): The median hourly wage for these jobs is between $16 CAD and $22 CAD. Agriculture jobs in Ontario The median hourly wage for in-demand agriculture jobs is between $14.35 CAD and $20 CAD. General farm workers (NOC 8431) Nursery and greenhouse workers (NOC 8432) Harvesting labourers (NOC 8611) Industrial butchers, meat cutters, poultry workers (NOC 9462) What is the minimum wage in Ontario? The general minimum wage in Ontario as of October 1, 2021, is $14.35 CAD per hour. For student workers, the minimum wage is $13.50 per hour. What is the unemployment rate in Ontario? The unemployment rate in Ontario in September 2021 was 7.3 per cent. However, the province’s economy is still recovering from the impact of the COVID-19 pandemic and, with each quarter, the unemployment rate is inching back towards the pre-pandemic level of under six per cent. How can I move to Ontario? In addition to the federal Express Entry program, the province also invites permanent residents through the Ontario Immigrant Nominee Program. If you’re planning to work in Ontario temporarily, you may be able to qualify for a work permit if your skills align with the province’s in-demand occupations. Ontario also boasts of some of the best universities in Canada and, each year, thousands of students come to Canada on study permits, with the aim of receiving a world-class education and settling permanently in Canada. Original article located here, published by Arrive. About Arrive Arrive is powered by RBC Ventures Inc, a subsidiary of Royal Bank of Canada. In collaboration with RBC, Arrive is dedicated to helping newcomers achieve their life, career, and financial goals in Canada. An important part of establishing your financial life in Canada is finding the right partner to invest in your financial success. RBC is the largest bank in Canada* and here to be your partner in all of your financial needs. RBC supports Arrive, and with a 150-year commitment to newcomer success in Canada, RBC goes the extra mile in support and funding to ensure that the Arrive newcomer platform is FREE to all. Working with RBC, Arrive can help you get your financial life in Canada started – right now.
8 myths about Canadian credit scores newcomers need to know
Having a good credit history and credit score is fundamental for your long-term financial success in Canada. Your credit score is an indicator of your creditworthiness and you’ll need a good credit score to qualify for loans, mortgages, and even apartment rentals. As a newcomer in Canada, you might be unsure about how credit scores work or have some misconceptions about healthy credit practices. Here are eight myths about Canadian credit scores that newcomers need to safeguard themselves against in order to build a good credit score. Myth 1: Credit history from my home country counts in Canada Before arriving in Canada, you might already have a substantial credit history in your home country. Many newcomers believe that this credit history from their home country will transfer over to Canada, and that they will not need to start afresh. However, this is not true. Countries have different credit agencies and ways of calculating credit scores. As a result, your credit score and history from your home country are not transferable to Canada. Your Canadian credit history only starts after you arrive and get credit in the form of a credit card, loan, line of credit, or mortgage, from a Canadian financial institution. If you’re moving to Canada from the United States, the same credit agencies, Equifax and TransUnion, might be responsible for tracking your credit history in both countries. However, these agencies don’t share information across international borders, so you’ll need to start building your credit history from scratch in Canada. That being said, starting with no credit history is not the same as starting at the bottom of the credit scale. Once you start using and paying off your credit card bills, your credit score will likely start in the “fair” range. Myth 2: Money in my savings account counts towards my credit score As a newcomer, it is usually a good idea to set aside some money in a chequing or savings account for future expenses and emergencies. A high-interest s raavings account (HISA) can even help you grow your money. However, these funds have no impact on your credit score. Savings and chequing accounts are not listed on credit reports because no borrowing or debt is involved in these accounts. Since your credit score and history reflects your ability to repay debt, only financial products that involve credit, such as credit cards, loans, lines of credit, or mortgages, are included in your credit report. However, the money in your chequing and savings account can be used to pay off debt and maintain a regular payment schedule for your credit products, especially in times when your income isn’t enough to cover these payments. Ensuring you make regular debt payments will help improve your credit score. Myth 3: Credit scores don’t matter – I won’t take credit unless I need it Many newcomers come to Canada from countries that are credit-averse, where getting into any kind of debt is frowned upon. In such a case, you may either have limited experience with credit or your instinct may be to only take credit when you need it. In Canada, however, credit plays a crucial role in the economy and having a good credit history is essential for your financial success. A credit score is an assessment of your creditworthiness, or the likelihood that you’ll pay off your debt based on your past financial history. While you may not need credit today, building your credit history early will help you qualify for loans and lower int erest rates when you apply for a car loan, education loan or mortgage later. In fact, in some cases, you’ll also need a good credit score for your application to rent a home, obtain a cell phone plan, and even on an employment application. As a newcomer, getting and using a credit card is the easiest way to build your credit history. Start paying for routine purchases like groceries and household essentials with your credit card instead of cash to get comfortable with the concept of credit. Then pay off the balance of your credit card each month from your chequing or savings account. Myth 4: My credit score is based on my income Many newcomers think that you need to be rich to have a good credit score. In truth, however, your earnings are not directly factored into the calculation of your credit score and are not included in your credit history. Credit scores reflect your payment history, or how well you repay debt, rather than how much money you have available. A high income is no guarantee that you’ll use that money to pay off your bills. Regardless of your income, you should be careful about only taking credit that you can pay off in a regular, timely manner. Credit utilization ratio, or the percentage of your overall available credit that is currently being used, is another factor that impacts your credit score. RBC advisors typically recommend using up to 35 per cent of your credit limit, in order to build your credit score. Increasing your credit limit will increase the amount of credit you can use without having a negative impact on your credit score. Your earnings can have an indirect influence when you’re applying for new credit products or for an increase in your credit limit, as financial institutions will usually take both your income and credit history into account. Myth 5: Getting more credit cards is the best way to improve my credit score As a newcomer, it can be tempting to believe that getting multiple credit cards will help you build your credit score faster. However, that’s not necessarily true. Having multiple credit cards can either help or hurt your credit scores, depending on how you use them. While multiple credit cards will give you access to a larger total credit limit, your credit score will be determined by how you use that limit. If you’re using your credit cards wisely and paying off all the bills in full, on time, then having multiple credit cards can work to your advantage. Since your credit utilization ratio takes into account the limits of all your credit cards and other credit products, maintaining the same level of spending even after you get additional credit cards can lower your overall credit utilization and improve your credit score. However, having several credit cards can also create a situation where you end up spending more than