A new report released this June overwhelmingly shows that Canadian companies need to invest in their employees if they want to grow.
The Navigator: Made for the Future Report surveyed 2,500 businesses in 14 countries and territories - 200 of them in Canada. The survey found that in Canada:
- Nearly half of those surveyed plan to boost spending on skills training for their staff in the next two years.
- 47% said their companies planned to spend more on training employees.
- 42% said they'd spend more on employee satisfaction and well-being.
While 54% of the surveyed Canadian business leaders said their companies would make investments that fall under the category of research, innovation and technology, Dan Leslie, deputy head of commercial banking for HSBC Bank Canada, said the results show that technology is only half the story.
"Tech adoption brings improvements but also creates the need for new skills," Dan said. "The priorities have shifted since some of our last surveys away from trade or capital investment and more toward investment around the well-being of their workforce."
"Given labour market experts predict that many of the jobs people will hold in the future haven't even been invented yet, investing in adaptable employees is good business sense", Dan said. CBC June 26
- How much should businesses be investing?
- What's the cost of programs and training?
- Is there a tax benefit or assistance small companies can access to assist with costs?
- Does location play a factor?
There are many questions to be answered, and that's where our experts can help.
Andrea Bruley, Senior Manager at Freelandt Caldwell Reilly LLP, is an expert in the areas of owner managed business, mentorship, accounting and not-for-profit accounting. You can contact Andrea regarding this topic by clicking the contact button below.
Andrea Bruley, CPA, CA Senior Manager
Andrea's tasks are divided among clients (business & not-for-profits) and managing the professional development of FCR's CPA students.