Kevin Coleman of the Business Development Bank of Canada. (Photo: John Spitters / Quinte News)
There has been and there will continue to be a lot of change in the way small and large businesses will have to operate in Canada.
At a kickoff event for Quinte Business Week today at the Trent Port Marina, Kevin Coleman of the Business Development Bank of Canada said there will be significant shifts in the labour force, digital media, and automation.
Coleman said business, small or large, had better concentrate on attracting a younger workforce, singling out the group known as millennials.
“It used to be all about the baby boomers but no more. In 3 years, millennials will make up half of the Canadian workforce”.
He suggested employers partner with universities and colleges and offer apprenticeships to attract millennials.
“And, be ready to offer flexible working conditions, some benefits, and ongoing training. The millennials as a whole aren’t as loyal a group as baby boomers have been” said Coleman.
As far as the general workforce in Canada, in just four years it’s predicted Canada will not be producing enough people to fill the jobs available, which Coleman said was a dangerous trend.
“If you’re in business and need employees, you’d better look at attracting skilled immigrants, because that’s the only way all of the jobs required will get filled”.
The Development Bank of Canada representative also stressed the importance of e-commerce. “If your business isn’t online, you’re not going to do well at all”.
As an example, Coleman said in 2014 25 billion dollars worth of retail goods was purchased online in Canada.
In 2020, it’s predicted that number will balloon to 56 billion dollars.
Coleman also stressed the importance of business and industry investing in automating to increase productivity and become more competitive in the global marketplace, saying Canada sadly lagged behind many other developed countries.
Here you’ll find details on Quinte Business Week activities.