you can easily repay. This can result in delayed payments, which in turn, lead to high interest and penalties. It can also negatively impact your credit score. You should speak with a financial advisor to better understand which credit card options may be right for your unique situation and whether you need multiple cards. Myth 6: Checking my own credit score will lower it When you’ve just started building your credit history, it’s important to keep track of your credit score to make sure it’s heading in the right direction. This can also help you identify and report errors or instances of identity fraud in a timely manner. However, many newcomers mistakenly believe that checking their credit score will negatively impact it. The fact is that when you check your own credit score or credit report, it counts as a “soft” inquiry and doesn’t hurt your score. However, a “hard” inquiry, such as by a financial institution or lender, can lower your score by a few points. Hard inquiries are usually initiated by banks, lenders, or mortgage providers to check your creditworthiness before they can issue a new loan, credit card, or other credit product to you. It’s important to note that when multiple inquiries for the same type of loan are made within a short period of time, such as when you’re shopping around for mortgage rates, they are typically counted as one inquiry. Some banks like RBC allow customers to check their credit score for free, at any time, using their online banking portal. You can also get copies of your detailed credit report through Equifax or TransUnion. Myth 7: I just need to pay the minimum balance on my credit card to keep my credit score up One common misconception that newcomers have is that carrying balance on a credit card improves your credit score. This is inaccurate and, if regularly practiced, can negatively impact your credit score. If you’re only paying off the minimum balance on your credit card for a particular month, it doesn’t count as a missed payment, so there may not be an immediate direct impact on your credit score. However, you’ll be charged interest for the remaining balance in the next payment cycle. Credit instruments like credit cards typically have very high rates of interest, and putting off paying balances in full can make it harder for you to pay off your debt later. In addition, most financial institutions and creditors look at how much you owe compared to how much credit you have available. Therefore, carrying a balance from one month to the next can increase your overall credit utilization ratio. This can adversely impact your credit score. That being said, if you’re in a situation where you’re struggling to cover expenses, prioritize debt payments based on the interest rates they carry. Wherever possible, make at least the minimum payment and pay off the remaining amount as soon as possible. Speak to a financial advisor to get advice that is specific to your financial situation. Myth 8: My credit score will be the same with every agency The two national credit reporting agencies, Equifax and TransUnion, have their own independent scoring criteria for calculation of credit scores. Although they take similar factors into account—your payment history, credit utilization ratio, duration of credit, etc., your score could vary slightly based on which agency’s report you’re looking at. When a financial institution or lender runs an inquiry on your credit score, they might look at reports from any credit reporting agency. It’s a good practice to keep a close eye on your credit reports with both major credit agencies to stay up-to-date on your financial position. A good credit score will be crucial as you navigate the financial system as a newcomer in Canada. The task of building a great credit score from scratch in a new country may seem daunting. But by knowing what can harm or improve your credit position and practicing healthy financial habits, you can uncover your path to financial success in Canada. Original article located here, published by Arrive. About Arrive Arrive is powered by RBC Ventures Inc, a subsidiary of Royal Bank of Canada. In collaboration with RBC, Arrive is dedicated to helping newcomers achieve their life, career, and financial goals in Canada. An important part of establishing your financial life in Canada is finding the right partner to invest in your financial success. RBC is the largest bank in Canada* and here to be your partner in all of your financial needs. RBC supports Arrive, and with a 150-year commitment to newcomer success in Canada, RBC goes the extra mile in support and funding to ensure that the Arrive newcomer platform is FREE to all. Working with RBC, Arrive can help you get your financial life in Canada started – right now. Learn about your banking options in Canada and be prepared.
Provincial Nominee Program (PNP): Moving to Canada as a permanent resident (PR)
Canada has specific immigration programs designed to enable individuals with different skills, education, and work experience to settle in Canada and contribute to the Canadian economy. For those intending to move to Canada as a permanent resident (PR), the permanent residence programs managed through the Express Entry system are the most popular options, but not the only ones. There are other options such as the Provincial Nominee Programs (PNP), Family sponsorship, Atlantic Immigration Pilot (AIP), the Rural and Northern Immigration Pilot (RNIP), the Caregiver program, and the Start-up Visa program. In this article, we will be focusing on the Provincial Nominee Programs (PNP) to help you understand how the various processes work, and the steps to be followed to apply for permanent residency through a PNP. How do Provincial Nominee Programs (PNP) work? According to Immigration, Refugees, and Citizenship Canada (IRCC), Provincial Nominee Programs (PNP) are primarily aimed at individuals who: 1. Have the skills, education and work experience to contribute to the economy of a specific province or territory, 2. Intend to settle permanently in that province or territory, and 3. Want to become permanent residents of Canada. Each province and territory has its own Provincial Nominee Program streams (immigration programs that target certain groups such as new graduates, business people, skilled workers in specific professions, or semi-skilled workers), and unique requirements. Understanding PNP application options There are two ways to apply for PR through the PNPs: 1. Paper-based process (involves submitting a physical application and supporting documents) 2. Express Entry (online application) The mode of application will depend on the PNP stream under which you apply. How to apply for PNP: Paper-based process The paper-based process involves two stages: Stage 1: Receiving a nomination certificate from the province or territory you intend on settling in permanently. Stage 2: Applying to IRCC for PR status after the province or territory nominates you. Here’s a step-by-step approach on how to apply for permanent residency as a Provincial Nominee, through the paper-based process. Stage 1 includes steps 1 to 4, while steps 5 and 6 are part of stage 2. Step 1: Identify where you want to live in Canada Canada has ten provinces and three territories. To apply for PR status as a Provincial Nominee, it is important to decide where you want to settle – more specifically, in which province or territory. You might want to take into consideration factors such as the cost of living, employment opportunities, and the type of lifestyle you want to adopt. Step 2: Check the PNP eligibility criteria To be nominated by a province or territory, you must follow the instructions on their website and contact them directly. To check the eligibility criteria, here are the PNP websites for each province/territory: • Alberta Immigrant Nominee Program (AINP) • British Columbia Provincial Nominee Program (BCPNP) • Manitoba Provincial Nominee Program (MPNP) • New Brunswick Provincial Nominee Program (NBPNP) • Newfoundland and Labrador Provincial Nominee Program (NLPNP) • Northwest Territories Nominee Program (NTNP) • Nova Scotia Nominee Program (NSNP) • Ontario Immigrant Nominee Program (OINP) • Prince Edward Island Provincial Nominee Program (PEI PNP) • Saskatchewan Immigrant Nominee Program (SINP) • Yukon Nominee Program (YNP) Nunavut is currently only accepting applications for entrepreneurs wanting to start their business in the territory. Applicants intending to settle permanently in the