Future-proof your business - ckca.ca
Transcript of Future-proof your business - ckca.ca
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Future-proofyour business
What is the impact on your business?
How should you react to keep your competitive edge?
What’s your next step?
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0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
1.2%
1.4%
1.6%
2001 2005 2009 2013 2017 2021 2025
Historic Forecast
Canada’s labour force growth will be close to 0 by 2020
SOURCE: Statistics Canada.
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Pain will be felt unevenly
SOURCE: Statistics Canada, medium-growth (M1) scenario.
Projected labor force growth rate by province
0.4%
British Columbia
–0.2%Quebec
Newfoundland and Labrador
–1.6%1.2%Alberta
0%Sask. 0.5%
Manitoba
0.2%Ontario
0%Territories
–0.9%
Nova Scotia
0.1%P.E.I.
–0.9%
New Brunswick
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Millennials are becoming predominant in the workplaceMillennials and Generation Z will account for 50% of the workforce by 2020
f=forecastSOURCE: Statistics Canada,
8% 41% 30% 21%
Gen Z (after 2000) Millenials (1981-2000) Gen X (1966-1980) Baby boomers (1946-1965) Silent (before 1946)
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2020(f)Gen Z (after 2000) Millenials (1981-2000) Gen X (1966-1980) Baby boomers (1946-1965) Silent (before1946)
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Millennials: different skills and work expectations
Better educated and more tech savvy
Value work-life balance and flexible work arrangements
Seek professional development
Want a sense of purpose in their work
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Immigration will sustain Canada’s workforce growth
Immigrants will account for 80% of Canada’s population growth by 2032
f=forecastSOURCE: Statistics Canada.
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%
Average 1992-2002
2022(f)
2032(f)80%
64%
56%
% of population growth coming from international immigration
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What are entrepreneurs doing to secure the talent they need?Strategies to facilitate the hiring of skilled workers
Offer a more flexible work environment
30%Rely on older workers
29%
No strategy in particular
28%
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Offer a more flexible work environment
Rely on older workers
No strategy in particular%
Entrepreneurs who rely on immigrants for skilled labour
Rely on immigrant workers
What your business can do
Create a more flexible workplace
MillennialsPosition your business on social media
ImmigrantsReach out to specific communities
Encourage mentorship
Partner with schools
Adjust your training
Aging workforce
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E-commerce retail sales are booming in Canada
SOURCE: www.eMarketer.com, www.statista.com and BDC calculations.
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2014$25 billion
2020(f)$56 billion
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million
28 million
Retail e-commerce salesNumber of smartphone users
E-commerce is shifting the balance
of power from sellers to buyers
Low-cost e-commerce apps
allow small businesses to sell
worldwide
Online markets are borderless
A world of competition and opportunity
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Automation will reshape the economy
SOURCE: World Robotics, 2016.
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Worldwide sales of industrial robots will increase almost four times by 2019
2010121,000
2019(f)414,000
Canada lags other developed economies in automationDensity of robots by country; Multipurpose robots per 10,000 workers
SOURCE: International Federation of Robotics, 2016
South Korea
531
Singapore
398
Japan
305
Sweden
212
Germany
301
Taiwan
190
Denmark188
U.S.A.176
Canada
136
Belgium169
Italy160
Spain150
Automation boosts competitiveness
Higher productivity
Faster to market
Lower costs
More responsiveness
to customer needs
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The rise of the data economy uncovers important business insights
SOURCE: IHS Markit.
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201927
202031
202136
202243
202351
202575
202462
201823
201720
201618
201515
Number of devices connected to the Internet to increase four-fold by 2025Billion of devices
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Canadian entrepreneurs are embracing digital technologiesPercentage using or planning to use technology in their business (20+ employees)
17%
24%
29%21%
In usage Plan to use in next 3 years
Social media E-commerce platform
BI technologies (e.g., big data, AI)
Robots/automated processes
69%
17%
39%
24%
22%
29%
19%21%
Build your online presence
Map out your business processes
Personalize your offerings
Learn how to attract customers online
Shop around before buying technology
Improve your efficiency with dashboards
Automation
Data economy
E-commerce
already feel the impact of demographic shifts when recruiting skilled personnel
%
SOURCE: BDC survey, July 2017 (n=1,413).
Our survey of 1,400 Canadian entrepreneurs found:
recently changed how they do business after the adoption of digital technologies
%
SOURCE: BDC survey, July 2017 (n=1,413).
Our survey of 1,400 Canadian entrepreneurs found:
believe talent and digital technologies are of critical importance to their business
%
SOURCE: BDC survey, July 2017 (n=1,413).
Our survey of 1,400 Canadian entrepreneurs found:
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Trends changing the Canadian landscape
Aging population1Rise of millennials2More diverse workforce3
Virtual marketplace4Rise of automation5Data economy6
DEMOGRAPHY TECHNOLOGY
bdc.ca1-888-INFO-BDC
BDC
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BDC
Thank you.
Michael PoyntonManager, Business Centre403 [email protected]