Province of Quebec should contact the province directly for instructions on how to apply for PR status – they should not use the below guidance. Step 3: Apply to the Canadian province or territory where you intend to live Each province has various PNPs designed to fill their specific labour market needs. Applicants should review the PNP streams for their province of interest carefully, as each will have unique eligibility criteria, and application intake processes. In general, applicants can either: 1. Apply to the province directly for a provincial nomination, OR 2. Be invited to apply to the province for a provincial nomination. Tips: While applying to a specific province/territory through the paper-based process, you must select a non-Express Entry stream AND meet the eligibility requirements of the chosen stream for the province/territory. Many provinces have very specific deadlines for application submissions. Applicants may wish to begin gathering necessary documents before they are invited, so they can ensure everything will be available within the deadline imposed by the province. Step 4: Wait for the nomination After submitting an application, if you meet the program’s eligibility criteria including demonstrating an intention to settle in that province, you will receive a provincial nomination certificate. You may refer to specific provincial or territorial PNP websites for processing timelines. Step 5: Apply Once you’ve been nominated by a province or territory, you can submit your application for Permanent Residence to Immigration, Refugees and Citizenship Canada. The application package for Provincial Nominees includes the instruction guide, document checklist, and all the forms you need. Tip: Be honest, accurate, and truthful while completing your application. If you are found to have misrepresented any information in your application, it may lead to a refusal of your application, and you could be found inadmissible to Canada and barred for up to five years. The next step in the application process is to pay the fees. As of April 30, 2020, these fees have increased from $1,040 CAD per adult applicant and an additional $150 CAD per child, to $1,325 CAD per adult applicant and $225 per dependent child. This amount includes: • Processing fees for you and anyone you include on your application. • The Right of Permanent Residence Fee (RPRF) – $500 CAD which must be paid by all adult applicants on the application; you can opt to hold on to it and pay at the next step. Although the application is paper-based, you must pay the fees online and print out a copy of your payment receipt to be included in the application. For biometrics: You must also pay a biometrics fee of $85 per adult applicant, to a maximum of $170 per family. You must include proof of having paid these fees in your application. After your application is received, you will receive a confirmation letter with instructions on how to submit your biometric data. Biometrics (fingerprints and photo) are required to be given in-person at various collection centres worldwide. You will have 30 days from the date of the letter to complete this process. You must book an appointment at a collection point close to you and show the confirmation letter when you give your biometrics. Third-party fees: Depending on your situation, you may need to pay third parties for medical exams, police certificates, language testing, and educational credential assessment (ECA). The instruction guide for your application will help you understand which fees apply to you. After completing the application package and gathering all the supporting documents, you have to mail your application along with the online payment receipt to the address in the instruction guide. Remember, do not send the application to your local visa office; it must be sent to the Centralized Intake Office in Canada, after which it may be transferred to your local visa office abroad. Tip: To avoid rejections, before you send your application, ensure you answer all questions, sign your application and all forms, and include the correct processing fee, and supporting documents. You must also include a copy of the valid nomination certificate that the province or territory sent you. If your nomination has expired, you should contact the issuing province or territory. Step 6: Receive the Confirmation of Permanent Residence and arrive in Canada The processing time for each application depends on which visa office is processing it. After submitting your application, at any time, you can check the application processing times and status of your application online. As of April 2020, the average processing time for paper-based applications is 15 to 19 months. While your application is being processed, you will be informed when to submit medical exams and police certificates if they were not provided with your initial application, or have expired since submitting. Medical exams: You and all dependent family members (even if they are not moving to Canada with you) will be required to complete a medical examination from a designated panel physician. Police certificates: You may need a police certificate from any country or territory in which you have spent six months in a row or more since the age of 18. In some countries, it can take a long time to get a police certificate. Therefore, you may want to get them early. If you meet program and admissibility criteria, IRCC will reach out to request the documents required to finalize the application, including your passport (or passport copies) and photos. You’ll also need to pay your Right of Permanent Residence fee, if you haven’t already. At this stage, you must update IRCC on any significant changes to your circumstances, such as family status or new medical concerns. If no changes are reported, IRCC will finalize your application and issue you a: • Confirmation of permanent residence (COPR) document • Permanent resident visa (if you are from a country where you need a visa) • Letter with important information about your COPR and other requirements Tip: Keep your COPR document in a safe and secure place. Do not alter your COPR in any way, and do not sign the document until your arrival in Canada as a permanent resident. Arrival in Canada Once your application has been approved, you must travel to Canada to complete the Permanent Resident landing process – this is the final stage in processing, and once complete, your permanent residence status will be granted! During the landing process, upon your arrival to Canada you must present your COPR, and your PR visa (if you need one). You will also need to show your passport, and you may be asked for proof of funds to support yourself and your family. The officer will ask you a few questions to make sure you still meet the terms to immigrate to Canada. They will be similar to the ones you answered when you applied. Once satisfied that you remain admissible to Canada, the officer will allow you to enter Canada as a PR. The officer will also confirm your Canadian mailing address, and your PR card will be mailed to you at this address. Note: You don’t have to apply separately for a PR card, if you provide a Canadian mailing address. The application for a PR card is submitted by the officer at the time of completing your landing formalities. If you are already in Canada, you can make an appointment at an IRCC office near where you live in Canada to complete the landing process and have your permanent resident status granted. You can also leave Canada and return through a Canadian port of entry (an international airport or a Canadian land border) to complete the landing process. How to apply for PNP: Express Entry process There are two ways to apply for PNP through the Express Entry process: Option 1: You contact the province You contact the province or territory and apply for a nomination under their Express Entry stream. If the province or territory agrees to nominate you, you can then proceed to create an Express Entry profile (or update your profile if you already have one) and show you have been nominated. Option 2: Province contacts you You create an Express Entry profile first and indicate the provinces and territories you are interested in while creating the profile. If a province or territory sends a notification of interest to your account, you can contact them directly and apply through their Express Entry stream. Tip: In both cases, you will need to create an Express Entry profile during the process, so you should do it right from the start. Here’s a step-by-step approach on how to apply for PNP through the Express Entry process. Each step outlines the approach for option 1 and 2. Tip: In our blog, Express Entry: Moving to Canada as a PR, we’ve outlined a step-by-step approach to creating and submitting an Express Entry profile. We encourage you to read it and follow the instructions mentioned. Step 1: Get provincial nomination For option 1: If you are already in the Express Entry pool, and you wish to be considered for the PNP, certain streams allow you to apply to the province/territory directly through the Express Entry stream. For option 2: If a province/territory contacts you with a notification of interest for PNP and you want to be nominated by that province or territory, you must contact them directly and apply to their PNP Express Entry stream. (This process will happen between you and the province or territory – you will not use your IRCC account). Note: The notification of interest is not a provincial nomination and does not guarantee you will be nominated. The next steps for both options are similar to Step 2 and 3 of the paper-based process as outlined above, with the only exception of specifically choosing the Express Entry immigration stream while applying on the provincial/territorial PNP websites. Once the province/territory agrees to nominate you, • You must update your profile with the nomination and share your Express Entry profile number and Job Seeker Validation Code with the province/territory; OR • Wait for the province or territory to confirm your nomination with IRCC and accept or reject the nomination in your IRCC Express Entry account within 30 calendar days. Step 2: Apply for PR Once you receive your nomination, there are two things to consider – 1. If you accept the nomination • o The Express Entry system will generate a letter in your account that confirms your nomination. o You will be awarded 600 additional points in your Express Entry profile, which will help you get invited to apply. Note: 600 points is the maximum number of points you can be awarded under the ‘additional’ factors. If you were previously awarded points for having a job offer and/or study in Canada, these points will not be listed in your CRS score. However, as they may be relevant to your ability to meet the criteria of the Express Entry program, you should provide proof of this in your Express Entry application. Upon receiving the invitation to apply, you will have 60 days to submit your online application for PR. Average processing times for Express Entry applications are generally 6 months – you can check the status of your application in your Express Entry account. 2. If you reject the nomination o Your profile will remain in the Express Entry pool, and you may be invited to apply under any other program. o You won’t be eligible for the PNP unless another province nominates you. Step 3: Receive the Confirmation of Permanent Residence and arrive in Canada Refer to Step 6 of the paper-based process. Preparing to settle in Canada Once you receive your COPR and PR visa (if required), there are things you can do to prepare for life in Canada. Pre-arrival • Use free pre-arrival services, which help you find out more about living and working in Canada. • Take steps to get recognition in Canada for your education, work experience, and professional licences/certificates. • Read about living and finding work in Canada. • Learn about the networking culture in Canada, work on your resume, and start building your personal brand. Post-arrival • Find immigrant services which will help you settle and adapt to life. • Read the Welcome to Canada guide to help you adjust. • Use the Living in Canada tool to find the right services. You can use the following Arrive resources to prepare for your job search, even before you arrive in Canada. • Read the Arrive career guide • Improve your resume • Craft and practice your elevator pitch • Practice interview questions • Start building your Canadian network from home • Understand the Canadian market before leaving • Read the newcomer stories on the Arrive blog Arrive supports newcomers step of the way. What can you bring to Canada Before you travel to Canada, see the Canada Border Services Agency (CBSA) website to find out what you can and cannot bring into the country. Remember: You must tell the border officer if you arrive in Canada with more than $10,000 CAD. If you do not disclose this, you may be fined and your funds will be seized. The PNP process may seem daunting as there are many steps involved. However, if you follow the instructions provided by the Government and consult with authorized immigration representatives, you will be able to successfully realize your dream of moving to Canada! Original article located here, published by Arrive. About Arrive Arrive is powered by RBC Ventures Inc, a subsidiary of Royal Bank of Canada. In collaboration with RBC, Arrive is dedicated to helping newcomers achieve their life, career, and financial goals in Canada. An important part of establishing your financial life in Canada is finding the right partner to invest in your financial success. RBC is the largest bank in Canada* and here to be your partner in all of your financial needs. RBC supports Arrive, and with a 150-year commitment to newcomer success in Canada, RBC goes the extra mile in support and funding to ensure that the Arrive newcomer platform is FREE to all. Working with RBC, Arrive can help you get your financial life in Canada started – right now
Across America it seems deliveries are delayed; shelves are looking increasingly bare and there’s an elevated sense of anxiety when it comes to what lies ahead for America’s economy. All of these important topics are forefront in the minds of many and reporters are covering these stories locally and nationally on a daily basis. It's making news, and that’s why we’ve asked Dr. Richard M. Franza, the Dean of the James M. Hull College of Business at Augusta University, a few quick questions that we’re seeing pop up in media coverage across Georgia. Q 1 - What is causing shortages here at home, especially in grocery stores? “Like most things, it is complicated, not a lot of easy answers, but there are clearly a few things in play here. First, companies have been having a hard time finding workers throughout the supply chain. It starts at the producer level, whether it is meat processing plants or producers of other foods and sundry items, production levels are down due to limitations on workers. Then, there have also been worker issues at the transportation/logistics part of the supply chain. Particularly in the area of trucking. So, even when producers have enough supply, they are having difficulty getting it to the stores. Finally, there are issues at the grocery stores themselves. Both at their distribution locations and the store themselves, they have been short on labor unloading and picking items, again delaying products from getting on the shelves. The problem has gotten worse in the past few weeks due to the COVID spikes due to omicron. While omicron is causing less serious results, it appears to be easier to catch. So, lots of people are getting it, making people have to miss work for five days, putting a further crunch on the labor force.” Q 2 - Is this a problem we are likely to see continue through the first quarter or half of the year? “I am optimistic that we can get past the omicron crunch in the coming weeks (by mid to late February, if not sooner). So, things should get better this quarter. However, this will just put us back to where we were pre-omicron, with still some lingering issues. I am hopeful that as the pandemic evolves into an endemic, things will resemble a more normal environment. While this virus has been unpredictable, I am hopeful that we can return to more normal environment no later than the end of the second quarter.” Q 3 - What we can we expect once the pandemic finally subsides? “I am extremely optimistic concerning our economy post-COVID. We have been pretty resilient to date, so I think if COVID transitions to endemic, I think we will see more spending and more people going to work.” If you’ve got more questions to be answered, or if you’d like to speak with him one on one – then let us help. Dr. Richard M. Franza is available to speak with media about important issues like America’s supply chain and the economy – simply click on his icon now to arrange an interview today.
Good COP or bad COP? | The Aston Angle
Four Aston University experts reflect on COP26 and what it means for transport, community and global action on decarbonisation, support for small businesses and China’s coal consumption. COP26 was the 26th United Nations Climate Change conference held in Glasgow from 31 October to 13 November 2021. The participating 197 countries agreed a new deal, known as the Glasgow Climate Pact, aimed at staving off dangerous climate change. But will it be enough? Dr Lucy Rackcliff explains why replacing petrol and diesel vehicles with electric ones alone is not radical enough. The overwhelming message coming from COP26 transport day seemed to be that moving to zero emission-vehicles would solve the well-documented issues created by petrol and diesel fuelled vehicles. As noted at the conference itself, transport is responsible for 10% of global emissions, and emissions from transport continue to increase. The WHO estimates that transport-related air pollution affects the health of tens of thousands of people every year in the WHO European Region alone. However, on-street pollution is not the only effect we should seek to address. Transport is responsible (directly or indirectly) for a wider range of environmental issues, and a wider range of health impacts. Moving to electric vehicles will not address impacts such as loss of land for other activities, use of finite resources in the manufacturing process, the need to dispose of obsolete materials such as used tyres, and the health effects of sedentary lifestyles, facilitated by car-use. In urban areas in particular, re-thinking policy to focus on walking, cycling and public transport-use could free up land for other activities. Car parks could become actual parks, in turn encouraging more active lifestyles, creating space for people and plants, and leading to a range of wider societal benefits. Assuming that replacing petrol and diesel vehicles with electric ones will solve all our problems is a strategy which lacks ambition, and thus denies us the benefits that more radical thinking could deliver. Dr Lucy Rackcliff, Senior Teaching Fellow, Engineering Systems & Supply Chain Management, Aston Logistics and Systems Institute, College of Engineering and Physical Sciences. "Assuming that replacing petrol and diesel vehicles with electric ones will solve all our problems is a strategy which lacks ambition." Professor Patricia Thornley reflects on the role that Aston University and EBRI can play in empowering community action and informing global action with research. COP26 energy day was a fabulous experience. I have never before seen so many people in one place with one ambition: to support and accelerate decarbonisation of the UK’s energy systems. We ran a “fishbowl”, which allows people with different perspectives on a topic (experts and non-experts) to participate in dialogue around a common interest. Our researchers, local government representatives, industrialists and students shared their thoughts on what our future energy mix should look like, how it should be delivered and who needs to act. Without doubt the consensus was that many different technologies have a role to play and there is an urgent need to accelerate implementation. There were reflections on the importance of governance at different levels and an interesting discussion around the relative merits of centralized solutions and devolved actions. The reality is that of course we need both and that made me think about what Aston University and EBRI can do. Of course we should implement centrally with initiatives like the impressively low carbon Students’ Union building, but we also need to raise awareness among our students. Our film showing with the Students’ Union a week later helped with that I hope, and many more of our courses are incorporating sustainability elements which is fantastic. But what we haven’t quite achieved yet is an empowered, proactive voice that would lead to wider community action. There are pockets of excellence but a lot still to be done. My second week at COP26 was very different with police presence outside a building where I had three meetings with industrialists on the controversial topics of forestry and land-use. It was sad to be working with key players to improve sustainability and increase carbon reductions through UK bioenergy while listening to drumbeats outside from objecting protestors. There is a real lack of understanding around forest management and global land use and we need to work harder to improve that. It is a huge challenge, but one that EBRI will work hard to address. Professor Patricia Thornley, Director of EBRI, Energy and Bioproducts Research Institute (EBRI), College of Engineering and Physical Sciences. "There is a real lack of understanding around forest management and global land use and we need to work harder to improve that." Professor Presanta Dey explores whether Government pledges on climate change will translate to practical support for small businesses Following the COP26 climate change summit, the UK Government led the way in making a series of pledges and policy commitments to combat climate change. The question is: how will this translate to practical support for SMEs? Large corporations often take centre stage at COP, which is welcomed, but if we are to see real change, everyone needs to be involved. COP26 provided a refreshing voice for UK small businesses which featured panel discussions on the ‘SME Climate Hub’, highlighting net zero opportunities and challenges for SMEs. The momentum of COP26 has already inspired over 2,000 UK small businesses to sign up to the UN's Race to Zero campaign, which is designed to accelerate the adoption of credible net-zero targets. A long journey ahead still awaits us, however campaigns like these will hopefully start a ripple effect inspiring the remaining six million UK SMEs to take climate action. Small businesses have been crying out for more assistance from the government in the form of ‘green’ grants and financial support to enable them to make the necessary long-term changes. The timely announcement of HSBC’s £500m Green SME Fund at COP26 marks a promising first step towards making it easier for SMEs to fund their green ambitions. In summary, COP26 provided some comfort to UK SMEs seeking a higher level of commitment from government, financial services and businesses. This moment must act as a catalyst for policy makers to continue removing the barriers that are holding small businesses back. Professor Presanta Dey, Professor of Operations & Information Management, College of Business and Social Sciences. Professor Jun Du explains what China’s deal means for the rest of the world following its own energy crisis earlier this year… Despite the many disappointments expressed around the COP26 outcomes, important progess has been made for the world economy moving towards carbon neutrality. Among the noticeable achievements China and the US, which together emit 43% of the total CO2 in the air, have agreed to boost climate co-operation despite many disagreements. This includes China’s pledge to more actively control and cut methane emissions during the next decade - even when the country did not sign up to the global methane pledge made in Glasgow. Reaching net zero will be an unprecedented challenge for all countries. China will need to do the heaviest lifting among all. The country’s energy crisis earlier this year has shown just how hard it will be to reach net zero. The exceptionally early and cold winter this year will demand even more coal, so China’s willingness and resolve for climate commitments are good news to all. While lots of attention was turned to the absence of China’s president, Xi Jinping, from the COP26 climate summit, what is less appreciated is the fact that China is serious about decarbonisation. Few countries invest as much as China in that area, nor grow as fast in finding alternative energy to coal and in green industries like electric cars. China has set specific plans in its 14th national five-year plan for economic and social development to reach peak carbon emissions by 2030 and carbon neutrality by 2060. COP26 could be an additional driver for “an era of accountability” for China. Professor Jun Du, Professor of Economics, Finance and Entrepreneurship, Centre Director, Centre for Business Prosperity, Aston Business School levy.
As the legendary political guru James Carville used to say, "It’s the economy, stupid." And these days with housing prices, inflation and the cost of living all pointing up in a very steep trajectory – the state of the economy is front and center for a lot of politicians, Americans and families as the year comes to a close. There’s a lot to be considered, and that’s where experts like Augusta’s Dr. Simon Medcalfe are being sought out to explain economic trends what is behind them. “U.S. retail sales are high,” explains Medcalfe “We had a lot of stimulus checks coming through the door and that’s really spurred extra spending and it’s across a whole range of retail sectors.” According to Medcalfe, household items are also seeing double-digit price increases. “What we’ve seen over the last 18 months during the pandemic, is a shift in our consumer preferences and consumer behavior.” • Furniture sales are up 29% • Used cars and cars in general are up 25-26% • Gardening and building supplies are up 14% • Electronics have seen an almost 30% increase • Clothing sales are up a whopping 50% But it’s not all good news - as the price of everything as we know is going up. “Inflation is running about 6.8% nationally,” Medcalfe explains. “It’s running about 7.2% in the south and it’s certainly a concern of policymakers and economists.” But theirs is sunshine behind those clouds as Medcalfe believes 2022 will see a return to normal. “I think next year inflation will come down. I know it won’t be at these high levels, but I still think it’ll be above the Feds target level of inflation, so look for those interest rate increases next year.” The economy and what to expect locally and nationally are hot topics – and if you are a reporter covering this topic – that’s where we can help. Dr. Simon Medcalfe is a highly regarded economics expert and the Cree Walker Chair in the Hull College of Business at Augusta University. Medcalfe is available to speak with media regarding the economy and its outlook – simply click on his icon now to arrange an interview today.
Brexit caused a large negative effect on UK trade pre-pandemic - new Aston University research
Professor Jun Du and Dr Oleksandr Shepotylo analysed the causal effect of Brexit on the UK’s services trade between 2016 and 2019 They found the UK experienced an average shortfall of £18.5 billion worth of services exports for each of those years Transport, Travel, Insurance and Telecom sectors experienced significant decline post-2016 No significant decline was found in other services including intellectual property, construction and financial. New research from economics experts at Aston University has found Brexit has caused a largely negative effect on UK services trade since the EU referendum. Professor Jun Du and Dr Oleksandr Shepotylo, from Aston Business School, analysed the causal effect of the Brexit referendum on UK’s services trade over the period between 2016 and 2019, in comparison to other major services exporters. They found the uncertainty associated with the UK-EU trade negotiations following the referendum caused harms to the UK services economy as a whole, reducing firms’ exports of services. This damages the competitiveness of services sectors which make up a lion’s share of the UK economy in terms of gross output, value-added and jobs. Professor Du and Dr Shepotylo used a Synthetic Difference in Differences (SDID) estimator to construct a counterfactual of the UK, had it not voted leave in 2016, to compare its services exports performance. This was done by comparing the actual performance of the UK with the modelled performance of a country that looks much like the UK, but did not vote to leave the European Union. They found Brexit resulted in the UK experiencing an average shortfall of £18.5 billion worth of services exports every year between 2016 and 2019 relative to what it would have been, had the UK remained in the EU. The impact varied considerably between different types of services. The UK’s exports in the category of transport, travel, insurance and telecom services saw a statistically significant decline following the referendum. No significant decline was found in business, intellectual property, construction, financial or personal, cultural and recreational services. In addition, Professor Du and Dr Shepotylo did not find evidence to suggest that UK businesses have redirected exports in services from the EU markets to those outside the EU, which is in contrast to exports in goods. The research suggested that Ireland has benefited significantly during this period, with growth in post-Brexit services exports up by £24 billion annually over 2016 to 2019 in the country compared to the counterfactual scenario if Brexit did not occur. This translates to 14.75% of Ireland’s 2019 total services exports, with growth clustered largely in the telecoms, business, intellectual property, and insurance sectors. Jun Du, professor of economics at Aston Business School, said: “Brexit marked a rupture in the highly integrated UK-EU services markets that had been developed during the UK’s membership of the single market. However, the UK’s strength in services was not reflected in the government’s ambitions for the sector in the EU-UK trade negotiations that followed the referendum. “There are other winners besides Ireland in some post-Brexit services areas. The Netherlands have increased considerably in ‘Business’ and ‘Intellectual Property’ exports. “Spain has seen growth in ‘Travel and transport’ services exports. Germany has gained in ‘Transport’, ‘Insurance’, ‘Telecom’ and ‘Intellectual Property’ services exports. While Ireland seems to have done exceptionally well in relation to the export of ‘Telecom’ services, a sharp contrast emerges to the lost exports not just from the UK, but also from the Netherlands, Switzerland and France.” Dr Oleksandr Shepotylo, a senior lecturer in economics, finance and entrepreneurship at Aston University, co-wrote the working paper and said: “UK services exports are 5.7% lower than they would be without Brexit. It reflects an overall decline of the UK as a place for doing business. “What economists tend to agree on is that the UK’s exit from the EU’s custom union and single market may have more significant impacts on services than goods, and more severe impact on post-Brexit regulated services than unregulated services. “It will take some time for the full impact of Brexit on UK services to emerge. Freedom of movement and data flow in some areas between the UK and EU could remain restricted. Stability, transparency and regulatory consistency in financial markets could be challenged. But new opportunities might surface. “Continued trade negotiations and dialogues regarding trade liberalisation are essential with the EU and large, fast-growing markets beyond Europe. Crucial to understanding these impacts will be reliable data and rigorous analysis. Our modelling of marked losers and winners in post-Brexit services trade provides new evidence for an open discussion of the post-Brexit trade in services.” You can read the full working paper HERE
Emory Experts - Why Companies Invest in Local Social Media Influencers
Companies seek local influencers to pitch products. Even though most influencers amass geographically dispersed followings on social media, companies are willing to funnel billions of sponsorship dollars to multiple influencers located in different geographic areas, effectively creating sponsorships that span cities, countries, and in some cases even, the globe. The desire to work with local influencers has spawned advertising agencies that specialize in connecting companies with influencers and may soon redefine the influencer economy. This trend has merit, our research team finds. In a new Journal of Marketing study, we show a positive link between online influence and how geographically close an influencer’s followers are located. The nearer a follower is geographically to someone who posts an online recommendation, the more likely she is to follow that recommendation. To investigate whether geographical distance still matters when word of mouth is disseminated online, our research team examined thousands of actual purchases made on Twitter. We found the likelihood that people who saw a Tweet mentioning someone they follow bought a product would subsequently also buy the product increases the closer they reside to the purchaser. Not only were followers significantly associated with a higher likelihood to heed an influencer’s recommendation the closer they physically resided to the influencer, the more quickly they were to do so, too. We find that this role of geographic proximity in the effectiveness of online influence occurs across several known retailers and for different types of products, including video game consoles, electronics and sports equipment, gift cards, jewelry, and handbags. We show the results hold even when using different ways to statistically measure the effects, including state-of-the-art machine learning and deep learning techniques on millions of Twitter messages. We posit that this role of geographic proximity may be due to an invisible connection between people that is rooted in the commonality of place. This invisible link can lead people to identify more closely with someone who is located nearby, even if they do not personally know that person. The result is that people are more likely to follow someone’s online recommendation when they live closer to them. These online recommendations can take any form, from a movie review to a restaurant rating to a product pitch. What makes these findings surprising is that experts predicted the opposite effect when the internet first became widely adopted. Experts declared the death of distance. In theory, this makes sense: people don’t need to meet in person to share their opinions, reviews, and purchases when they can do so electronically. What the experts who envisioned the end of geography may have overlooked, however, is how people decide whose online opinion to trust. This is where cues that indicate a person’s identity, such as where that person lives in the real world, come into play. We may be more likely to trust the online opinion from someone who lives in the same city as us than from someone who lives farther away, simply because we have location in common. Known as the social identity theory, this process explains how individuals form perceptions of belonging to and relating to a community. Who we identify with can affect the degree to which we are influenced, even when this influence occurs online. Our findings imply that technology and electronic communications do not completely overcome the forces that govern influence in the real world. Geographical proximity still matters, even in the digital space. The findings also suggest that information and cues about an individual’s identity online, such as where he/she lives, may affect his/her influence on others through the extent to which others feel they can relate to him/her. These findings on how spatial proximity may still be a tie that binds even in an online world affirm what some companies have long suspected. Local influencers may have a leg up in the influence game and are worth their weight in location. For these reasons, companies may want to work with influencers who have more proximal connections to increase the persuasiveness of their online advertising, product recommendation, and referral programs. Government officials and not-for-profit organizations may similarly want to partner with local ambassadors to more effectively raise awareness of—and change attitudes and behaviors towards—important social issues. Goizueta faculty members Vilma Todri, assistant professor of Information Systems & Operations Management, Panagiotis (Panos) Adamopoulos, assistant professor of Information Systems & Operations Management, and Michelle Andrews, assistant professor of marketing, shared the following article with the American Marketing Association to highlight their new study published in the Journal of Marketing. To contact any of the experts for an interview regarding this topic, simply click on their icon to arrange a time to talk today.
Prices are going up, shipments are being delayed and there are shortages of good and essential parts and pieces hindering almost every aspect of industry and manufacturing across America. The topic is getting attention from media outlets across the country as retailers and shoppers adapt to the problem. Hasbro Inc (HAS.O) said on Tuesday global supply chain disruptions cost it about $100 million in lost toy orders in the third quarter, and the company warned of a further hit to sales during the crucial holiday shopping season. While demand has surged over the last year, factory shutdowns, a lack of container ships and long port delays have fueled fears of a shortage of toys to put under Christmas trees during the holiday season. October 26 - Reuters Amazon on Monday reassured shoppers and industry watchers that it’s well-prepared to avoid supply-chain challenges during the holiday season. In a blog post, Amazon said a combination of planes, trucks, ships and delivery vans, along with staffed-up warehouses, has put it in a good position to “get customers what they want, when they want it, wherever they are this holiday season.” Retailers are entering what’s poised to be a particularly challenging holiday shopping period, due to existing supply-chain woes, inflationary pressures and labor shortages. Several factors are behind the issues, including skyrocketing shipping container costs and container shortages, Covid-19 outbreaks at shipping ports, as well as a shortage of workers needed to unload containers and handle goods at warehouses. October 25 - CNBC The United States is facing a supply chain crisis that it has never seen before. Some are blaming COVID, trade deals and shipping. The issue is causing serious trouble for America’s already fragile economy. If you’re a journalist covering this important topic let our experts help with your questions and stories. Georgia Southern University's Jerry Burke, Ph.D., is a professor in the Department of Logistics and Supply Chain Management. Burke researches manufacturing and service operations. He is available to speak with media regarding this important issue - simply click on his icon now to arrange an interview.
Corporate Social Responsibility Builds Investor Trust
There’s little doubt that corporate social responsibility (CSR) is a good thing for businesses. Whether it’s taking positive action on society, communities, the climate, or the planet, strong corporate citizenship tends to play well with the public, the media, and consumers alike. And that can translate into wins in terms of brand equity and reputation. What is perhaps less clear are the concrete business returns that ethical business practices may or may not generate. Or, whether doing the right thing can create value for firms beyond image, brand, and customer or employee engagement. To shed light on this, Goizueta Assistant Professor of Accounting Suhas A. Sridharan, has taken a rather novel approach. Together with colleagues from the universities of LUISS Guido Carli, Nazarbayev University, and IDC Herzliya, Sridharan has published a new study using measures of disclosure credibility to understand whether CSR builds investor trust and drives tangible benefits for corporations. Corporate Social Responsibility Does Reap Rewards “Disclosure credulity refers to how much your investors trust the information your organization provides – how much faith they have in your company’s ability to accurately convey opportunities for growth, and perhaps more critically, to navigate risk and uncertainty,” says Sridharan. “Because CSR and responsible business practices have a role in addressing a range of risks–from climate change and environmental factors to socio-economic or political uncertainty and the impact on supply chains, talent and so on–we reasoned CSR can impact investor trust and disclosure credibility. And disclosure credibility, in turn, can impact investor decision-making and business outcomes.” To study disclosure credibility, and capture shifts in investor sentiment towards firms, Sridharan and her colleagues decided to use the link between share prices and company earnings announcements–the public statements on profitability that firms are obliged to make over different periods. “Earnings announcements are among the most salient and recurring areas of corporate disclosure, and managers and investors pay very close attention to them,” Sridharan says. “Because of the nature of the information they contain, they have a direct link to security price discovery – the price that firms and investors will agree to buy and sell shares in the company. Simply put, earnings announcements can be used to examine how much investors value a firm.” As reports, earnings announcements are also highly complex and typically time-consuming to process. Because of this, Sridharan and her colleagues opted to look at just how quickly or slowly investors were reading announcements and responding to them – and how quickly or slowly stock prices were adjusting to reflect earnings news within a five-day window after earnings announcements, as well as a longer period to allow for potential overreaction or error. More Disclosure Credibility Equals Faster Results Sridharan explains, “The intuition we brought to the study was that the more investors trust a firm’s disclosures, the more efficient or faster they will be to process its earnings report; in other words, the more they will be likely to take the report on face value and less inclined to dig into the finer minutiae or question its findings.” Adopting this approach, she and her colleagues then compared and contrasted investor response to earnings reports from different firms, with greater or less involvement in CSR activities. In total, they looked at a large-scale sample of more than 19,000 annual earnings announcements from just under 3,000 U.S. firms over a 25-year period, between 1992 and 2017. Using Morgan Stanley Capital International environmental, social, and governance ratings, they were also able to determine the degree of firm-level CSR across their dataset during this period. Crunching the numbers, Sridharan and fellow researchers were able to arrive at a concrete conclusion: CSR measurably increases investor trust and disclosure credibility. “When we estimated our regression models, we found clear evidence that corporate social responsibility does indeed contribute to the average speed of price discovery around earnings announcements; and it does so positively. Our results reveal that CSR increases the speed with which stock prices incorporate earnings news. Breaking it right down, we see that a one unit increase in CSR activities corresponds to 1.96 percent increase in the average timeliness or efficiency of reported earnings.” In other words, investors are reacting more quickly and favorably to performance reports made by organizations with more demonstrated social responsibility. “We know that these types of announcements are lengthy and dense; they take time to process,” Sridharan says. “So, the intuition here is that when your firm plants a flag on responsibility and accountability, investors are more likely to take your disclosures at face value – they’re more likely to trust what you’re saying.” Organizations would do well to take this finding on board, says Sridharan; especially in today’s climate of high volatility and uncertainty. Having investors on board is critical in weathering the bad times along with the good, she adds, and CSR can be a game-changing tool in building that necessary trust. The Wild West of the Regulatory Landscape Sridharan’s paper also informs the regulatory landscape around corporate responsibility which is still in its infancy and which she likens to something of a “Wild West.” “The U.S. Securities and Exchange Commission (SEC) and other regulators are increasingly focused on improving the functioning of capital markets and understanding the role of CSR,” she says. “The SEC has included an examination of climate and ESG-related risks among its 2021 examination priorities which also underscores a growing investor interest in these issues. At the same time, research is showing that CSR can be misused or simply deployed to benefit managers looking to score reputational points with stakeholders–at the expense of shareholders. By demonstrating that investor perceptions of firms are materially shaped by firms’ CSR activities, our study highlights the importance of–and helps build the case for–monitoring and regulating firms’ CSR activities.” Suhas A. Sridharan is an Assistant Professor of Accounting at Emory University's Goizueta Business School. Sridharan studies investors' use of information to assess risk and resolve uncertainty, particularly around issues of political economy. She is available to speak with media about the importantance of CSR - simply click on her icon now to arrange an interview today.